Investor · Based in NJ, currently investing in PA · Member since 2019 · 3 posts · 0 votes
Hi All,
I was wondering if anyone has insight on the general timeline it takes to close for a cash out refinance? I'm located in New Jersey and just filled out the application and locked a rate for a cash out refi for my primary residence last week. My loan officer with TD Bank told me to expect the process to take 75-90 days to close which seems a little absurd to me. Just curious what others are seeing or if there is any way I can speed the process up? I submitted all the statements and documents that the bank requested immediately during my application, and doesn't seem like I can do anything but wait and call the loan officer every couple days.
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
4y
I have never heard of it taking 75-90 days. Sam's average of 30-45 days is always what I've heard and experienced as well. I recommend always taking to a minimum of 3 lenders when you're still seeking out your permanent lending partner(s).
Realtor · Washington, DC · Member since 2013 · 91 posts · 32 votes
4y
Agreed, that's a long timeline and you should be able to get it done in 45 days max. Longer timelines are not uncommon with banks that don't specialize in mortgages or refi's. Good advice on shopping around as well, or find a broker that can get the best rates and times from multiple lenders.
Lender · Bloomfield, NJ · Member since 2016 · 65 posts · 36 votes
4y
Hi Dan! 75-90 days for a cash out refi is absurd, as you mentioned. A refi should generally close in under 30 days, although it could go up to 45 based on conditions, delays in getting documents back, etc. You will also be looking at large margins with a big bank such as TD, and if this is not reflected in the rate you will usually be getting points/fees tacked on. I would be happy to go over your loan estimate with you if you'd like. Feel free to shoot me a message.
Lender · North Arlington, NJ · Member since 2017 · 19 posts · 7 votes
4y
As Peter mentioned, normally a refi gets completed within 30 days or less. If an appraisal is required, sometimes that can also cause a slight delay. But 75-90 days is ridiculous