How Long Should Refi Processing Take?

[tgotch]

I applied, and was approved for a home refi loan on Dec. 2nd, 2008 through a local mortgage broker. It has been over a month now, and I am not getting much info from my broker. He said before Christmas it was in underwriting and would have it ready to close in a few days. Now he says "any day now"...

I have tried to be patient due to the holidays, and high numbers of refis going on now...but is it normal to take this long?

 

[crazy connie]

They are swamped with re-fi's right now, so yes. Do you have a rate lock?

 

[tgotch]

Thanks Crazy Connie. Funny thing...about 15 minutes after I posted this, my broker called me to set up a closing date

 

[crazy connie]

Awesome! Hopefully you got a great rate to boot. I am debating it once it drops a bit more but I really dread the process.

 

[Gardnr]

I refi'd with NFCU and it was 15 days from first contact to closing on Dec 22. It was very smooth. They use a secure website where they post all the paperwork for review and electronic signature for most of it. And they have a secure messaging site that allowed me to send them scanned copies of the paperwork requiring physical signature. It worked out very well.