HappyLady Posted January 8, 2013 Share Posted January 8, 2013 We started the process of refinancing our mortgage in mid-October. We just wanted to take advantage of the low interest rate we were offered and we changed our loan from a 30 to a 15 year. After we sent in our paperwork, which we didn't delay on, we never heard back from the bank unless I contact them. It was like pulling teeth to find out what the next step was. Our appraisal went well and the value of our house went up considerably. I don't know if all that matters, but should a refinance take this long? Our bank called us today to see if we were still interested in moving forward with the refinance. Uh, yeah, of course! My DH was pretty much like, "Why are you even asking us this? We thought everything was moving along?" It's going on 3 months now of playing the waiting game. Is this normal?? According to the bank they "can't" tell us how much longer it will be. I just don't get it. We already have our loan through them, our credit is fine, the appraisal went well, so what gives?? How hard is it to just change our interest rate, the length of our loan, and to print out a new payment book? Am I missing something here? Quote Link to comment Share on other sites More sharing options...
Woodhaven Posted January 8, 2013 Share Posted January 8, 2013 No idea. Wow, three months of waiting already? Sounds like they are dragging their feet for some reason. Are they having problems internally - as in did they loose a key employee or something? Hope you get this pushed through soon!! Edited: I guess there are just a LOT of people refinancing! I just read: "Clogged mortgage pipelines mean it now takes the nation's biggest mortgage lenders more than 70 days to complete a refinance, on average, according to the consulting firm Accenture (ACN: 69.23, 0.34, 0.49%), up from 45 days a year ago. Some big lenders routinely advise borrowers that their refinance can take as long as 90 days." http://www.smartmoney.com/spend/real-estate/4-tips-for-refinancing-your-mortgage-1338327867041/ Quote Link to comment Share on other sites More sharing options...
happi duck Posted January 8, 2013 Share Posted January 8, 2013 We did a re-fi with our existing lender and it took at most a month from start to finish. In fact when we got the paperwork there was a definite and short window to get everything done. Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted January 8, 2013 Share Posted January 8, 2013 A few weeks. But I do remember my husband having to stay on top of them. Quote Link to comment Share on other sites More sharing options...
Danestress Posted January 8, 2013 Share Posted January 8, 2013 We did a refi through navy federal and it took about three months, partly because we had an open (but zero balance) line of credit on the house that had to be cleared up. That caused delay. The bank was awesome, communicative, and professional. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted January 8, 2013 Share Posted January 8, 2013 Ours took 6 weeks. 3 months seems crazy. Can you switch companies? Quote Link to comment Share on other sites More sharing options...
Lisbeth Posted January 8, 2013 Share Posted January 8, 2013 3 weeks. Quote Link to comment Share on other sites More sharing options...
HappyLady Posted January 8, 2013 Author Share Posted January 8, 2013 Ok, now I'm mad because I feel like someone dropped the ball at my bank and no one is telling me. Looks like I'm going to have to make some phone calls. :glare: Quote Link to comment Share on other sites More sharing options...
Arcadia Posted January 8, 2013 Share Posted January 8, 2013 Our appraisal went well and the value of our house went up considerably. For here, appraisals are valid for six months and than you need to pay for another. Nagging your bank would definately make it faster as does telling your bank you have a few quotations for refinancing. Our bank was willing to lock the rates for 30 days only anyway so nag and ask for new rates if rate has drop from when you apply (if rates has gone up, than just hope they honor the rate they quote you). Quote Link to comment Share on other sites More sharing options...
Plateau Mama Posted January 8, 2013 Share Posted January 8, 2013 Finding someone to call us back to do the refi took us longer than the actual refi. I'd say ours was a couple of weeks, maybe I month but I doubt that long. Quote Link to comment Share on other sites More sharing options...
MooCow Posted January 8, 2013 Share Posted January 8, 2013 It sounds to me you need to start nagging. Someone. And keep on nagging until you get it done. I *like* to choose one person in situations like these, and let 'er rip. I do it with kindness, and have on occasion "played stupid" to get things done. :001_smile: Quote Link to comment Share on other sites More sharing options...
Miss Peregrine Posted January 9, 2013 Share Posted January 9, 2013 3 weeks. Us, too. Start to closing. We used Quicken Loans and they were the best! Quote Link to comment Share on other sites More sharing options...
cjzimmer1 Posted January 9, 2013 Share Posted January 9, 2013 Ours was about 2 months this time (in the past it was usually around a month). The mortgage guy took almost a week to respond to our initial online application. But they told us upfront things were very busy right now and we had to wait longer than usual to get the appraiser out to the house and his report took longer than usual to get back (because he was swamped as well). So things were slow but since the interest rate dropped from the time we applied till when they guy initially got back to us (and they automatically gave us the lower rate), I didn't complain. Quote Link to comment Share on other sites More sharing options...
Hilltop Posted January 9, 2013 Share Posted January 9, 2013 Ours took 8 weeks from start to finish. Quote Link to comment Share on other sites More sharing options...
sparrow Posted January 9, 2013 Share Posted January 9, 2013 3 weeks for us, too. I would definitely be on the phone finding out what the hold up is. I think it's strange that they called to ask if you still wanted to refinance! Aren't you in the process? Weird. Quote Link to comment Share on other sites More sharing options...
AStableBeginning Posted January 9, 2013 Share Posted January 9, 2013 We started the process of refinancing our mortgage in mid-October. We just wanted to take advantage of the low interest rate we were offered and we changed our loan from a 30 to a 15 year. After we sent in our paperwork, which we didn't delay on, we never heard back from the bank unless I contact them. It was like pulling teeth to find out what the next step was. Our appraisal went well and the value of our house went up considerably. I don't know if all that matters, but should a refinance take this long? Our bank called us today to see if we were still interested in moving forward with the refinance. Uh, yeah, of course! My DH was pretty much like, "Why are you even asking us this? We thought everything was moving along?" It's going on 3 months now of playing the waiting game. Is this normal?? According to the bank they "can't" tell us how much longer it will be. I just don't get it. We already have our loan through them, our credit is fine, the appraisal went well, so what gives?? How hard is it to just change our interest rate, the length of our loan, and to print out a new payment book? Am I missing something here? We are in the same boat. Our lender told us the rates would be lower in Jan. we are supposed to close at the end of this month...I hope :) Quote Link to comment Share on other sites More sharing options...
Tap Posted January 9, 2013 Share Posted January 9, 2013 Several years ago it took a couple months. It was a refi with the same bank. This year it took 10 days from first paper, to money in my hand. I took a small amount out on the second loan but not the first. Had I not taken money out, it would have been less than a week. This was changing the loan to a new cu. I think the bank to CU change was faster, because they were more motivated in getting our buisness. Quote Link to comment Share on other sites More sharing options...
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