Does it really take 60-90 days to refinance???

We are currently at 6% we never refinanced bec we couldnt afford the thousands in closing fees...

Then fast fwd our house is on the market. Well we got offered 4.5% (BIG SAVINGS!!!) with either little or no down!!!

So we decided to try for it - BUT of course that means taking our house off the market. THen we will put it back ont he market when it goes through...we want it to be quick though esp since we are coming up on prime house buying season..

The bank says it will take 60-90 days..I DON'T get it!?!? What takes that long!?!?

Re: Does it really take 60-90 days to refinance???

I can only tell you about what we were going to do. We got a rate of 3.75% for 60 days (broker said would take 60 days to close). This was great until we found out it could take months to get a CEMA which would have prevented us from paying transfer taxes. Also, our closing costs were about $16,000 and if we would have rolled that into our mortgage we would have a higher mortgage than we started with.

Re: Does it really take 60-90 days to refinance???

Im refinancing at 3.75 percent for 20 years. I locked in the middle of january..i gave all my paperwork in right away about 2 weeks ago n im closing on thursday! Im using wells fargo who i was with originally..estimating closing costs are 5000 or a little less. Im not sure of the numbers yet bc the lawyer will call me to confirm before closing.
It really depends on you..once u get the paperwork fill it out n get it back asap. The quicker you are it will help in the end!

Re: Does it really take 60-90 days to refinance???

Thank u ..

Wow 3.75... That is great!
I thought we were getting a good deal at 4.75 ..no money down and about 4000 rolled into mortgage.

Re: Does it really take 60-90 days to refinance???

We just closed today on our refi, 3.875 for 30 years. From the time I submitted the paperwork, it took 2.5 weeks. Our Cema was pretty quick, but my understanding is that it can take a few weeks. The last time we refinanced it took a few months, because the banks were really backlogged at that time.

Re: Does it really take 60-90 days to refinance???

if you are selling....why would you pay $4K to refi?

Re: Does it really take 60-90 days to refinance???

We are closing on our refinance in a week and a half...we just started getting everything togetehr last week...so as far as I know, it doesn't take thatl ong!

Re: Does it really take 60-90 days to refinance???

Re: Does it really take 60-90 days to refinance???

ok- so you will recoup that in 10months

not bad

maybe you need a new agent

Re: Does it really take 60-90 days to refinance???

It really depends on the bank and how you report income - if you/DH are salaried employees its easier if one of you are self employed.

DH & I are refinancing @ NEFCU to a 15 yr at 3%. We did the app 2 weeks ago and sent in our financials - already approved, title ordered, appraiser is coming tomorrow. so far pretty easy!

Re: Does it really take 60-90 days to refinance???

Well all of you are giving me hope ..
But I wouldn't be surprised if it does take longer with any of you...Bank of America...S U C K S!!

We have been unhappy with them from the beginning :(

Re: Does it really take 60-90 days to refinance???

Re: Does it really take 60-90 days to refinance???

Message edited 2/11/2012 11:48:25 AM.

Re: Does it really take 60-90 days to refinance???

My friend and I both refinanced recently and it only took us 30 days. 60-90 is unacceptable. That means you'll pay more for the longer lock period. I would find a broker who can do it faster.

And you can certainly do better than a 4.5 rate. That's the same rate I got from my bank before I decided to look at brokers...

Re: Does it really take 60-90 days to refinance???

posted this in FhF - BUT want to vent here too:

I HATE BoA

I will not get into all the troubles we have had since we decided to go with them for our mortgage 5 yrs ago...

BUT - would LOVE to share this weekend's troubles:

we have decided to refinance with them. We are currently at 6% (insanley high) but we could never afford the 15,000 in closing fees that they would offer to us!!

For some reason this month they are offering 4.75% with no out of pocket..but $4000 rolled up in our mortgage..well OK we jumped on it...sign us up..

the next day they said well we made a mistake it will be $2000 out of pocket to close..with $4000 rolled up..

we decide to sit on it and wait...can't afford that right now...

next day - oops we made a mistake and repeated a line twice..no worries it is still no money down (what?!?!?!) ok..whatever...silly amateur mistake...sign us up

next day we get an email of our "paperwork" it is someone ELSE'S info - INCLUDING their address AND social security numbers!!!!!!

which now our fear is that OUR info and social security numbers are out there to another customer!!!

I am fuming right now!!!

THEY ARE THE WORST!!!

Re: Does it really take 60-90 days to refinance???

Wow BOA Sucks!

Sorry you had that happen.

We just refinanced under HARP. Is your loan gov't backed by Fannie or Freddie?

Took less than 45 days and streamlined underwriting.

Re: Does it really take 60-90 days to refinance???

i am looking into refinancing myself. I looked into using the same bank to avoid more closing costs (although their rate seems to be higher than what other banks are offering).They told me that it would take 60 days because they are being flooded right now with applications.

Re: Does it really take 60-90 days to refinance???

I started the a few days before Christmas and should be closing any day now.