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Why is my refinance taking so long?

Hi,

I am trying to refinance my condo which I have lived in for just over 3 years. I have great credit and have never missed a payment.

I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.

Why is condo refinancing taking so long?...If it's happening at all?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am a first time home buyer who purchased through an "owner carry". The bank I applied with wants to process my loan to buy out the owner as a "refi". We began this process late March 2010, 6 weeks later we got a "no" because of my husbands work history...so my lender is trying with another investor, now it has been another 8 weeks and we still don't know if underwriting is even going to accept the loan. We're waiting in limbo.

Like | Dislike | Share | Posted: Sat, 07/03/2010 - 10:42

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm glad to see that I'm not alone. I've been trying to refinance my condo with Wells Fargo. I started with them in May. Since then, I've gone through 3 appraisals, sent in my financials twice, and have laid out over $2500. I was told numerous times that a closing was imminent. This week, I found out that my condo has not been approved yet by the bank and they don't think it ever will. So now I'm back to square one. And the kicker to all this, is that $950 of the money I laid out is not refundable. It was paid to set up a CEMA so I can transfer my existing loan from BOA. So not only did I not refinance, but I'm down $950.

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 09:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm going through the same thing wells fargo will be calling 6/22/10

Like | Dislike | Share | Posted: Tue, 06/22/2010 - 17:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what in the world cost $2500 to you? that's a ridiculous number for someone to have to pay out and the loan hasn't even been approved yet! what are they thinking?

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 09:28

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm sure you've had this same conversation with your loan officer. what were you told? it may be, by the way, that your condo complex doesn't meet guidelines. if you can't get a straight answer from the loan officer, you're going to have to escalate to a higher authority within the lender's office.

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 10:53 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should contact the lender and check out as to why you are unable to track your refinancing web page. As you haven't closed the mortgage, you can definitely back out of this deal. You should contact your lender and inform him that you won't go ahead with the refinancing.

Like | Dislike | Share | Posted: Mon, 06/28/2010 - 02:01

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I paid $600 up front for an appraisal fee, plus $1000 for a "good faith" deposit. Then later I paid $850 to process the CEMA and $100 to my condo association.

Apparently, I'll be getting the $1600 back and I'm fighting for the rest but unfortunately I signed some forms for the CEMA saying the fee is non-refundable so I'm not sure if that'll happen.

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 11:38

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Des!

Welcome to forums!

Did you inform the lender that you are not in the flood zone? You may inform him and check out if he still wants you to have a flood insurance. I can understand how frustrating you must be feeling as you are not getting the refinance.

Sussane

Like | Dislike | Share | Posted: Fri, 11/06/2009 - 20:23

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I checked w Allstate and they said that FEMA has updated their records and I am in a flood zone now. Now Allstate won't give me a quote into i get an updated survey. As u may already know these surveys are not free, and BOA has said they will work in the amount into the good faith estimate and nothing will come out of my pocket. So now not only do i have to get flood insurance, I also have to get a new survey..... I understand the banks have to do wha they need to do in order to approve only qualified people who can afford to [url=http://www.mortgagefit.com/refinance.html]refinance[/url], by the time this is all done, with all these fees they are adding, i may not be able to afford my new mortage payment, i would rather be safe then sorry and just stick to the mortgage payment i have now.

Like | Dislike | Share | Posted: Mon, 11/09/2009 - 08:56 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i thought you were referring to loan processing or application or appraisal fees only. you had me alarmed with that number. why would you need to pay the association $100? did they have to provide you with a budget or something? that seems extreme, no matter what they did.

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 20:58

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi GS!

Welcome to forums!

If you've signed a document stating that the fees are non-refundable, then you won't be able to get a refund of those fees.

Sussane

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 21:14

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hey just for the heck of it, to follow up on my story about the closing that was delayed...

i learned on the day after the closing that the loan had not yet been funded! that's right...the closing department sent out a closing package of about 170 pages (crazy!); the attorney, client, realtor, selling attorney, seller and i were all in attendance at the closing, and checks were passed back and forth. but wait...those checks are no good because they didn't fund the loan!

they finally did, but it was over 24 hours later - either later that next day or on the subsequent day. i don't want to burn bridges, but prospect mortgage didn't make any fans on that closing.

and oh yeah, i have a loan that went to contract in march that is still in underwriting today...should have closed long ago.

