HELP! I'm Trying to Refinance and it's taking FOREVER!
How long is it going to take? Why does it take so long? What could be holding it up? These are all questions that I get on a frequent basis regarding sales of bank owned/short sale properties, clients getting approved for loans and from homeowners trying to refinance.
While I know in reality it isn’t taking FOREVER, it does require patience. In our techno savvy world of e-mail, wi-fi and internet access nearly everywhere it seems absurd that getting a bank to respond would take more than a day. However, life is never that simple, it can take a long time to get a response so there are a couple of things to keep in mind.
In the world of banking whether you are purchasing a home or trying to refinance your current one realize there are several people involved. When you speak with your lender-they have to get everything cleared by someone else. Everyone from the underwriter, who gives you the green light to get the money, to the appraiser, who has to evaluate the property to make sure it is the right value gives their input and that takes time.
I know waiting sucks and most people want everything now, or at least in the near future. Realize things take time because they have to follow a procedure, like a doctor or an accountant a lender has rules and steps to follow. Missing a step could prove fatal for your transaction!
Keep in mind the more prompt you are, the easier it will be to get things quicker. When your bank asks you for information provide it as soon as possible. This way there is no excuse for a delay on your end.
Something else to think about, when a bank has to choose who’s file to do first, they have priorities. Purchases come first, refinances THEN those who are trying to get approved for a loan. A lender has many transactions that are time sensitive.
While these pieces of information don’t make waiting any easier, keep in mind lenders are trying to service everyone the best they can. However, if you feel you aren’t getting the attention you deserve discuss it with them, or if you have to, start looking for a new one. Need a good lender? Give me a call, I have several local names and numbers to give out.
While I know in reality it isn’t taking FOREVER, it does require patience. In our techno savvy world of e-mail, wi-fi and internet access nearly everywhere it seems absurd that getting a bank to respond would take more than a day. However, life is never that simple, it can take a long time to get a response so there are a couple of things to keep in mind.
In the world of banking whether you are purchasing a home or trying to refinance your current one realize there are several people involved. When you speak with your lender-they have to get everything cleared by someone else. Everyone from the underwriter, who gives you the green light to get the money, to the appraiser, who has to evaluate the property to make sure it is the right value gives their input and that takes time.
I know waiting sucks and most people want everything now, or at least in the near future. Realize things take time because they have to follow a procedure, like a doctor or an accountant a lender has rules and steps to follow. Missing a step could prove fatal for your transaction!
Keep in mind the more prompt you are, the easier it will be to get things quicker. When your bank asks you for information provide it as soon as possible. This way there is no excuse for a delay on your end.
Something else to think about, when a bank has to choose who’s file to do first, they have priorities. Purchases come first, refinances THEN those who are trying to get approved for a loan. A lender has many transactions that are time sensitive.
While these pieces of information don’t make waiting any easier, keep in mind lenders are trying to service everyone the best they can. However, if you feel you aren’t getting the attention you deserve discuss it with them, or if you have to, start looking for a new one. Need a good lender? Give me a call, I have several local names and numbers to give out.
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