Posted on: 27th Aug, 2009 05:50 pm
We have been trying to do a refi with cash out with CitiMortgage since June. Citimortgage repeatedly said they have everything they need and then they would come up with something else. We have got them everything they ask for right away. House appraisal was 15% more then what we applied with. 70% of house was already paid for. Credit score north of 800. Just past the 60 day mark since we first applied and now they say the average turn time with the UW is 20 days. Does anyone know what gives? Is this typical? Should we not have gone with them as they hold our current mortgage?
Frustrated
Frustrated
hi guest!
welcome to forums!
you should contact your lender and request him to take swift actions so that you are able to refinance the home quickly. you should also note that it is not mandatory for you to refinance with the same lender who holds your current mortgage. you can even contact other lenders and check out if they can refinance your loan. if you have equity in the property and if you have a good credit score and income, you won't face issues in getting a refinance.
this community also has a large number of lenders and you can seek a no obligation free mortgage quote from them. this will let you know the rates and terms prevailing in the market at present.
feel free to ask if you've further queries.
sussane
welcome to forums!
you should contact your lender and request him to take swift actions so that you are able to refinance the home quickly. you should also note that it is not mandatory for you to refinance with the same lender who holds your current mortgage. you can even contact other lenders and check out if they can refinance your loan. if you have equity in the property and if you have a good credit score and income, you won't face issues in getting a refinance.
this community also has a large number of lenders and you can seek a no obligation free mortgage quote from them. this will let you know the rates and terms prevailing in the market at present.
feel free to ask if you've further queries.
sussane
Yup. We know we didn't have to go with same but thought it would help go faster (Ha!) and the rate was right. Maybe it's slower because they already have our mortgage at a higher percent.
Our big issue is time. Them dragging this out for no apparent reason other than they are swamped is killing us. But we're 60 days into it already and I'd hate to reset the clock.
Thanks for the response Sussane.
Frustrated
Our big issue is time. Them dragging this out for no apparent reason other than they are swamped is killing us. But we're 60 days into it already and I'd hate to reset the clock.
Thanks for the response Sussane.
Frustrated
Have they given any response to why it is delayed? Or any response in regards to a estimated closing date?
60 days is sufficient time. better you ask your lender about loan status
All they say is that they are swamped and others have much longer closing times. The last we heard ours is that on Aug 21 it was sent to the underwriters and that their turn time is average 15 to 20 days and that "rushes" were not allowed.
Thats how they play this game