Financing in Fort Greene>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

What is the typical amount of time to conduct a refi, after one has agreed on terms with a mortgage broker? That seems long...

Asked by NYCBrowser, Brooklyn, NY Mon Feb 11, 2013

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Javier Meneses’ answer
It all depends. Are you doing a CEMA (because you're in Brooklyn I hope you are)? CEMAs can take several additional weeks than a standard 3-4 week refinance. I've had refinances that close in 2 weeks, I've also had refinances that close in 3 months due to open permits on title. Also depends who you're dealing with, some of the larger banks are taking several months for refinances due to backlog. If everything is in order a normal time for refinances is about 3-4 weeks tops.

If you're in need of a Loan Officer who can help you, I'm always available to meet face-to-face.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
3 votes Thank Flag Link Mon Feb 11, 2013

In this market it is frequently taking much longer than usual to close loans because lenders are doing an exceptional amount of due dilligence. I have seen numerous cases of the last year or so take as long as 6 months. That is not to say every case takes that long. It varies from case to case, but everybody is taking longer that they used to.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
1 vote Thank Flag Link Tue Feb 12, 2013
typically it should be about 3-4 weeks if you have supplied the mortgage broker with an application and all requested documentation. Also depends on the type of property, and type of loan, i.e. conventional/FHA
0 votes Thank Flag Link Mon Feb 11, 2013
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