refinancing my home question

[Jesseda]

I am in the middle of refinacing my home, i am new to all of this, so the people i am going through seems to be giving me the run around, Last week they told me my house was appraised and is good to go, we gave them all the paper work that they needed, well monday we called and they said we might close on may 21st, well i called yesturday and asked if it was for sure so i can give my work some notice that i might need a couple hours or so off. I was told that it is in the underwritting area and it usually takes about 7 business days, so i asked are we still planning on a may 21 closing? they said it looks like it, but they didnt give me a time or a for sure thing on the date. what to do? does it really take 7 business days for underwritting, i asked if everything looks all right and the mortgage person told me yes.

[PennyQuilts]

With so many people refinancing, it might take longer than it used to. Chances are, you are good to go but you never know - someone might forget to do something or other. Those sorts of things are nerve wracking, aren't they?

[Karried]

Once it's in underwriting, it is sort of out of the broker's hands. He has to wait on their time frame while they examine docs and do all the title work. Since you're refinancing, a day or two difference shouldn't be too bad. We've had situations where we were buying a house and selling a house and the closing Had to be on a certain day. Stressful.

We are refinancing too... just finished signing all the paperwork this morning... fun, fun.

[DaveSkater]

Good that you're doing it right now. Interest rates are on their way up. Skyrocketing, I believe is how I heard it put.

[GWB]

We just finished refinancing our home two weeks ago. Took about one month to do it. We saved 2% interest doing this and we're paying $200.00 less per month on our payments. If anyone plans to refinance now is the time. Interest rates are going to go up soon and I wouldn't be surprised if it goes through the roof like it was when Carter was president.

[Jesseda]

thanks everyone, i just didnt understand what takes underwritting so long, but then again i dont know what all underwritting is.

[metro]

As others have said, its' out of your brokers hands. I used to be a mortgage broker. Since there are so many different entities involved in a loan (underwriter, lender, title co., appraiser, county assessor, doc stamps, courier and other entities), it's hard to control how fast everyone works, and how backed up they are. As others said, with a ton of refinancing going on right now, that just adds to the problem. Be patient and don't be surprised if your closing gets moved around a couple times.

[Jesseda]

just letting everyone know, im closing today, thanks for all the info everyone, this is the first time to refinace my house, it seemed easier buying a house then refinancing

[GWB]

just letting everyone know, im closing today, thanks for all the info everyone, this is the first time to refinace my house, it seemed easier buying a house then refinancing

Congratulations!

[PennyQuilts]

That's great!! Thanks for letting us know.

[Oh GAWD the Smell!]

just letting everyone know, im closing today, thanks for all the info everyone, this is the first time to refinace my house, it seemed easier buying a house then refinancing

Congrats!

And a refi was WAY harder than buying for me too. Took a month or two and involved many extra trips collecting crap for them.

Heck, this house I just bought? Yeah...From the day we sat down with the banker until the day we closed was exactly 8 days.

[Jesseda]

tell me about it, i dont remember faxing so many things when i bought my house compared to refinancing, but im glad its over, and it saves on our monthly payments. The place that we closed at was top notch, great employees, and they where very helpful and friendly, the place we closed at was off of 104ths and penn, in the greenbriar office area.

[Oh GAWD the Smell!]

That's where my first closing (not refi) on my last house was.

I think it was called "Lawyer Title".

[rondvu]

I too am refinancing. I am still three weeks from closing, I started the middle of May. The underwriters are behind and continue to request more information. I have faxed additional bank statements than what was initially requested as well as paycheck stubs, they seemed to think my bi weekly paycheck deposit needed explanation and copies of the actual check along with a description. I need a drink and or a nerve pill. I have been with these folks for 7 yrs and all this rigmarole. When will it end?

[Jesseda]

rondvu, i was in that boat, believe me it gets much easier once you close, my wife and i celebrated after we closed.. it took us a long time as well, but it was worth it

[Karried]

wow, that is a long time!

Anyone who is considering refi or purchase... I have a great guy ... took me 23 days. Andi Bytyqi of Metro Point Lending

Andi Bytyqi
President
Metro Point Lending LLC
Office: 405.513.8610
Mobile: 405.205.7585
Fax: 877.203.0303
Email: Andi@MetroPointLending.com
Website: www.MetroPointLending.com

Tell him Karrie sent you over.