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why is the refinance taking so long?

I applied to refiance my home on July 31, 2012. The mortgage loan application was delivered on August 8 electronicly with all paper work w-2, credit scores, and other documentation. I received my good faith doc. on August 21/23 apprisal information sent to loan processor. I still waiting to find out closing date. I've heard no question are good situation. The mortgage loan office stated it might be around September 14 -19. I have a credit score 713, loan to value on house is 45%, and front end debit 10% and back end date 29%. Is this normal?

chris-gummerson's picture
chris-gummerson | Joined: April 29, 2010 04:04 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you are on a freddie mac or Fannie mae HARP loan, the turn times can be very long. For normal transactions, a 60 day closing is not unheard of. Things happen, and slow down the process. You also may be working with a lender who is backed up with influx of borrowers wanting to take advantage of the market rates...Things are not as they were 5 years ago in this mortgage industry...

Like | Dislike | Share | Posted: Tue, 09/04/2012 - 17:39 | Post subject:

saliviyajonathan1's picture
saliviyajonathan1 | Joined: September 11, 2012 01:27 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It depends, usually such processes do not take so much time but as per your case it can also be said normal, but further processing should start soon

Like | Dislike | Share | Posted: Thu, 09/27/2012 - 03:39 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome sylvie,

The loan closing may take quite some time. Nevertheless, you should contact your lender and check out if he can let you know a tentative date of loan closing.

Like | Dislike | Share | Posted: Tue, 09/04/2012 - 21:15 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, it's normal.

Like | Dislike | Share | Posted: Thu, 09/06/2012 - 12:39 | Post subject:

kayleemegn1's picture
kayleemegn1 | Joined: July 7, 2012 01:22 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Each bank and lender has own individual entity these days. Time for [url=]refinance[/url] from application date to settlement date can vary. It depends on the bank and lenders, how much time they will require to avail you the refinance. Otherwise, you can go to them and ask them the tentative date.

Check your [url=]credit score[/url] at

Like | Dislike | Share | Posted: Fri, 09/21/2012 - 03:38 | Post subject:

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