Refinancing Q's (Appraisal, how long to close, etc)

We just started the refinancing process with Wells Fargo. We have our current mortgage with them and are planning on taking some money out to consolidate our debt. DH's job is being moved out of state and he'll be getting 8 months severance starting in mid July.

How long is it taking to close on a refi these days? Our consultant told us 1 month, because he said it was an easy loan (excellent credit, lots of equity). But he could just be telling us this, b/c he thinks it's what we want to hear.

We already gave them recent pay stubs. Would we need to furnish these again at closing? What if we close after DH's employment is over? Would his severance count for anything?

What should I expect from the appraisal? Are they going to look in every nook and cranny of my home?

This whole thing is causing me so much stress. I guess the worst thing that could happen is we just don't get the loan.

Message edited 5/21/2011 12:52:51 AM.

Re: Refinancing Q's (Appraisal, how long to close, etc)

We started our refi on 3/18 and closed on 5/2 which is kind of long. Your consultant's estimate of 1 month seems reasonable to me.

My wife also had a change in jobs less than a month before we started the refi, although in our case it was not OOS. The loan originator did say that might present a problem but in the end it didn't because she went from part time to full time and had a significant jump in pay.

You might have to give them additional pay stubs because of the job change.
I doubt his severance would count towards income, it might count towards assets.

I think as far as his employment is concerned the bank is going to be more concerned about whether or not there is going to be a gap between leaving one job and starting the other.

They way you describe the situation it raises the following question, If the job is moving OOS why is he getting severance?

The appraisal is simple. You give the appraiser access to the house. The person will take pictures of the rooms and the property but they won't look in your closets, if that's what you mean by every nook and cranny.
I actually told my appraiser what value I needed the property to come in at. You should do the same.

Re: Refinancing Q's (Appraisal, how long to close, etc)

Thank you so much for your reply. They're giviing most of the people in the department the option to relocate. But if they decide not to move, then they'll get their severance in July, when the department closes shop. I don't know why they're doing it that way.

Should I be up front about the job situation with the mortgage guy or just hope for the best? I mean, technically he will be employed at closing.

Re: Refinancing Q's (Appraisal, how long to close, etc)

If you're saying that DH will be unemployed if he takes the severance package, yes, i would suggest honesty.

It sounds like you're saying that the company is giving their employees the option to either move w/ them or take the severance.