0
Is 3 months an unusual amount of time for a refinance to take if your broker says you are ready to close but every time you call for update you are always waiting on a fax or a paper or something else?
Wiki User
∙ 12y ago
Absolutely! If you have had your home appraised and given all of the necessary documents to your loan officer then your loan officer has seriously dropped the ball. Each loan is unique but 3 months is extreme! It is safe to say 3-5 weeks is average. I hold a Loan Officer License so you know that I am not just making these things up. In case you are unaware...here are some broad strokes to help paint the picture for you. The loan officer and the lender's underwriter are duking it out. When your Loan Officer (L.O.) completes your loan package he sends it to the selected lender's underwriting department. The underwriter's job is to find reasons not to approve the loan. This is basically to protect the lender against a bad risk. He looks at the file and determines if the borrower (you) qualifies for any of his loan programs that his company (Like Countrywide) is offering. If you do, then he makes a list of stipulations that you must meet in order for the loan to go through and close. Things like income, cash reserves and good credit etc.. There are lot's of reasons for an underwriter not to approve a loan. It sounds to me like the underwriter has seen your file and your L.O. has done a really poor job of meeting the stipulations (Stips). That is why you are always needing to send him more documents and your loan has not closed. Your L.O.'s inexperience is showing. An experienced underwriter knows which companies send him files that are accurate and complete. He will favor those and skip over ones that he knows will be incomplete and a hassle to get closed. His job is to find good loans and is sometimes paid on loans closed so speed is a factor. I would advise you to get a copy of your appraisal that is done IN YOUR NAME( Which is your legal right)and start over with another company alltogether. Your L.O. has not earned his commission.
Also beware of "Yield Spread". Example: You qualify for a 5.5% rate on your loan. Your L.O. sells you on 5.75%. The lender will pay the L.O. .25% of the loan amount for closing your loan at the higher rate. This would mean an extra $375 for the L.O. to make on a $150,000 loan amount. This really adds up for L.O.'s. Look at the settlement statement closely at closing time. Things listed as "P.O.C" are things that are "Paid Outside Closing". Yield spread is one of those things. Ask your L.O. about it. Keep in mind that his legal obligation is to Disclose info......NOT to explain it. If your guy won't then find one that will. It is worth the time and effort. Hope this is helpful. Good luck.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What companies offer a no fee mortgage refinance?
There are many companies that claim to offer a no fee mortgage refinance. Such services are never free, it always costs something to refinance one's mortgage.
What is a no cost refinance used to do?
There is a myth surrounding the idea of "No Cost Refinance." The Forbes website notes that there are always costs associated when one chooses to refinance.
Is a tautology always true?
No. Tautology is mainly a fancy word for repeating something already stated, like something being unusual and rare.
What is unusual about swimming in the sea?
Something unusual about swimming in the dead sea is that the salt saturation is so high, that the salt can support your body weight, so that you almost always float.
Are girls more patient than boys?
it is because girls have too many things on their mind so if girl are waiting for something or someone, they can always think of something else
We have had our manfactured home for fourteen years. The interest rate is 10%. Would it benefit us to refinance?
Yes, it always benefits you to refinance, if your bank isn't willing to find someone who is.
Did something unusual happen on the x factor?
this is a strange question posted above, but i will try to answer it, with a sensible answer. which is if you watch the x factor, something always unusual happens. this is especially true with the auditions stage of the x factor competition, and that there are quite a few strange auditions each year. that is when the most unusual things happen, with some of the strange auditions each year.
How to Refinance the Right Way?
Working to figure out if a refinance is right for you is a great idea. You always want to check this kind of thing because you never know when you might be stepping right into a trap. Therefore, you need to use a mortgage refinance calculator to figure out exactly how much any particular type of refinance is going to save you. If it is not much money at all, then there may be little point to even taking the time to even get the refinance in the first place. Always keep that in mind. Get to work running the figures for yourself today.
Why girls are very caring attitude than boys?
it is because girls have too many things on their mind so if girl are waiting for something or someone, they can always think of something else
Do dogs always listen?
Dogs usually listen to their owners, but at times they may be distracted by some sound or other or by something unusual that catches their eye.
What would be a good idea for an unusual baby present?
Purchasing a photo session is always a great and unusual gift for a baby shower. It is something that is different, creates memories, and is generally a little more expensive than the average gift.
Do emu have unusual habits?
Probably the most unusual habit an emu has is its curiosity. Always on the search for something interesting to eat, and in need of aids to its digestion, the emu will ingest all sorts of unusual objects besides the usual pebbles. Emu stomachs have been found to contain nails and metal. Aborigines found they just had to lie in long grass and wave something unusual and colourful above the grass to attract a curious emu.
