How Long to Refinance?
I began a refinance adventure more than 4 months with Wells Fargo (they have my current mortgage as well). We have 50% equity in the house. WF did an appraisal and it came back at higher than we paid. Anyway, I have been receiving the run around for months now. I dont understand why this…
I began a refinance adventure more than 4 months with Wells Fargo (they have my current mortgage as well). We have 50% equity in the house. WF did an appraisal and it came back at higher than we paid. Anyway, I have been receiving the run around for months now. I dont understand why this is taking so long. I feel like they are delaying in the hopes that I give up. We locekd in at 4.875% (no points), and I think they want is to just go away. Is it normal for a refinance today to take so long????
Thanks
I cant even get a refi appraiser said my place is worth less then what I owe
Maybe scheduling is worse now, but like Panamac, I started the process in March (same rate/term, but with my original lender, Chase) and closed in May before the 90-day rate lock expired. Didn’t use a mortgage broker, but called Chase directly. (Actually, a mortgage broker I did call said I wouldn’t get a much better rate than what Chase was offering and advised going with my bank.) Maybe I lucked out with my mortgage counselor, but the process went relatively smoothly.
mine expired, chase was at fault so they extended it and we closed at the deadline of the extension, four months total
i hesitated before posting, because i don’t want to rub this in the faces of everyone mired in a neverending refi directly with their banks, but i decided to add my 2 cents because this info may benefit those who want to refi but have not yet started the process.
big swinging nick is right: bite the bullet and use a mortgage broker. i started my refi in March and closed in May. not even 3 months from start to finish, and i got a very competitive 4.875 for a 30-year fixed. oh, and get this: both my original mortgage and the refi were with Wells Fargo. it’s absurd but true that a refi closes more efficiently when you add another layer of service professional to the transaction.
mortgage brokers get paid when the transaction closes, so their interests are aligned with yours on that front. and they are professional paper pushers — their job is to deal with most (if not all) of the forms, certificates, closing conditions, etc. and they are more responsive and seem more intelligent than the folks you’ll encounter at the bank. when you’ve finished all the paperwork (with their help) and the transaction is languishing, you call them up and apply friendly pressure. they pass that on to their contacts in the bank (aka dummies on the inside).
Hi apartmenter1. We’re also a 4-unit co-op, and only do unaudited financials. So far Wells Fargo hasn’t required audited ones of us. It’s a long time since I submitted the paperwork to them…but I vaguely remember that they may have asked for EITHER audited financials OR unaudited ones + tax returns. But not sure. Sounds like their process is not very consistent… But you might want to ask them about that.
The latest hold-up was getting the info they needed on our building insurance policy from the insurance company. It finally came through and looked like we might have progress, then they red-flagged that the policy didn’t separately spell out coverage for the building’s common boiler. So they had to go back to ask about that again. Oy. (That reminds me, I should follow up w/ them on that…)
this is why it’s sometimes best to deal with a broker.
brokers have a relationship with the bank reps, underwriters and the dummies on the inside.
we are on month 9! of our re-finance at what was countrywide (now BofA), but looks like it’s almost done. it sat for months until a senior manager worked out what the issue was and got it taken care of.
i called or wrote to people almost every day – they were responsive, but they have little control and most can’t directly call people in other departments.
it’s a sucky process, but damn, cannot wait for a 30 yr fixed at this lower rate. it’s really historically low, and our monthly is way below what we could rent for for a similar place as it is, so when this comes thru, think we’re in great shape.
real happy to see WFC down a $1 today…..buy FAZ with 2 hands !!!!!!!
OP here. The crazy thing is this is a free standing house; we have 50% equity; we have received approval; and still it has been over over 4 months since we began….
I am not going to give up as we will save $500/month once we actually do the refinance. But, they are making it so painful.