Rental property refinance taking forever.

10 Replies

I'm doing my first refinance and it has been over 3 months and still not come through. I'm using a broker (Invis) that was recommended to me which I had used for a purchase previously and funding went through in weeks. I'm wondering if this long time frame is normal for refinance or if my broker is not doing their job. Does anyone have experience with really time long frames on a refi? My DTI is within lending limits. I appreciate any and all input.

Hey @Andrew Cox if you've provided all your documentation it shouldn't take longer than maximum 30 days. Have you done your appraisal yet? If not then maybe you're not near the finish line, sounds like someone just being negligent towards your file. 

Feel free to send me a DM I can assess this better on a quick call & make some recommendations for you.

I've noticed with a few lenders, they dont treat a refinance with the same urgency as a nee mortgage. If your lender is really busy with you may have to wait. But your right, 3 months is way too long. I'd give them a call and ask what's up. 

So many variables there including which lender he is using. but 30 days is standard for a conventional loan option 3 weeks for a portfolio lender. Usually the biggest part of any loan is the doc collection and appraisal - if all docs were submitted and the appraisal is done the only other hold up could be the title company (Which you should be able to contact them directly if that is an issue)

* obviously there can be other factors but on a clean loan with no issues it shouldn't be a drag through the mud

@Tarik Turner

All paperwork submitted months ago. They did a credit check too. But I don't think appraisal has been done unless it was a soft appraisal. I've asked many time if there are issues and told no. Just that so and so needs to sign off still. Just wanted to double with the groups before I fire my broker.

@Andrew Cox did you sign any fee agreement with your broker? Make sure that doesn’t give you any issues later on. Yes 30 months is an extremely long time especially if no appraisal has been ordered. That’s the first thing to do.

@Andrew Cox if your appraisal hasn’t even been performed yet, your lender is not moving forward. What I’ve found in my experience of mortgage lending for 12 yrs, many loan officers lack the ability to deliver bad news. And I’ve found that when a consumer gets the run-around, it’s because the lender can’t do the loan. It’s best to move on. 3 months with no appraisal is entirely way too long.