How long does the loan process take and should I make my house payment this month since I am refinancing?

No two loans take the same amount of time to close because no two loans are exactly the same and, because no two borrowers are exactly alike. The length of the loan process stems directly from how long underwriting turn times are. When interest rates are low, many people are buying and refinancing homes causing turn times to be longer. Outside of underwriting turn times other things can also hold up a loan such as fixing credit or title, waiting on an appraisal, taking time to produce further needed documentation, etc. When your loan consultant meets with you, try to provide him or her with everything they ask for. If they have to acquire documentation that’s needed on their own, that can prolong the process. Also be forthcoming on anything that may arise during the loan process such as any public records, law suits, child support, etc. Loan files that have extra items that an underwriter has to review, such as bankruptcy papers or divorce decrees; can add extra time to the loan process. Unique properties such as log cabins, berm homes, modular properties, condominiums, etc can extend the time it takes to close as well.

Under optimum conditions, a clean loan file can take as little as two to three weeks to close. Under a purchase or refinance boom, a file with issues can take up to three months to close. Your Infinity Financial Group loan consultant can help you gauge how long it may take to close your loan.

Depending on the time of the month a refinance is initiated, you may be able to close your loan prior to your next scheduled loan payment due on your current mortgage. It is never a good idea to intentionally not pay your bills, but occasionally you can have the perk of skipping one month’s payment. If you ever over pay your mortgage balance, you will get that money refunded back to you.