How long does a refi take from start to finish?

Hi Sam! It takes less than 30 days when it is done properly. The best way to get things moving quickly is to complete an online application and submit the supporting documents, such as paystubs, bank statements, tax returns, etc. The file is imported, credit pulled, and run through the automated approval system. At that point, if the supporting documents are in the file already, disclosures can be generated on the loan program and scenario that you select. Once disclosures are sent off electronically, you'd sign them and upon their return, the appraisal could be ordered. This could technically all happen on the same day! The appraisal will take a few days, but by the time it is back in the file, the loan should be in underwriting. I would be happy to see what we could do for you if you want as I am here in Massachusetts! Thank you!

Depending on the loan product your going with, the time could be different.. typically 30 days from start to finish is about right, however with FHA, we always target the last few days of the month as the closing date because of the intricacies of FHA... HARP refi's can drag out months depending on the lender and whether it's investor or owner occupied.. as far as skipping a payment, that can be the case, but it's not a "Savings"... your actually financing it..The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

With National Bank we can refi you in less then 30 days. It is true you will skip the first months mortgage payment.www. HOMEMORTGAGEXPERT.com 855 411 LEND Peter Savino

Hi Sam! Just to follow up, assume you close on a refinance on July 5, the loan would fund on July 10 after the 3 day rescission period. If you didn't make a July payment, you would have July's payment included in your payoff to your existing mortgage. You would have your first mortgage payment due September 1, 2013! So, if your last payment made was on June 1st, assuming you pay on the 1st of each month, then technically, you would not have a physical check to write or payment to post to a mortgage account for 90 days (June 1st to September 1st).

Hi Sam, If done correctly and with a local bank or lender or broker and with quick response from client with documents you should be able to close within 30 days no issue. Now as far as mortgage payment off yes you do get the month off but that is due to the fact that your current bank will collect that month in advance as part of your official payoff figure that is why you get the month off as you have paid for it in the payoff figure already in advance. Call me or email me for assistance with the refinance or with any general questions you may have. Thank you Robert Oliveira 508 802 0935 or robertoliveira51@gmail.com

Yes, if you close say in the month of July then you first payment would be due September 1st. Please call me, RMS Mortgage is one the top lenders in MA with multiple locations and onsite underwriters.

Sam -- it will greatly depend upon how long the appraisal takes to be done and reported back to the lender, as well as the processing time the lender has built into their system. Talk to a couple local licensed mortgage professionals, and find out what their timelines are to get your best process. You will be skipping one payment, but you will probably be spending that on the refinance costs.

It takes about 30 days. The interest portion of the mortgage payment you "miss" is added to the payoff balance. Be careful to not be more than 15 days past due, to avoid a late charge.

Typical turn time for a refi is 30 days or less. As far as the skipping a payment technically no you do not. Lets say you are closing on your loan on July 15th. Since interest is paid in the arrears that means your July 1st payment pays the interest for June, August 1st pays for July and so on and so forth. So when you close July 15th you will still owe 15 days of interest to your old mortgage and you will then pay 15 of interest to the new mortgage and that collects the interest for the month of July and since your August 1st payment pays the interest for July you do not have an August 1st payment. In effect you are making your August payment at day of closing, in this case July 15th. It is just the interest you are paying.

It all depends on the loan program you have selected, the lender your are working with and your current financial profile. Make sure to submit ALL documentation that your lender requests right away to ensure that it is completed as soon as possible.

Typical turn time for a refi is 30 days or less.

30 days to close. You don't "skip" the first month's payment. Your first payment is pushed to the first of the following month after your loan is funded. You still pay Arrears on your current mortgage, and interim interest on your new loan. A good loan officer can show you how to push your first payment out 2 months after you close.