Posted on: 03rd Nov, 2009 01:48 pm
We began the refinancing process in early August. We decided to do an FHA refi, we have equity, some of which we were going to get back for home improvements.
Our loan supposedly was approved-"Okay to Fund" on 10/20/2009...have been told for weeks that we will close in the next day or two, and still no closing in sight. I don't understand how this can be...does anyone know if we have any recourse-anyone we should complain to? How can we find out when this loan will go through?!
Our loan supposedly was approved-"Okay to Fund" on 10/20/2009...have been told for weeks that we will close in the next day or two, and still no closing in sight. I don't understand how this can be...does anyone know if we have any recourse-anyone we should complain to? How can we find out when this loan will go through?!
You need to speak to your lender, who did you take the application with?They are the number one person to go to. If they are unresponsive, I'm sure they have a boss and you can go over their head to get status. If you were approved then you would have gotten a commitment letter and if you provided items that satisfied the conditions then you should be good.
As far as my knowledge goes FHA loans do not take longer then 21 buisness days. Then again it depends on the lender. There are banks that are taking as long as 120 days to fund loans. I would suggest you consult someone else as well.
Good luck
Sam
Voyage home loans
Good luck
Sam
Voyage home loans
the process does, indeed, take longer than anyone might anticipate. nevertheless, for a refinance transaction, it certainly ought not to stretch out over two months-plus. you need to speak to your loan officer, as sonja mentioned, immediately. assuming your loan officer is clueless, you need to kick it up a notch (again, as sonja said). i don't know about going elsewhere - that's just going to prolong things. but if most of your documentation has been taken care of and it's just a matter of someone getting up of his or her duff to do the job, then you need to begin raising a little ruckus to ensure they do that.
it's safe to assume the appraisal has been completed, right?
it's safe to assume the appraisal has been completed, right?
