So I’m wondering how long does it take to refinance a home you paid cash for, renovated, have tenant in place, how long does it usually take to get a refinance done ?
( I'm in the process of reading the BRRRR book btw)
Our lender is usually right around 21 days from start to finish, but we will typically time the appraisal to take place right after the construction is completed before it's rented out so needed access is readily available and the home is empty and appears big versus having a bunch of moving boxes sitting in a room making the appraiser claustrophobic.
I've done it in less than 14 days from purchase/close.
Same question here. Unfortunately our lender is currently saying 45 to 60 days!! What??? We've got another house accepted offer and want to cash out refi previous property but it will take so long. Keeping fingers crossed that the cash out can close in time for our next closing.
We have seen quick turnarounds inside of 3 weeks but, we have also been on the other side of 2 months. It really depends on the lender.
This doesn’t help a whole lot but try and do some research and pin them down one dates. We typically have to go back and get several remedial documents for underwriters.
It can definitely be a painful process at times but, keep searching if you are unhappy with your last refi bank and eventually you’ll find one that you work well with