How long did your refi take?

[mokes]

Ours was about 6 weeks; we just closed on Friday. The lender was actually ready to go sooner, it was our lawyer who delayed things a bit.

ETA: Holy crap on 1.99/2%! Ours was 2.75% for a 30-year (second home).

[egeiger]

We close today. It took exactly 60 days; our rate lock expires today.

20 year, no points or anything, 3.125%.

Somehow, I went from feeling great taking 6 years off our repay plan to seeing everyone's rates above and feeling like its not good enough.

[flygirl]

We got the time set up finally to close! It took roughly 90 days in UW. We got 2.375%, no points on a 15 yr, could have gotten 2.175% but decided at the last minute not to buy down the rate. We also got a lender credit which basically pays for our appraisal due to the time it took which is an added bonus. I just want this done and signed!

[winecat]

Aug 25, 2020 7:23:29 GMT -5 egeiger said:

We close today. It took exactly 60 days; our rate lock expires today.

20 year, no points or anything, 3.125%.

Somehow, I went from feeling great taking 6 years off our repay plan to seeing everyone's rates above and feeling like its not good enough.

I don't know where people are finding those insane rates but I've talked two 2 brokers and the lowest I can get for my loan amount where I live is 3.125%.  

Finally got off my ass to look at refinancing and I can't without a cosigner.  Fannie/Freddie put a new rule that self-employed people can't qualify on their own if there has been a greater than 20% drop in revenue.  

[flygirl]

Aug 27, 2020 14:59:21 GMT -5 winecat said:

Aug 25, 2020 7:23:29 GMT -5 egeiger said:

We close today. It took exactly 60 days; our rate lock expires today.

20 year, no points or anything, 3.125%.

Somehow, I went from feeling great taking 6 years off our repay plan to seeing everyone's rates above and feeling like its not good enough.

I don't know where people are finding those insane rates but I've talked two 2 brokers and the lowest I can get for my loan amount where I live is 3.125%.  

Finally got off my ass to look at refinancing and I can't without a cosigner.  Fannie/Freddie put a new rule that self-employed people can't qualify on their own if there has been a greater than 20% drop in revenue.  

I originally contacted my normal bank and my credit union and asked what they could provide. Once I saw all the drops in rates, I went back and asked them if they could do better or match rates I was seeing, which they did.  Honestly they need competition and for you to keep asking in my opinion. 

[winecat]

Aug 27, 2020 15:44:16 GMT -5 flygirl said:

Aug 27, 2020 14:59:21 GMT -5 winecat said:

I don't know where people are finding those insane rates but I've talked two 2 brokers and the lowest I can get for my loan amount where I live is 3.125%.  

Finally got off my ass to look at refinancing and I can't without a cosigner.  Fannie/Freddie put a new rule that self-employed people can't qualify on their own if there has been a greater than 20% drop in revenue.  

I originally contacted my normal bank and my credit union and asked what they could provide. Once I saw all the drops in rates, I went back and asked them if they could do better or match rates I was seeing, which they did.  Honestly they need competition and for you to keep asking in my opinion. 

I think you're correct for most people but I don't think it's applicable for my situation.  I'm having a hard time finding anyone to give me a loan because of its size.  I have to take cash out to get to the minimum for most lenders.  And now it seems like I can't qualify without a cosigner.  My credit union offers a 10 year mortgage for lower amounts but that's probably more than I can afford now even though it would be better in the longterm.  

[madisen]

While having a competing bid can help shave some costs off a loan or have your prospective lender approve some kind of concession, most conforming loans are sold to the government sponsored entities fnma/fhlmc. And lenders will follow the attribute and characteristic add-ons from fnma/fhmlc grids. This is why I say that comparing to rates you hear that aren’t specific to your scenario are not a good basis for comparison.

Here’s a link to the loan level price adjustments, or add-ons that are standard for fnma/fhmlc loans. They’re baked into the rate and points that lenders offer.

singlefamily.fanniemae.com/media/9391/display

[madisen]

Additionally there are state and regional differences that affect rates and points, usually based on the expected servicing value of the loan ultimately.

[MrsDarcy]

2-3 weeks!

[madringal]

My friend works at 5/3 and said they are currently at 180 days to close! Their loan officers are quitting left and right, apparently.

[MrsE]

We locked in early July and just got a modification letter extending the lock until early November. Apparently they are even more backed up than originally thought.

[Deleted]

Aug 24, 2020 10:09:43 GMT -5 @sameoldstory said:

It seems like forever, but in the grand scheme, it might not be too bad. We applied 7/26 and got our conditional approval. Got the appraisal done. Then everything had to be submitted to underwriting for the official approval. The approval came in the end of last week and we're hoping for an early September closing date, but it may end up closer to mid-month. So right now, we're looking at probably 6-8 weeks total.

Just wanted to update that we're scheduled to sign everything on 9/11, so total time from application to close is looking like 7 weeks.