how long does a refiance on a home usually take
2007-08-06 04:25:12 · 10 answers · asked by Jennifer H 4 in Business & Finance ➔ Renting & Real Estate
Typically around 7-10 days
2007-08-06 05:08:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Average time is about a month. Sometimes it can go a little quicker if everything lines up just right. However, if there is a problem with title(undischarged prior mortgage for example), appraisal(comes in too low for example), or any any number of hiccups ranging from proving condo dues are paid, verifying mortgage history, verifying employment, getting a bankruptcy dismissed, switching mortgage programs, can't prove right to work in US, etc. then the loan might not close for months if at all.
2007-08-06 05:31:36 · answer #2 · answered by stephen t 5 · 0⤊ 0⤋
Ask your Mortgage Consultant when he locked the rate and its should be 25 days from that time. Like previously stated, rates are good for 30 days and any thing longer usually requires fees to be paid. If you locked in your rate at all. If your Mortgage consultant has not than he lucked out because rates are much better today, but if he did and you think its taking too long.....well just follow your gut instinct
www.greatwestcapital.com
Thanks
VC
2007-08-06 09:57:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Refinancing can take from 3 to 8 weeks, depending on the company you go through. Ask each individual company that you call, but don't always go by what they say. It depends on how fast you get the paperwork around to them that they request (and there's tons) and how busy the appraiser might be (that might just take weeks in itself) and how fast their loan processors are. Give it a couple of months and you will be safe.
2007-08-06 04:30:43 · answer #4 · answered by Barbara 5 · 0⤊ 0⤋
A week? The average rate lock is good for 30 days. Most mortgage companies will get it done within that time frame from your first conversation to the signing.
2007-08-06 04:57:05 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Depending on how fast you get your paperwork together, your house appraised, if you are cashing some $ out, make the appointment at the title company . . . It usually takes a week after you've signed all the documents.
2007-08-06 04:36:20 · answer #6 · answered by klmita 3 · 0⤊ 0⤋
There is no way its a week. Its going to be at least 3 weeks. More likely 5 and sometimes longer. No matter what your LO says there is always things that come up with title, appraisal, processing, underwriting.
2007-08-06 05:20:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It depends on the financial company that is issuing the loan. You can be approved right away and just wait for the escrow company to schedule you in. I am sure it can be done in less than a week.
2007-08-06 04:33:45 · answer #8 · answered by livewire 4 · 0⤊ 0⤋
My last one took about 2 weeks. It all depends upon how quickly you respond to the underwriter's conditions and concerns for the most part.
2007-08-06 04:31:09 · answer #9 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Considering mail delays, probably about a week or so.
2007-08-06 04:30:22 · answer #10 · answered by Anonymous · 0⤊ 0⤋