I've started a cash-out refi with Rocket Mortgage on 7/30. Everything went very fast in the beginning and I LOVE the fact that I can do everything online and through emails instead of the old school ways. Credit check was done on the first day, submitted all documents, w2s, paystubs etc. also on the same day. Conditional approval issued based on results of apraisal. Appraisal was done and report received on the first week of August. On August 7th received a message saying they have everything (appraisal report, title, payoffs etc.) they need and that they are working on getting my RTC. Fast forward today and it's been over a month with no movement except that my closing date keeps being pushed over and over again. (Rate exp. date is 9/13) I check in weekly and all I hear back is that is the busy season, that the underwriters are very busy etc.
After all this time I am having second thoughts and Im not sure I want to move forward with this refi anymore. I want to contact them and ask to back out since its taking much longer than anticipated but I dont want to be billed for anything and wanted to check here for feedback before I reach out to them. At this point I feel like I signed up for a speedy, streamlined process and in the end I got the old school, dinosaur era, sloth paced service.
You have the right to back out whenever you'd like... The only thing you should be charged for is the cost of the appraisal. They should have no issue extending the lock. If they are giving you the loan that you signed up for, why would you back out? Because it has taken a little longer? Did you find a better offer?
I had second thoughts on a cashout refi.
I backed out after appraisal and all I had to do was irs transcripts.
It was done deal but I just decided no, at that particular time.
It was with a different bank.
I paid for appraisal right off the bat, so that was the only money I was out as far as I can remember.