My re-fi is in underwriting

[78X]

That means it is close to closing, correct?

[Chili]

That means it is close to closing, correct?

Not necessarily, it just means that they are making the decision on whether or not they want to lend you the money and confirm that you meet all of the requirements for the loan program you have applied for.

[SVT Lurch]

Also depends who is doing the loan. Some of the big banks were60-90 days in underwriting last summer. I think that has come down to 30-60 days, but it could still be a while.

[AdamLX]

Underwriter is who will determined if you need to resubmit any documentation or conditions to get your file cleared for closing. It could be days away, could be weeks.

[Denny]

Why did you wait until now to do this?

[chuckacosta]

Not necessarily, it just means that they are making the decision on whether or not they want to lend you the money and confirm that you meet all of the requirements for the loan program you have applied for.

I could not have put it in better words myself.

[78X]

Why did you wait until now to do this?

I didnt, I started the process February 15th. I got 4.7 so I am happy, down from 6.75. Bank of America is taking forever, they just notified me today it went to underwriting.

[SVT Lurch]

I didnt, I started the process February 15th. I got 4.7 so I am happy, down from 6.75. Bank of America is taking forever, they just notified me today it went to underwriting.

He probably wants to know why didn't you do this in October when rates were at the absolute lowest.

[347Mike]

I didnt, I started the process February 15th. I got 4.7 so I am happy, down from 6.75. Bank of America is taking forever, they just notified me today it went to underwriting.

I was writing a big huge blog on my experience with BofA but decided to delete it. This doesn't surprise me to say the least.

Not to hi-jack this thread but do you have to live in a home for a certain period of time in order to refinance?

[78X]

He probably wants to know why didn't you do this in October when rates were at the absolute lowest.

Had two other mortgages and wanted to get rid of them to bring down my dti ratio

[SVTNorthTexas]

He probably wants to know why didn't you do this in October when rates were at the absolute lowest.

I work for Bank of America home loans...if you want you can pm me your loan number and I can take a look..try to give you an update.

[SVT Lurch]

I was writing a big huge blog on my experience with BofA but decided to delete it. This doesn't surprise me to say the least.

Not to hi-jack this thread but do you have to live in a home for a certain period of time in order to refinance?

Was your experience worse than being strung along for 193 days only to have them deny your offer on a short sale that was 110% of the asking pricing and under contract but the listing agent let it go to foreclosure so they opened it back up to more offers - and all of that happened two days before the tax credit expired?

4 payments or 6 months depending on the servicer.

Had two other mortgages and wanted to get rid of them to bring down my dti ratio

Good reason, you have to qualify to be able to refinance.

[Doug Hatton]

I considered it towards the end of last year, but would have had to put a lot more money down to pay taxes/insurance that were about to be paid by my current lienholder. I was going to wait until after the first of the year, then do it, but rates have come up a bit since then. Kinda waiting now to figure out what's best. Currently at 5.75% on a 30-yr fixed. Would consider a 15-year fixed.

[Lone Sailor]

Was your experience worse than being strung along for 193 days only to have them deny your offer on a short sale that was 110% of the asking pricing and under contract but the listing agent let it go to foreclosure so they opened it back up to more offers - and all of that happened two days before the tax credit expired?

4 payments or 6 months depending on the servicer.



Good reason, you have to qualify to be able to refinance.

Don't be bitter.

[SVT Lurch]

I considered it towards the end of last year, but would have had to put a lot more money down to pay taxes/insurance that were about to be paid by my current lienholder. I was going to wait until after the first of the year, then do it, but rates have come up a bit since then. Kinda waiting now to figure out what's best. Currently at 5.75% on a 30-yr fixed. Would consider a 15-year fixed.

30 year rates are only 0.500% - 0.750% better than that now so you would need to be in the house for at least 6-7 years to breakeven. 15 year is still right around 4.250% - of course the payment will go up so there is no cash flow breakeven, but depending on how long you've been on the 30 year you might breakeven on the principal balance within a year or two.

Don't be bitter.

Is it that obvious? Haha. It all worked out, I ended up in a better house (more gadgets, etc.) so I'm not really bitter it just baffles me how people can do business that way.