Taking forever - should I run?

[Peanut2010]

I'm in need of some advice - this sight has done wonders for me and I am wondering what I should do.

March 16th I applied for a loan (refinance) through a Credit Union here in Florida. - Got an Approval letter - with conditions

      Conditions: 1.verification that I have owned the home for at least 12 months and that the house isn't dcurrently listed for sale ( have owned for 5 years)

                         2. lender to verifiy the maximum amount of home equity loan of credit - if it exists  --- there is none

                        3. the following debts are to be paid off from loan proceeds xxxx (have a secured loan paying off - thus the refinance)

                       4 . I have a collection and a charge of on my credit report  -- these accounts do not need to be paid off prior to or at closing -

                        5. trade lineson credit report are being disputed  - the lender must verify the accuracy of tradeline by determining if it belongs to the borrower

                        6. verify income

                         7. verbal verification of employment 10 days prior to signing documents

                          8. Assets verified

                          9.  An apraisal (done March 23 appraisal came in 25000 higher than needed)

Lender will cover $5000of closing costs. My costs will be rolled into amount financed-

March 18th- received disclosure paperwork /Turned in copies of bank statements.

March 23rd - Appraisal done

March 27th - contacted the Lender to inquire about status - Immediately got a phone call from lender stating they got the appraisal and are sending me a copy. Then

Got a call from the title agency asking for borrower's Auth to release, closing disclosure notice,opy of my deed - and copy of my title insurance

april 2 - Needed a current survey  - Survey sent -Sent to Underwriting --Gave me a Tentative closing date of April 24th - that came and went -

April 9th got a copy of my Declaration page from my insurance company - states my Lein holder is ****** ( is this ok-? haven't even closed yet? Husband contacted the insurance company - they say it's normal )

Since then, not a word of communication from the LO - I have contacted them twice asking the status - I was told it was in Underwriting / just not processed yet.-last week 05/7/15 -called again asking about status - was told it is in underwriting - states they are inundated with loans and cannot give me a time line.

Any clue what else needs to be done - any words of encouragement that this may get done before June 10th? Is this the normal procedure - is it taking to long? I'd hate to have to change after all this has been done? What is the longest it should take?

scores were experian 690 TU 678 equifax 684

Ltv 55%

dti 32%

[frugalQ]

i've heard that credit unions are notoriously slow.  my own experience with a credit union and mortgage was not a pleasant one from a timing standpoint.  we closed 21 days late because of them.

[StartingOver10]

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@Peanut2010 wrote:

I'm in need of some advice - this sight has done wonders for me and I am wondering what I should do.

March 16th I applied for a loan (refinance) through a Credit Union here in Florida. - Got an Approval letter - with conditions

      Conditions: 1.verification that I have owned the home for at least 12 months and that the house isn't dcurrently listed for sale ( have owned for 5 years)

                         2. lender to verifiy the maximum amount of home equity loan of credit - if it exists  --- there is none

                        3. the following debts are to be paid off from loan proceeds xxxx (have a secured loan paying off - thus the refinance)

                       4 . I have a collection and a charge of on my credit report  -- these accounts do not need to be paid off prior to or at closing -

                        5. trade lineson credit report are being disputed  - the lender must verify the accuracy of tradeline by determining if it belongs to the borrower

                        6. verify income

                         7. verbal verification of employment 10 days prior to signing documents

                          8. Assets verified

                          9.  An apraisal (done March 23 appraisal came in 25000 higher than needed)

Lender will cover $5000of closing costs. My costs will be rolled into amount financed-

March 18th- received disclosure paperwork /Turned in copies of bank statements.

March 23rd - Appraisal done

March 27th - contacted the Lender to inquire about status - Immediately got a phone call from lender stating they got the appraisal and are sending me a copy. Then

Got a call from the title agency asking for borrower's Auth to release, closing disclosure notice,opy of my deed - and copy of my title insurance

april 2 - Needed a current survey  - Survey sent -Sent to Underwriting --Gave me a Tentative closing date of April 24th - that came and went -

April 9th got a copy of my Declaration page from my insurance company - states my Lein holder is ****** ( is this ok-? haven't even closed yet? Husband contacted the insurance company - they say it's normal )

Since then, not a word of communication from the LO - I have contacted them twice asking the status - I was told it was in Underwriting / just not processed yet.-last week 05/7/15 -called again asking about status - was told it is in underwriting - states they are inundated with loans and cannot give me a time line.

Any clue what else needs to be done - any words of encouragement that this may get done before June 10th? Is this the normal procedure - is it taking to long? I'd hate to have to change after all this has been done? What is the longest it should take?

scores were experian 690 TU 678 equifax 684

Ltv 55%

dti 32%

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Question:  if the CU is rolling $5000 of your costs into the loan, what costs is the CU actually picking up? When they roll it into the loan, you are paying for it. 

[Peanut2010]

Sorry I mis-typed - Should have said they will cover up to 5000 in closing costs --- I will actually be getting a check back to me - from what was explained. But, I will be sure to double check this when the time comes!