How long does it take to close a mortgage refinance?

Mortgage and Lending with Choice Finance Corporation

How long does the mortgage refinance process take?                     

It is important to have proper expectations as to how long it will take to settle on your refinance. There are many factors that can affect the time that is will take to close. Please read on for a basic time line for a traditional FHA , Fannie Mae and Jumbo refinances.

Step 1: Identify a broker/lender that you trust to handle your loan transaction. Do not be fooled by "low cost/hidden fee" internet chop shops. It is important that you do not lose sight of the fact that your mortgage is your LARGEST financial obligation. You would not go to an unlicensed doctor in Tijuana for heart surgery, do not go to a part time loan officer/full time waiter for your mortgage.

Time elapsed: As long or as short as you would like, or you could call me now 

Step 2: Complete a loan application, either in person or online. If you have any doubts about the company that you have chosen, it may be a good idea to visit their office for the application

Time elapsed: Online is about 15 minutes, in person should be within 24 hours (this a real time market, today's rate could be gone tomorrow. I suggest acting quickly)

Step 3: Gather all requested documentation to submit to underwriting. This is where YOU control things. It is imperative that you are as responsive and proactive as possible. 

Time elapsed: 48 hours

Step 4: Once your lender/broker has received all necessary documentation, they will submit your complete loan for underwriting. All lenders have different underwriting turn times, some are as little as 8 hours, some are up to 3 weeks. Ask you loan officer who your loan is being underwritten by and how long it will take. This will also be the time when the appraisal is ordered. Under the new regulations, the lender cannot order your appraisal until 4-7 days after you have received your truth in lending agreement.

Time elapsed: Most lenders average 7-10 days

Step 5: Your lender will issue a conditional underwriting approval. Most often, the conditions that they ask for will be easy to satisfy (i.e., updated paystub, updated bank statement, corrections to title work etc....) Gathering and submitting these conditions will take about 48 hours. Once submitted, it can take up to 72 hours for the conditions to be reviewed and approved.

Time elapsed: 6-8 days

Step 6: Schedule loan closing.

Time elapsed: Many lenders require that loans are scheduled no less than 72 hours after the cleared to close is issued

Total time elapsed to apply, submit and close your loan :  28-31 days

This is assuming that you do not have anything go wrong, that you do not have a 2nd mortgage that requires subordination and that your lender is working aggressively on your behalf.

What if you need to close faster?

Choice Finance holds a lenders license and has the ability to underwrite loans right here in our Rockville, Md headquarters. This allows us to close your loan much faster than your average mortgage broker. Visit me online today

Contact Josh Burley today to streamline your FHA mortgage
301.881.8900 x125

Work with a LOCAL mortgage lender that you can trust. Choice Finance has been serving the DC Metro area since 1996

Apply online now! @

FHA , VA, Conventional and Jumbo mortgage rates

Josh Burley
Sr. Loan Officer
Choice Finance Corp.


Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. BJ Matson 11/05/2009 08:57 AM
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

It is a very good explanation of the whole process.

Can you please update it if there are changes now in 2015 with full docs for a person and HOA( if any)?

Jun 23, 2015 05:33 PM #1
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