Refinance Question

We are currently going through refinancing, and we are using the same broker we used when we did our first refinance 4 years ago. My hubby's uncle is a real estate investor and uses him every time. He was able to look at our very first mortgage with us and explain to us how the broker we used pulled the wool over our eyes and really took us for a ride.

His name is Ken Tamras and he works for Westwind Mortgage. His office is on Higgins Rd, fairly close to O'Hare.

It should only take a few weeks, providing that you have all your paperwork in order.

I work in financial services. If you are refinancing a 1st mortgage (vs a home equity)...The time line can be long right now. With the low rates and so many people needing to reorganize their debt...Most banks'/brokers' pipelines are full full full. That means appraisers are busy and title companies are busy. Appraisers and Title companies are usually separate from the bank/broker (meaning they have no control over their time lines). If you have all your paperwork ready and your situation is credit-perfect, you might have expected to refinance in 2 weeks. But right now it can be closer to 30-50 calendar days.

Update -- I forgot to mention. Make sure you tell your broker that you have a deadline. When they are so busy, it helps them prioritize things when the client themselves pushes for a specific closing date.

We just refinanced, and from the beginning of the process until closing was 2 weeks. It was the easiest thing ever. They pulled our credit scores immediately, we provided them documentation, and then paperwork was signed. We went through a larger financial institution, and my husband does work for them, so maybe that is why the process went so smoothly.

Former bank loan officer speaking-

A broker isn't always the best route to go, largely because they are just shopping for you. They may not have actually found a bank or lender yet to take your loan. And to ensure they keep your business, they're going to keep you on a string waiting...

If you have excellent credit, no money issues, and enough value in your home to make a refinance doable...go to a bank. Go to the bank you bank with or walk into a bank if yours doesn't offer what you need. You might get a too good to be true rate through a broker, but could pay the price in other ways...time, hidden costs, limitations on what you can do with the home, etc.

There is no reason approval should take 2 months...approval takes about 10 minutes! Even if a bank if backed up....you should know within a week or so of application. Now, appraisal and closing may take longer, particularly if you have to close through an attorney, but approval is fast. Stop allowing this person to waste your time and potentially your money. Sit down with a loan officer, speak face to face if at all possible and make sure it's worth it to do this in your particular situation. A refinance often isn't the best route, but a good loan officer will take you through the proper steps to reach your financial goal, be it a lower rate, lower payment, or a way to free up cash.

I wish you luck!

It takes longer these days because the lenders are really scrutinizing people carefully. We lost our patience, also, but we couldn't change mid-way, so stick it through. Good luck!

I'm in the mortgage business and I'm surprised by how many people are saying that 2 months is acceptable. We are on a 30 day turn time, give or take a few days. It may be that your broker hasn't even found a lender to commit to your loan. I'm often surprised how easy it is to make excuses for poor service in this industry. That wouldn't cut it at my office.

if you have given all documentation promptly & appraisal has been done then you should have closed around the 2 month mark, yes it is taking longer these days. But my 2 friends closed in just under 2 months.

But you say you don't even have an approval, & it's been 2 months? Something doesn't sound right. You should have had the approval by now. Was your rate locked in? Rates typically are only good for 60 days, but they have come down in the past 2 months, so that would be good. Either your wording is wrong or your broker is dropping the ball & I would say it's the latter of the two.

An appraisal is NOT good with every lender. All lenders have an 'approved appraiser list' & will not accept an appraisal from someone not on their list.

Talk to your broker & if your not satisfied PM me & I will help you figure out if he is pulling your leg & will give you a different lender to call.