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 21:55

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Condominium issues are not typically [b:0c4b10dc74]with[/b:0c4b10dc74] the condo association, but more regularly typified by issues [b:0c4b10dc74]concerning[/b:0c4b10dc74] the association, or the condo itself. By that, I mean, owner-occupancy ratios and budgetary shortages are often glitches that hang up a mortgage request, and ultimately cause a denial.

A borrower trying to straighten out something of this sort will find himself caught in a morass or paperwork and pretty much unable to rectify the situation.

Like | Dislike | Share | Posted: Fri, 06/25/2010 - 10:43

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, the bottom line is this: everyone is in a holding pattern.

Like | Dislike | Share | Posted: Fri, 12/18/2009 - 21:56

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i started my refinancing just before x-mas 09 and its noq 3/20/10 and im still having issues closing. i own a condo and i believe there are issues with the condo association.

Like | Dislike | Share | Posted: Sat, 03/20/2010 - 15:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been trying to refinance my home since May09 through BOA, they keep telling me they are backed up and do not have enough people to help process the paperwork. I do not think I have enough patience to go through with this now, I am not even sure if it's even worth it! Now they want me to get flood insurance and I am not even in a flood zone!

Like | Dislike | Share | Posted: Fri, 11/06/2009 - 08:58 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AmyT,

You should contact your lender and check out whether or not he is able to get an investor for the loan. You should negotiate with him and request him to close the loan asap.

Thanks

Like | Dislike | Share | Posted: Tue, 07/06/2010 - 00:44

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have our 1st mort through B of A. They contacted us in April to do a [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. We agreed and started the paperwork. For about 3-4 months things were held up with subordination paperwork with our second mort. Now B of A has had all the paperwork they need to close since Sept 16, and STILL we're not closing! They keep telling us that the purchase loans are getting priority, and then the refinances. What legal ground do we have to get this pushed through? It has now been almost SIX months since this started.

Like | Dislike | Share | Posted: Sat, 10/22/2011 - 13:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it seems like every loan everywhere is nightmarish. depending on the product, there's a new guideline just about every 24 hours; and we can't alert a customer fast enough to forestall additional delays as a result.

i was going to attend a closing on friday afternoon on a file i originated in september. they're on their 5th (!) extension. when i got to the lawyer's office fashionably late, he advised me that the closing will be tomorrow instead, as my (previous) company couldn't get the paperwork out in time to meet the friday closing date.

thankfully, my borrower was able to make reasonable arrangements with movers, etc. so it's not a big hardship; but she's gotta be the exception to the rule.

just think...it's only a little more than 3 more weeks until 2010, and this crazy year of 2009 will finally be over.

Like | Dislike | Share | Posted: Sun, 12/06/2009 - 21:00

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

Welcome Guest,

You should hold your patient and be in constant touch with your lender in order to close the refinance deal. This will help you in resolving this matter.

Like | Dislike | Share | Posted: Sun, 10/23/2011 - 22:09

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 810. I have a fully funded emergency fund, & a fully funded retirement fund. I have over 50% equity in my home. My refinance has been pure Hell with Wells. I have to submit all my paperwork twice (several documents 3 times). It all started 8 weeks ago. There is no closing date in site. Wells has no clue the stress this has put me through (have had a head ache for a month now) how it is putting my whole life on hold. After all of this is said and done - my one goal of life is going to pay off Wells and be 100% debt free. NEVER AGAIN!

Like | Dislike | Share | Posted: Sun, 12/06/2009 - 14:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 810. I have a fully funded emergency fund, & a fully funded retirement fund. I have over 50% equity in my home. My refinance has been pure Hell with Wells. I have to submit all my paperwork twice (several documents 3 times). It all started 8 weeks ago. There is no closing date in site. Wells has no clue the stress this has put me through (have had a head ache for a month now) how it is putting my whole life on hold. After all of this is said and done - my one goal of life is going to pay off Wells and be 100% debt free. NEVER AGAIN!

Like | Dislike | Share | Posted: Sun, 12/06/2009 - 14:07 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Rocelle,

Your story is very common. Wells is a nightmare. I can put loans through them but choose not to because of all of the problems. It is as if they do not want the business....very strange.

Also, I will bet that you are paying at least a 1% origination fee with them.

Like | Dislike | Share | Posted: Sun, 12/06/2009 - 15:14

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a projected refi. closure date of June 14, but when my loan was handed off to an associate, my refi.tracking web page disappeared and I'm not getting a response from the loan agent or document handeler. I started this process in April. They got my $400 and about $75 in fax fees. I am wondering if they are holding out so they can jack up the rate. I am sooo mad. Can I get my $ back?

