worried about refinancing mortgage laon

[indecison]

Good to see things are moving along for you!

[frugalQ]

I started my FHA streamline refi in mid-June. During the process, I had to get a new car which caused a bunch of back and forth. Add to that, the bank did not have enough FHA underwriters, which caused them to have a 10 day backlog (since everyone took advantage of the new FHA guidelines). So, every time they asked for something, I had to wait 2 weeks to hear back.

Yesterday, I vented my frustrations to my LO and told them that I would be brutally honest in my feedback to the bank. Got a call tonight from LO that I was clear to close.

This process took 4 1/2 months...for streamline refi.

So, waiting extended period of time is the new normal...at least for FHA.

[webhopper]

I applied at the end of July. Going to close mid October. My LO always answers my questions on the same day I email her. The pipeline on these streamline refinances is totally clogged by the sheer number of people refinancing.

Either way; my LO has been great. I interviewed 9 before I picked her. Most of them could not even touch my loan since I no longer live in the house.

She told me up front that the processing would take at least until October due to volumes.

[frugalQ]

My LO has left a lot to be desired. But, this refi is a means to an end for me. Now that we've gotten our mortgage down, we are in a better position to rent our house to cover the mortgage.

We are in the process of looking for a new home. So, bringing down the mortgage also gives us more room to qualify for a second home We are planning to use a guaranteed lease program to cover rent on our current house for several years.

Hopefully, by then the market will be more favorable and we can sell it for what we owe.

[Weimmutti]

Closing today at 4:30pm central standard time. I still do not know if I need to bring money to table or not. Crazy....

[Weimmutti]

Close last night. What a relief. I've been lurking on the board for months. I finally had enough understanding about my credit to apply for a mortgage loan. I was thinking due to the fact the economy was so bad that banks were not lending to individuals with credit scores in 713 range. I thought I needed to build my score up to 740 prior to trying to get a refinance mortgage loan. I thought wrong. I was able to receive a refi loan 10 year with 2.5% interest rate. Just RELIEVED the process is over.

[indecison]

Congrats on getting closed!!