BEST ANSWER
Once the appraisal is back in and assuming the value came back satisfactory then you should normally be able to close within a couple weeks. But it all depends on what your particular lender's turnaround time is. The file needs to be underwritten and there still may be other conditions that need to be met.
Turnaround times vary in our industry right now. Lenders have been overwhelmed with refinance applications since rates started falling in November of last year, and the president's Making Homes Affordable initiative only added fuel to the fire with new inquiries about those refinances. Some lenders have a huge backlog of applications so as a result your file may be sitting behind those that were submitted earlier. It's not all that uncommon to take 45-60 days to close with some lenders. My advice to you is to speak with your loan officer to try and get an estimate, but beyond that just be patient. So long as your rate lock is not about to expire you're OK.
Best of luck
Tue Jul 14 2009, 08:56