Author Topic: Anyone Having Trouble Closing a Home Refi Right Now?  (Read 877 times)

gipsygrrl

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Anyone Having Trouble Closing a Home Refi Right Now?
« on: April 15, 2020, 05:02:43 PM »
We started a refinance process on our home in early March when rates were dipping and COVID-19 panic was just beginning. We went with Sofi and have had precious little in the way of communication. Our target date to close was April 11 and I haven't heard anything from our contact in weeks - no responses to emails or calls. I'm assuming things are just crazy backed-up, but I'm starting to wonder what my options are and how I figure out if this loan is going to close or not. Anyone else having issues at this time?

cchrissyy

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #1 on: April 15, 2020, 05:15:05 PM »
things are just slow right now

i have a family member who has been cleared to close for a couple weeks with no updates.  I myself just closed a refi last week where every stage of the process was much slower and less communication than normal. there weren't any problems, as far as i could tell it was related to the reduced staffing for covid reasons.

edit - these examples are local banks not sofi

Jon Bon

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #2 on: April 16, 2020, 06:16:49 AM »
I am about to start the process and am posting to follow.

I would assume banks are just slammed with the lower rates, this happens pretty regularly IME.  Also stuff just gets hung up in the bureaucracy of banks.  Underwriting can be pretty dumb, emails get ignored etc.

affordablehousing

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #3 on: April 17, 2020, 09:50:51 AM »
We refi'd with the same bank, First Republic, locked on March 11th and it was closed 5 weeks later. I can only imagine it would take more time to do it switching banks. If you are staying with the same bank you could ask for a loan mod to speed things up, no title process to deal with just an internal approval on the note amendment. Good luck!

Nick_Miller

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #4 on: April 17, 2020, 09:56:45 AM »
We started March 7th and closed on March 31st. Our bank was pretty responsive (perhaps too responsive, with all of those automated "here's the next step" email videos).

gipsygrrl

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #5 on: April 17, 2020, 10:50:48 AM »
Thanks all! Sounds like it's just taking longer than usual for all the reasons mentioned. We did switch lenders.

We finally heard back from Sofi - they extended our locked rate and are hoping to close soon, apparently we just finished up with underwriting and were approved there. It's been 5 weeks since we initiated the process - I'll report back when all is said and done.

DadJokes

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Re: Anyone Having Trouble Closing a Home Refi Right Now?
« Reply #6 on: April 17, 2020, 11:04:06 AM »
Yep, we started ours sometime in late February with a company called Homefinity. After about a week without any updates, I checked in and was told that my file was in for a clear to close, and that they were expecting it to be the next day (the next day was yesterday).

I'm sure that it's a combination of having a lot of work and the additional challenge of working from home. I'll email again on Monday, because I'd really like to get this over with.