Author Topic: For those who have recently refinanced  (Read 909 times)

dcozad999

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For those who have recently refinanced
« on: September 23, 2020, 07:33:45 AM »
How long did it take to complete?

Iím currently toward the end (I hope) of refinancing with SoFi and canít help but feel like Iím getting dicked around. I started this in late June. I gave them every shred of information they asked for. I signed the last thing they needed on August 14. It was supposed to close August 26th. That day shot past with nothing. They gave me a new estimated closing date two weeks later. That day was yesterday.

The lady Iím supposed to be working with keeps saying she will look into it and call me, but I have yet to receive a call. She mentioned sheís waiting for a payoff quote from my current mortgage. Itís been well Over a month. Are they legally allowed to sit on that?

Has anyone else been experiencing this? Should I say to hell with them and start shopping around again? Or am I being the unreasonable one?  My credit is great. My wife and I make decent money and Our jobs havenít been affected by COVID.  I donít know what could be holding this up, especially since we were told it would close last month.

Morning Glory

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Re: For those who have recently refinanced
« Reply #1 on: September 23, 2020, 08:48:09 AM »
I refinanced with loan depot through credible earlier this year and it was a pita too. I think maybe state laws have something to do with it? Also we had issues with the appraiser just being too busy. The whole process took about 3 months. They overpaid my old mortgage rather than getting a new quote, so I got a cash refund from the old bank for the overpayment amount plus what was in my escrow account.

 I'm not sure why other kinds of loans are so much easier. I did the sofi personal loan for the bonus and it funded 3 days after I applied.

slappy

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Re: For those who have recently refinanced
« Reply #2 on: September 23, 2020, 09:32:00 AM »
Mine did take way longer than I thought, but that was supposedly due to title issues. Funny how the title issue resolved after I kept calling and calling. I think it took about six weeks total. Sounds like Sofi is messing around. Can you escalate the issue?

jamesbond007

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Re: For those who have recently refinanced
« Reply #3 on: September 23, 2020, 09:37:35 AM »
I refi'd through CashCall Mortgage and it took less than 30 days to close.

SimpleCycle

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Re: For those who have recently refinanced
« Reply #4 on: September 23, 2020, 09:47:29 AM »
We put in our application 60 days ago and still don't have a closing date.  I am assuming they are overwhelmed with volume, but it's very frustrating.

Edited to add: different lender than you.

tweezers

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Re: For those who have recently refinanced
« Reply #5 on: September 23, 2020, 09:54:31 AM »
I just refi'd with better.com and it took 30 days.  All online, and super efficient processing and response times.  Added bonus: when I got a better rate offer, they matched it.

Joel

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Re: For those who have recently refinanced
« Reply #6 on: September 23, 2020, 09:48:21 PM »
I applied on Labor Day and closed on Monday 9/21. 2.5% 30-year with no closing costs. Used Owning.com which is only available in California.

BDJ_AG

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Re: For those who have recently refinanced
« Reply #7 on: September 23, 2020, 09:51:34 PM »
I used a broker with the lender being Quicken and it took right at 30 days 7/6 - 8/5.

dcozad999

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Re: For those who have recently refinanced
« Reply #8 on: September 24, 2020, 07:02:34 AM »
Well, just prior to the original post yesterday I had sent an email asking for an update and explaining that I was upset with the lack of communication and progress. I ended it by asking her if the loan was going to go through or if I should start seeking a new lender.

Miraculously, she was able to get the payoff quote within a few hours and get the initial closing disclosure to us to sign. Unfortunately they fucked up the lender credits, shorting me by over $500 on what was in the initial disclosure, so I am waiting to see if they can fix that.

Thanks for all the replies. So it looks like lenders are extremely busy these days, some can do them super fast, and some are super slow.

DadJokes

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Re: For those who have recently refinanced
« Reply #9 on: September 24, 2020, 09:04:31 AM »
Three months or so sounds about right. I know it took way longer than I felt like it needed to.

MissPeach

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Re: For those who have recently refinanced
« Reply #10 on: September 24, 2020, 05:11:31 PM »
I went through this recently for a new house and it was pulling teeth to close a week late. The lender was slow and kept messing up.

StarBright

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Re: For those who have recently refinanced
« Reply #11 on: September 24, 2020, 06:10:49 PM »
Our was about 40 days but we did it through DH's credit union. The rates were not as low as some of y'all got from online lenders though.

socalteacher

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Re: For those who have recently refinanced
« Reply #12 on: September 24, 2020, 07:26:36 PM »
My refi has been very fast. I sign closing papers on Monday. My father in law who got his quote a day before me signed today. All said it should be done in under 2 weeks.

Krolik

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Re: For those who have recently refinanced
« Reply #13 on: September 29, 2020, 10:59:26 AM »
I just refi'd with better.com and it took 30 days.  All online, and super efficient processing and response times.  Added bonus: when I got a better rate offer, they matched it.

We did the same. Less than a month. Very streamlined online process which we loved.