Banking Question

3 Replies

Hey BP,

Hoping to get some advice/input on my situation. I'm getting my financing for my first flip through a home equity loan. I've turned in all papers, and received my Good Faith Estimate. So I went into the bank to lock in my rate because the GFE says estimate is good for X date. I was told that I didn't have to because it was an equity loan, he asked when and I'm available to settle I said whenever, and he responded with the next day or two I'd hear from him. I let three business days go by and sent an email and got a response of he's waiting for the underwriter and to be patient. Its been a total of one week now and I'm wondering is this normal for it to take this long after already receiving a GFE? Am I being too pushy? Should I try to close at a different branch? Since my GFE expired and there is nothing in writing that I'm in agreement with terms/rate did I just get screwed over?

Thanks for any and all responses!

A week is probably not excessive. Banks are slow and underwriting is even slower.

You might, however, consider looking for a local community bank where they make their loan decisions in-house.

The fact that he's not keeping you in the loop leaving you feel uneasy and you're not sure if you're going to get the rate you were shown, I'd at least shop around and compare services. My advice with any service provider is that if the process is uneasy, then maybe you should consider more options. 

Six weeks would be standard. Good luck.

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