Like | Dislike | Share | Posted: Sat, 06/26/2010 - 16:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

That advice goes without saying - you need to be in constant contact with whoever is handling your file. It's pretty evident now that they're struggling with your loan application, and I'd have to consider that the lengthy delays are not favorable for you.

Like | Dislike | Share | Posted: Tue, 07/06/2010 - 09:36

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Actually, you'll fend better financially if you close on the loan and subsequently rescind the transaction. All fees paid must be returned to you in that instance.

You didn't say what the $400 represented, though I suspect that's for appraisal.

Like | Dislike | Share | Posted: Fri, 07/02/2010 - 11:06

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the condo association is not allowing you to close the loan, then you should contact and negotiate with them and resolve the issue. Once the issues are resolved, I'm sure you would be able to get a loan.

Like | Dislike | Share | Posted: Mon, 03/22/2010 - 04:33

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Actually, I am working with an independant mortgage broker and he keeps telling me he is waiting on the bank. My building is less than 30% renters and should meet any criteria. Like I said, I finished all the paperwork and my broker told me I have been approved.

I just wanted to know why single family homes are getting refinanced and condos are not. My parents just refinanced without a problem, but my brother and I, both condo owners, started the process before my parents with the same broker and are still waiting. My broker keeps saying it is the bank. Just wanted to see if anyone knew why this is so difficult.

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 12:35 | Post subject:

smo65d11's picture
smo65d11 | Joined: March 25, 2009 11:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is it possible that the condo association is in litigation regarding anything? If they are, I believe all loans, sales, purchases etc are stalled until the matter is resolved in court.

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 12:38 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

that might very well be the situation, smo...

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 14:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good luck! My husband and I have excellent credit score and have been trying to refi since 12-12-08; today Chase, who has the mortgage turned down our refi. I even call the office of the President of Chase a month ago and the executive staff stopped returning my calls a month ago. This is a second home for us our first home is paid off. Our community was started just before the economy went south and now the nothing is selling! This is a big surprise since nothing can be financed.

Like | Dislike | Share | Posted: Fri, 04/03/2009 - 21:37 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Diane!

Welcome to forums!

Did the lender give you any reason as to why he will not refinance the mortgage? Do you have equity in the property? If you don't have equity in the property, then the lender would not refinance the property.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Sun, 04/05/2009 - 20:12 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

push them very hard, jane. ask for a free extension of your rate lock - you have naught to lose in that case. if all is done, they ought to be able to close your loan.

Like | Dislike | Share | Posted: Wed, 05/20/2009 - 06:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was told by Bank of America that I am approved for 4.5% and everything has been done for my single dwelling house but the rep says they are so bank logged that I will have to wait. My lock is up June 1st. What to do?

Like | Dislike | Share | Posted: Wed, 05/20/2009 - 03:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a wells fargo mortgage broker to do my refi. I gave him all our finacials. he said everything seemed in order he will look at our best options present them to us and we make a decision. So we went ahead locked in our rate in which we paided to lock it in and got our appraisal done. we got our appraisal done in March 09 it came back with workalbe numbers. so In early april I reviewed the options choose one let and let him know he said it could take up to 8 weeks. I said ok i understand the demand ont eh market. 6 weeks later I call him everyday for almost two weeks. finally he returns my call and we are in june now when he returns the call. Tells me my appraisal is only good for 120 days and it will have to get reappraised The market value has dropped significantly in my area and interest rates have gone up. I may not be able to refi now cause of his lack of pruudence is there anything i can do?

Like | Dislike | Share | Posted: Wed, 06/10/2009 - 20:18 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Brian...90 days? come on now

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 20:14 | Post subject:

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

Hi welby,

I don't think you have much to do in this case except from going for a re-appraisal. If you do not re-appraise the property, you may not be able to refinance it. However, you can always contact an attorney and take his opinion about whether or not you can take any actions against your broker.

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 00:22 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am of a similar mind as adonis, at least as far as his initial statement. i don't think there's anything that will be available to you as far as forcing the issue with the loan officer or wells.

though it might sound quite reasonable to try to take legal action, i don't think any such action would be successful.

