How Long Does A Refinance Take?

I’ve heard the following question a lot “How long does a refinance take?”; in fact I hear it almost on a weekly basis and it’s an excellent question with ever lender providing their own unique answer. I’ve heard the stories of 3 – 4 month refinances for loans that were perfect; low loan to value ratio; high credit scores, with high income as a W-2 employee. If you have a “perfect” file your refinance should not take 3 – 4 months.

When I tell clients that the general time frame for us is 25-35 days to sign loan documents it’s always is followed up by the question, in a surprised tone, “How long does it take to do a refinance with your company?!?!?!” I know there are many well-known banks that take 90 – 120 days to do a refinance in California however that is not the norm if you take the time to consider some additional lending options.

I don’t think anyone including me can say exactly why the “big” banks take so long but my guess is this; they know their name is well established and people generally go with a name they know so providing a fast turn around time on a refinance and/or super aggressive mortgage rates is not something a “big” bank needs to do. I would guess that if their core customer group decided to shop around a bit and moved their business to mortgage company that can generally close in 25 – 35 days I’m guessing their refinance times would get a lot shorter.

So is there a catch to a shorter refinance time; like a higher rate or higher fees? Absolutely not! Our mortgage rates and fees are not increased because of shorter refinance times. In fact most clients will find that our rates and fees are better than what you’ll find at a “big” bank and our service is far superior. How is that? Our overhead is drastically lower than a traditional bank so we can pass that savings along to the client. We’ll unlike the “big” banks that pass you from one person to the next during the process; we’ve stuck to a different system over the years. From beginning to end you work with one person; who knows your situation and who can respond to all your questions. This also brings down our cost for doing a loan because we don’t have processors; the loan officer handles the entire transaction.

So if you are in the market for a refinance and want to work with an A+ rated company with the BBB (Better Business Bureau), please gives a call at 1-800-550-5538. We’ll take the time to find out how we can best be of service and offer you our best low rate mortgage.