Any homeowners seeking to refinance are learning that the process is taking longer than the 30-day period they had been expecting.
Here's why:
Mortgage-backed securities continue to be a sought-after investment in these economic times, providing safe, conservative returns compared to stock. Following suit, mortgage rates remain historically low.
In turn, lenders, banks and credit unions are experiencing higher aggregated volume than their normal operational capacity supports during this time of year. Daily, lenders are dealing with a radically increased demand for refinance money over purchase money requests.
Will your refinance close? Yes, but it will probably take more than 30 days.
The Answer:
If you are in need of closing faster 30 days or less look into your local mortgage bankers or brokers, being this is all they specialize in the turn around time is usally much faster. Most of these banks have everything being processed, underwritten, and closed in house make the process seamless.
Also with the holidays in full force, trends look like rates will continue to stay down so after the New Year if its something you wanted to look into take advantage while you can.
Provided by Michael Vassallo (Licensed Mortgage Banker)
For more information 631-806-5569
