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Under: Budgeting & Saving
refinance
  • pamilton
    This is the first time I am writing in this or any discussion board!
    I am recently (2yrs ago) divorced and received the house in the settlement. The mortgage rate is 5.75%, I started the refinance process and got a 3.75% rate locked in on 5/22/12. I have submitted all the paperwork, and have been told by the loan officer at BOA that everything looks good, but I am still waiting to close. I contact him by phone and email every 10 days or so and he keeps saying there's lots of applications, holidays, the beginning and end of the month is busiest time....in other words, excuses. Does anyone know how long this is supposed to take? And where do I turn if the person I am dealing with is a 'senior loan officer'? Thanks for any input.
  • kf40
    I don't believe a refinance should take any longer than 30 days. It's like buying a place-there is an escrow period and then a closing date. Get on the horn to this person's boss ASAP. I just refinanced with Chase in June-it was a done deal in less than 4 weeks. Went from 5.875% to 4.625% on an investment property.
  • Risusaru
    Because interest rates dropped to around 3% at the end of the summer there was a run on refinancing. Many of the banks are just swamped with paperwork. Since there are a lot of foreclosures being nullified due to paperwork glitches banks are also being more thorough with their forms. My hubby and I are going through a refi right now and it has been a couple months. Our personal finance guy (not loan affiliated) told us it could take up to 60-90 days. If the rate is locked in at 3.75% you're probably fine
  • buttercup4
    Our friends are in the same spot- locked in, did all their paperwork, just waiting for the bank to finish their end, since the summer. Apparently that's just how it is now. Good job with continued check ins.

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