ReFi wait times as a selling point?

[onemorebike]

I'm looking at a couple of Refi options and talking to one of the major providers they suggested that while their rate might be slightly higher if I were to shop around, the reality is there are only a handful of providers right now that can actually get the refi done. I'd normally dismiss this kind of sales pitch, but I've heard folks are having trouble getting them done and this is one of the major online providers that show up on credible.com (that happens to have the MMM stamp of approval).

Anyone have information to confirm or deny what I'm being told?

[Queen Frugal]

I just refinanced with New American Funding yesterday. No problems. No wait.

[Dicey]

We're shopping loans now and it hasn't come up. Who cares if it takes an extra week or two anyway? We track the RE market pretty closely. We notice that while the standard home purchase process used to take 30 days, these days they're mostly gettng done in three weeks. And there's a whole lot more paperwork required.

Plenty of lender fish in the sea.

[AccidentialMustache]

Credible showed rates substantially higher than what local banks were offering for us. I also gave lendingtree a chance (with a google voice number, and boy did they ring it off the hook... thank goodness it wasn't forwarding to my real phone). Most of the rates there weren't competitive. One was close, but they had higher closing costs than the local bank.

To top it off, said local bank (with which we did the original mortgage) found a way to waive the appraisal. Our loan costs will be <1k, which is looking like a 3.5 month payoff for dropping 1.4% and extending the loan 4 years.

[clarkfan1979]

I'm in the process of a re-fi and it's going to take about 50-55 days. I'm actually two weeks into the process and my mortgage broker hasn't given me an official rate lock. He wants to wait until next week when we are 30-35 days away from a closing date to get a lower rate.

I have never been this deep into the process without getting a rate lock before. However, these are very unusual times.

[Halfsees]

Anyone care to share their rates? We're at the beginning of the process and looking at 2.375 for a 15 no points. I've only shopped two companies and I'm curious what others are getting.

[jrhampt]

It took over 100 days this summer for the bank to complete our refi.  It became a giant pain when we had already changed the mortgagee clauses on our home insurance policies as requested during the refi process and I started getting letters that they were being cancelled due to non payment when they started coming up for renewal.  And our automatic payments on the mortgage were stopped by the bank before the refi was completed which is normal, but because the refi didn't go through when it was supposed to, I ended up with late fees which I had to call to have rescinded etc.  Plus I had to keep a pile of cash in my account for 4 months and keep resubmitting my pay stubs and bank statements.  So yes, a refi that runs a while may cause some inconvenience, depending on how incompetent your bank is.