arrow17 Comments
  1. […] state are looking into refinancing with how historically low mortgage interest rates currently are. The process of a refinance is very similar to that of when you obtained a mortgage to purchase your home…there is a lot […]

  2. Ginny Justiniano
    Sep 21 - 3:02 pm

    Thank you so much for this great article. It painted a very accurate picture of what I just completed with our refinance. Appreciate you posting it.

  3. Henry C
    Oct 19 - 10:49 pm

    I am in refinancing process and wondered very much why it takes forever for the lender to do anything… I googled and found your article that is so enlightening. I now at least have good understanding on what had been going on. Excellent article. Thank you!

  4. Max
    Oct 20 - 2:52 pm

    Great article, thanks Rhonda. Just signed my CD, dropping monthly payments by $161 with $0 in closing costs. Just had to put a little bit of cash towards principal and first half of this years property tax.

  5. Greg
    Nov 30 - 4:48 pm

    This was a very informative article. We are currently going through the conventional loan refinance process and this article pointed out everything that’s been happening along the way, almost to a tee. The only other thing we have had to wait on is the IRS verifying our past 2 years’ tax returns. Unfortunately the bank put the wrong address on the form so the IRS wouldn’t release the info until they resubmitted it with our correct address which took an additional 2 weeks. Frustrating but hoping it’s smooth sailing with our closing soon. Thanks again for giving us this blueprint of what to expect!

    • Rhonda Porter
      Dec 01 - 9:06 am

      Hi Greg, I’m glad your refi is coming together! Thanks for reading my blog.

  6. Paula Cruz
    Dec 17 - 1:20 am

    Refinancing home – I started the refinance process on Sept 28, 2016. It has been over 2 months since starting the process. I was promised that this would close before the end of November. That date came and went. I now owe the taxes, etc. Since that time passed, I have to pay an extra $3k on my loan, additionally, I will not be receiving the original amount of cash back because of the extra fees (taxes, etc.). They have drug their feet and it is now December 17.and the loan closed Tuesday, December 13 and still no funds to me or anyone else (old mortgage co., credit cards, etc). I tried calling the lender today with no avail. Not reaching anyone in the lending office is an ongoing problem. There never seems to be anyone there. I leave messages, no one returns my calls. I’ve tried to call cell phone #s that were provided in the beginning also with no avail. I have had nothing but problems and a great deal of stress because of this lender. How long can this lender keep us hanging after closing? I am now in a position that I can not back out because it would cause me to be behind on house payments as well as the past due taxes, etc. I believe they delays were intentional. I am considering consulting with a lawyer.

    • Rhonda Porter
      Dec 17 - 10:03 am

      Hi Paula, that sounds terrible :/ Transactions are taking longer than usual because of the appraisal crisis. However, it’s pretty incredible that you cannot find anyone at the lender’s office to talk with you. You should have an assigned Loan Officer. Our of curiosity, are you working with a local lender, bank or credit union?

  7. Aaron S.
    Dec 19 - 1:20 pm

    This article has been a good source of information for my personal refinance process. Thanks for sharing!

  8. Nanda Morris
    Jun 08 - 1:29 pm

    Hello,
    Can you tell me if the “Good Faith Estimate” document includes a closing date for the loan?

    • Rhonda Porter
      Jun 10 - 10:41 pm

      Hello Nanda, the Good Faith Estimate is now a “Loan Estimate” or “Closing Disclosure” depending on where you are at with your transaction. They should include an estimated closing date. If you have question about when you are closing on your mortgage, you should contact your loan officer.

  9. Phillip
    Jun 10 - 4:47 pm

    Rhonda, when we close does the lender send the checks to me to Pay off mortgage and the other bills in the refinance.

    • Rhonda Porter
      Jun 10 - 10:38 pm

      Phillip, the lender will provide funds to escrow to pay off the mortgage. They may require that escrow pays off the “other bills” — you need to check with your loan officer to find out how this will be handled.

  10. carola
    Dec 17 - 9:31 pm

    What if I change my mind and decide NOT to refinance. What is the latest point in the process at which I can change my mind?

    • Rhonda Porter
      Dec 18 - 3:32 pm

      If your home is your primary residences or second home, then you should have a 3 day right of rescission period that takes place after signing. Ask your Loan Officer and the Escrow Officer to be clear with you an when this period is (they won’t have the exact dates until they know what date you are signing).

      You also have a 3 day window prior to signing your final loan documents to consider your refinance after your receive your Closing Disclosure.

  11. carola
    Dec 17 - 9:39 pm

    My refi loan officer says an appraisal is not neccessary. He wrote down the house is worth $800,000, but zestimate (zillow.com) calculated it is worth 1,400,000. Will this hurt me?

    • Rhonda Porter
      Dec 18 - 3:29 pm

      Hello Carola, thanks for your question. It’s possible that your automated loan approval (AUS) is not requiring an appraisal. I would ask your Loan Officer why they say that the appraisal is not necessary… was it because of the AUS findings (automated underwriting) or has a “human” underwriter reviewed and approved your loan application.

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