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Did you refinance your Mortgage?

There’s a lot of chatter on the internet by individuals trying to refinance their mortgage that the process is being dragged out. Apparently, banks and mortgage companies laid off so many people that there’s not enough staffing to follow up on the paper work.

Is anyone in the process of refinancing? Is it true that the process is taking longer because a lack of staffing? Or is it just a lot of senesless chatter?

Read other posts about: General real estate stories

Posted by admin on 01/06/09 |
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No Responses to “Did you refinance your Mortgage?” »»

  1. Mark
    Comment by Mark | 01/06/09 at 9:51 pm

    Hi JohnF,
    I am a mortgage broker in Stoneham and I can say that most lenders are backed up big time! Some of the lenders that I work with have extended their “turn around time” from 2 days to 8 days! Some others are still fairly quick, but it really depends on the loan type and the lender. Hope that helps!

  2. john Ford
    Comment by john Ford | 01/07/09 at 8:23 am

    Mark, thanks for your insights. Keep me posted if you see any trends in the mortgage market place.

  3. Jen
    Comment by Jen | 01/07/09 at 10:32 am

    I refinanced my mortgage last month. It was a 30 yr fixed to another 30 yr fixed at a lower rate. The process took a little less than 3 weeks from the time I called the bank to the closing. I didn’t notice any major delays, but the loan officer and the appraiser did say they had a sudden increase in requests. I got the sense that the workload increase for them had more to do with increased demand and less to do with layoffs.

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