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Does a refi on a condo typically take longer than a refi for a SFR?

I have been in the process of refinancing my condo for a few months now and my friend was able to get his home refinanced in less than half of the time. Is this normal? by joey.stall421 from Stockton, Maryland. Jan 29th 2018 Reply


Corey Gee (cgee@perennialfunding.com)
#96 ranked lender in Pennsylvania - 18 contributions

The only reason a refinance should take this loan is if you are having qualification issues or the company you chose is able to complete your loan for some reason. What type of loan are you doing? Conventional, FHA, VA, Jumbo, USDA, other? Your condo association must meet the guidelines, so perhaps that's the hold up? Please feel free to call/email me so I can help you dissect the problem. cgee@perennialfunding.com or 610-233-0098

Jan 29th 2018
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James Schneider (JamesSchneider)
#103 ranked lender in Maryland - 29 contributions

There are a couple different items with condos compared to single family homes, such as condo questionnaires, but overall it shouldn't take that long. Hopefully you are locked in, as we are now in a rising interest rate environment.As a whole - lenders aren't overly busy, especially this time of year and it shouldn't take more than 30 days maximum.If you would like a quote or guidance feel free to contact me at any point!

Jan 29th 2018
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Mike Diaz (sincityloandr)
#59 ranked lender in Nevada - 41 contributions

IT shouldn't. You really need to work with a lender that knows the condo market though or it will. It is imperative that the HOA is contacted right away and making sure if it is a unwarrantable or unwarrantable condo. If i could be of any help please contact me mike.diaz@rate.com I do a lot of condos

Jan 29th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,259 contributions

The short answer is NO.. there should be no difference in the timing.. condo's usually only require an additional form called a condo questionnaire.. With this document, and depending on the findings, will determine if the project is eligible. But this document is usually obtained in the first 10 days.. yet it takes 21 to 30 days to close on a refinance. If you are 2 to 3 months into it.. then that's a reflection of your lender and not your property type.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 29th 2018
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 62 contributions

Hi Joey.stall421,Mainly when you experience this issue your lender's experience in working with the condominium management organization is the key to a timely settlement. If the condo organization is not responding to the questionnaire request that the mortgage lender issued delays can happen.When this happens in my pipelilne of transactions I make the borrower (you) aware of the concern and ask for your assistance in getting the response I'm looking for.Approving the other aspects of your loan should only take less than a month. Our company turns around loan approvals in less than 10 days if the appraisal or title work doesn't slow us up.Has your loan officer explained the delay to you? If not I'd go ahead and call the person directly for an update. No loan officer wants to lose your business due to such delays. So most of us would get you directly involved. After all you are the one who stands to benefit the most. Why you are not aware of the cause of the delay escapes me. Not sure if I can help but I'd be happy to offer my 2 cents.Ron rschwartz@embracehomeloans.com - Rockville, MD

Feb 7th 2018
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