What Bank Is Fastest when it comes to Cash Out Refinance?

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What Bank Is Fastest when it comes to Cash Out Refinance?

James McGovern
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes

Would love to know if any bank exists that can do a cash out refinance where underwriting takes less than one week

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Derek BrickleyBusiness Member
Lender · Ann Arbor, MI · Member since 2021 · 668 posts · 227 votes
2y
Quote from @James McGovern:

 7 days is a legal requirement plus to get a loan from application to processing through underwriting cleared and closing docs 


 May I ask what law specifies 7 days. Would like to educate myself in more detail.


 On a conventional/conforming, there is a requirement with a number of regulations most notable TRID.  Depending on the lender and the product if it is non-comforming you may not need to wait that time and you may not receive a LE or CD, but still most lenders will have it as a standard practice to be safe.

[email protected]734-645-7722
Gold Star Mortgage Financial Group548 Reviews
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  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 668 posts · 227 votes
    2y

    This would depend on a number of factors (including whether an appraisal is needed).  If we can do this in-house our timeframe would be 7-10 calendar days from application to close but that's the absolute minimum.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group548 Reviews
    WebsiteView Page
    0Reply
  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y

    What's your goal with the cash? To pay something off or to buy a property? 

    [email protected]917-830-7144
    Brooklyn Funding Group59 Reviews
    WebsiteView Page
    1Reply
  • James McGovern
    OP
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    2y
    Quote from @Anderson S.:

    What's your goal with the cash? To pay something off or to buy a property? 


     For me, I would want to identify an accelerated process to buy a new property via auction.

    0Reply
  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y
    Quote from @James McGovern:
    Quote from @Anderson S.:

    What's your goal with the cash? To pay something off or to buy a property? 


     For me, I would want to identify an accelerated process to buy a new property via auction.

    I believe we can help - DM me when you have a moment.

    [email protected]917-830-7144
    Brooklyn Funding Group59 Reviews
    WebsiteView Page
    1Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    2y

    @James McGovern- most lenders can get underwriting done  that fast  as long as they are provided with 100% of the data they need PLUS getting any disclosures needed signed immediately too 

    1Reply
  • James McGovern
    OP
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    2y
    Quote from @Dave Skow:

    @James McGovern- most lenders can get underwriting done  that fast  as long as they are provided with 100% of the data they need PLUS getting any disclosures needed signed immediately too 


     Where on the lender sites do they disclose the information they need? Can they use an appraisal that was ordered by the buyer or do they have to always order their own?

    0Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    2y
    Quote from @James McGovern:
    Quote from @Dave Skow:

    @James McGovern- most lenders can get underwriting done  that fast  as long as they are provided with 100% of the data they need PLUS getting any disclosures needed signed immediately too 


     Where on the lender sites do they disclose the information they need? Can they use an appraisal that was ordered by the buyer or do they have to always order their own?

    Lenders ( loan officer ) can outline the data and steps that are needed when you contact them …. Most lenders will not be able to use appraisal ordered by buyer or seller 
    0Reply
  • James McGovern
    OP
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    2y
    ders ( loan officer ) can outline the data and steps that are needed when you contact them …. Most lenders will not be able to use appraisal ordered by buyer or seller 
    So what can be dramatically accelerated in the process?
    0Reply
  • James McGovern
    OP
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    2y
    Quote from @Derek Brickley:

    This would depend on a number of factors (including whether an appraisal is needed).  If we can do this in-house our timeframe would be 7-10 calendar days from application to close but that's the absolute minimum.


     What occurs in the 7-10 day period that takes up the time? How much of this is processing wait around time that a borrower can accelerate through?

    0Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    2y
    Quote from @James McGovern:
    ders ( loan officer ) can outline the data and steps that are needed when you contact them …. Most lenders will not be able to use appraisal ordered by buyer or seller 
    So what can be dramatically accelerated in the process?

     Providing all data needed upfront and application completed asap is crucial … getting title / escrow / appraisal ordered on a rush is possible as well 

    1Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 668 posts · 227 votes
    2y
    Quote from @James McGovern:
    Quote from @Derek Brickley:

    This would depend on a number of factors (including whether an appraisal is needed).  If we can do this in-house our timeframe would be 7-10 calendar days from application to close but that's the absolute minimum.


     What occurs in the 7-10 day period that takes up the time? How much of this is processing wait around time that a borrower can accelerate through?


     7 days is a legal requirement plus to get a loan from application to processing through underwriting cleared and closing docs out that is the absolute minimum. A borrower absolutely needs to be responsive and have everything together to make that happen.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group548 Reviews
    WebsiteView Page
    0Reply
  • James McGovern
    OP
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    2y

     7 days is a legal requirement plus to get a loan from application to processing through underwriting cleared and closing docs 


     May I ask what law specifies 7 days. Would like to educate myself in more detail.

    0Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 668 posts · 227 votes
    2y
    Quote from @James McGovern:

     7 days is a legal requirement plus to get a loan from application to processing through underwriting cleared and closing docs 


     May I ask what law specifies 7 days. Would like to educate myself in more detail.


     On a conventional/conforming, there is a requirement with a number of regulations most notable TRID.  Depending on the lender and the product if it is non-comforming you may not need to wait that time and you may not receive a LE or CD, but still most lenders will have it as a standard practice to be safe.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group548 Reviews
    WebsiteView Page
    2Reply
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