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Average time frame to complete a refinance?

What is the time frame between the underwriting process and closing? It has been four weeks, and I'm thinking about switching companies. by paul_britt7737 from Allen Park, Michigan. Oct 20th 2015 Reply


Jack Cyrul (Jack Cyrul)
#4 ranked lender in Michigan - 90 contributions

Every transaction is different and 30 to 45 days is not unusual today.

Oct 20th 2015
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Gus Dahlgren (gdahlg_811_422)
#33 ranked lender in Michigan - 47 contributions

It depends on the lending institution but 30 to 45 days is standard if the file was started before October 3rd 2015.

Oct 20th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

I think switching companies this late in the game is probably a mistake.. There really is no "typical time frame".. some loans can close in 3 weeks, while others might take 6 to 8 weeks.. it really depends on a lot of different factors.. by switching, your appraisal will likely be no good and you'll have to pay for another, and your closing time will more than likely take even longer than if you just leave it alone.. if you have any concerns, you should talk to your loan officer and ask for a status update and time line so you will know what to expect.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 20th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

It is usually around 30 days, but can be more depending on what company or bank you are working with. it also depends on how quickly your are responding to gathering requested documents. There are a lot of nationally known banks who take 60 days plus to close refinances. I would speak with your loan officer, find out what the issue is, see if it can be escalated and if not maybe look at your available options and way the cost vs. benefit of switching.

Oct 25th 2015
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Jason Jenkins (jjenkins)
#36 ranked lender in Michigan - 2 contributions

With our company it is 24-48 hours, 4 weeks is real excessive.

Oct 20th 2015
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Jason Jenkins (jjenkins)
#36 ranked lender in Michigan - 2 contributions

We are 24-48 hours from time file is submitted to approval

Oct 20th 2015
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Hello and Great day to you Paul, I does depend on the bank, mortgage banker or broker that you do business with. I am generally closing refinances within 30 days. Contact a mortgage broker in your area by using the national association of mortgage professionals website at: www.namb.org

Oct 20th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

According to Ellie Mae, which is the company the provides the Loan software for probably 1/2 of all mortgage lenders report just yesterday, the average time to complete a loan from start to finish was 46-days.I think attempting to switch now makes no sense unless there is some sort of major issue. If it is just that it has been four weeks, that is a fairly typical timeline, especially in today's completely over-regulated mortgage world.

Oct 22nd 2015
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