I recently closed a refinance case for my client in less than two weeks regardless that the loan was submitted a few days before Chrismas. On the other end, one of my clients came to me because the lender who was doing his refinance took over three months and yet still did not have his loan closed. He lost patience with this lender and came to ask me for help. Again, I have his loan closed very quickly.
It’s important that you work with a loan agent who knows well each bank’s processing time and requirements so that he or she can give you instructions on how to prepare for that and advise you which lender to use based on comprehensive evaluation of your parcicular case and each lender’s way of work and their program strength.
Here are a few things you can do to speed up your refinance process:
1. Have all the documents ready according to the check list I provde you.
2. For bank statements, avoid giving lender the statements with large deposit. (Any deposit $1000 or more counts as a large deposit). If you cannot avoid it, provide paper trail for any deposit $1000 or more because lender will ask you for that.
3. If you have rental property, provide lease agreement, property tax bill, insurance evidence for each rental property you owns. Review your tax return you filed over the past two years and make sure that they are matching what’s reported on your Schedule E
4. When appraiser calls you to set up inspection time, get on the earliest one available. If appraiser can not come to your home for inspetion within a couple days, call me (or whoever is your loan agent) to request another appraiser who can be available earlier.
