How long is it taking these days for a refi to complete if credit is good? Is 1 month reasonable to expect or is it usually more?

It really depends on your lender and your scenerio.If it is a simple refi with good credit and income We here at BNC National Bank have in house processing ,underwriting ,and closing departments and usually take two to three weeks.BNC National Bank is a national lender with competative rates and fees.If you have any other questions or would just like a second opinion please dont hesitate to contact me.Patrick BodineSR.Mortgage Consultant 650 Douglas Drive NorthGolden Valley, MN 55422Cell:651.248.0467 Office:612.305.2284 Fax:612.766.9884 Email:pbodine@bncnationalbank.comWebsite:www.bncnationalbank.com/minneapolis/pbodine

It depends on several things: Which lender you choose to do business with and the property, and the motivation of the borrower. If you use a big bank, chase, wells, bofa, you are looking at a 60 day turn time. If you use a smaller direct lender, you are looking at a 2 week turn time. I stated that it also depends on the property and borrower, because sometimes the value may not be supported on your property, or maybe some repairs need to be completed before close. The borrower can also delay, since every lender needs specific documents from the borrower. If the borrower is timely and gets all required items in asap, then you will not inccur more delays. Good luck!!!

One month is a reasonable expectation but the clock starts ticking when you actually apply. Many people include their own "shopping around" in their turn time equation and when we complete it in two weeks, they say that it took a month. The timeline should go something like this:ApplicationAppraisal (while this is being done, many of the other items needed are reconciled like title insurance, pay off, insurance info, etc)Underwriting: This is your big indicator of "turn time" because a longer turn time means that your file is sitting waiting for its turn to be underwritten.Conditions, then back to

Continued:Back to the underwriter to clear the conditionsClear to closeFile transferred to closing departmentClosing (24 to 48 hours from when it gets to closing dept)Recission: 3 day required by law not including Sunday's and holidays.Somewhere in there you will need to decide when to lock, too...Hope that helps!

One very important variable to keep in mind concerns locking the rate. You can either lock the rate as soon as possible, and then what everyone else has said is true.However, some borrowers prefer to try and time the market - and so they delay in locking - and thus you can add another 2+ weeks or so to the time line.It would behoove you to work with a mortgage banker who tracks the Mortgage Backed Securities market. That way - while you may take a little longer to close your loan - you may have a better chance to lock in better pricing for the rate you want.Rick Pelleriti530-205-9145rpelleriti@ascenthomeloans.com

A typical refinance time is about 30 days from application to close. This is a reasonable time frame give or take a couple of days.