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 07:17 | Post subject:

brian3's picture
brian3 | Joined: June 9, 2009 12:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have heard the large banks like Wells, Chase and BOA are so backed up on in house files that they are taking 90+ days to process and close them. We have loan officers from the area who bring time sensitive deals to us to close. We are an independent mortgage banker. We close deals with our money and then we sell them to the large investors or to fannie mae directly. I would recommend trying one of the mortgage bankers in your area who work in this fashion. As long as they have available money to close it should not be a problem. In my opinion its bad business of those large banks not to manage their clients expectations......good luck changing that though!

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 08:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Eric, if my partner did not have a friend from Wells who has already handed us three time sensitive loans to close I would probably not believe it myself. Check out some other forums, its not just these people having problems getting their loans closed.

Like | Dislike | Share | Posted: Fri, 06/12/2009 - 06:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are going into our 7 month of the refinance process we initially started with Wachovia and they rolled our loan to Wells Fargo because of the takeover, we get no straight answers from anyone. They all seem to push the blame on the next guy. What a mess. We are doing an FHA loan we were told you need 2 appraisals but Fannie Mae only allows 1 appraisal every 6 months is this true?

Like | Dislike | Share | Posted: Thu, 06/25/2009 - 09:32 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it's so true it's ridiculous. every loan is a nightmare waiting to happen, every processor is stressed to the max, every loan officer is stressed to the max, every lawyer, realtor, borrower are confused as can be.

i had a file sit in undewriting for 30 days before the file was cracked open! thanks be to God that it was a very clean file, and from that point to closing is only 2 weeks - it will close tomorrow. this for a paltry $99000 loan - what a glorious payday that will be.

Like | Dislike | Share | Posted: Thu, 06/25/2009 - 09:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

These banks we're so overwhelmed from the drop in rates it created a large bottleneck affect. Before the rates dropped business was slow and banks we're in the process of layoffs and branch closings. All of a sudden the rates dropped and mortgage apps went through the roof and banks we're not simply prepared. The lender should extend the lock at no addt'l charge b/c of their delay. Don't worry the loan will get done it's just a matter of waiting for it. Patience is a virtue. When rates hit 50 year lows this is what you get!

Like | Dislike | Share | Posted: Fri, 07/03/2009 - 07:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FHA did require 2 appraisals if you were taking cash out over 85% Loan-to-Value. Since the cutoff for FHA cashout is 85% eliminating the need of another appraisal. Fannie and Freddie appraisals are only good for 120 days so if you have a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] thats taking longer than that then you may have to get another appraisal if you're in a soft market (basically everybody). They shouldn't charge you though for the second if its due to the lenders delay in processing.

Like | Dislike | Share | Posted: Fri, 07/03/2009 - 07:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Same thing is happening with my co-op refi thru chase...i locked in early march and got a high appraisal in April, well over what i thought it would appraise at. my credit score is over 750 and income is totally sufficient. every week my loan officer says she's hopeful that we will close this week. She's been saying that for 8 weeks. What is going on? I'm worried that I'm just going to loose my lock-in money and that nothing is going to come of this. totally frustrating.

Like | Dislike | Share | Posted: Wed, 07/08/2009 - 13:44 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kristin,

You should contact your loan officer and ask her to speed up the process so that your rate lock does not expire. If your rate lock expires, you will have to go for a new rate lock and as interest rates are increasing now, there are chances that you would be charged a higher interest rate.

Thanks

Like | Dislike | Share | Posted: Wed, 07/08/2009 - 20:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm in the processs of refinancing with BOA also. I was initially told that it would take 60 days, I called at the 60 day mark wondering what was going on because I hadn't received a closing date, my laon officer called back (with an attitude) saying they were backed up 90 + days. I'm at 75 days and I still haven't heard anything back!

Like | Dislike | Share | Posted: Mon, 07/13/2009 - 11:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I also have applied with BOA for Condo refinancing ... it is 65 days now, I am still nowhere close to end. I have very good credit score, appraisal came very good, LTV is 70%, Income over $250K, Loan close to $ 460K In other words, it is an ideal application. But still no end in sight, only got extension of lock -in rate. BOA, better wake up before all consumers avoid them.
Ram

Like | Dislike | Share | Posted: Mon, 07/13/2009 - 17:28 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ram!

Welcome to forums!

65 days is quite a long time. It is surprising to me why the lender is taking so much time to process your refinancing request. It would be better if you could look out for other lenders to refinance the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 07/13/2009 - 20:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sussane, If you read forums, 65 days is not a long time. In NY/NJ area they are taking 90 -120 days

Like | Dislike | Share | Posted: Tue, 07/14/2009 - 04:53 | Post subject:

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