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refinancing a condo - taking for ever - Any ideas why?

I am trying to refinance my condo which I have lived in for just over 3 years. I have excellent credit and have never missed a payment.I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.Why is condo refinancing taking so long?...are condos harder to do? What can i do to expedite? Any help is aoppreciated. by RockyForoutan from Tustin, California. Aug 19th 2009 Reply


Debra Clark (Debra Clark)
#147 ranked lender in California - 42 contributions

With condos, on one hand, there are a few more documents you have to produce such as the master condo association paperwork, condo insurance, etc...On another hand, I have seen lenders drag their feet just a little bit, so when you combine the two it does cause a longer wait, but we don condos all the time and we can do them relatively quickly.

Aug 19th 2009
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Kevin O'Connor (Kevin.OConnr)
#158 ranked lender in California - 1 contribution

I would say in general condo's take a tad bit longer but not months longer. The condo certification and HOA insurance are the usual reasons but at most should add no more then 3-5 days to a process that should only be 3-4 weeks. I am going to guess you are using a retail bank. Wells Fargo for instance (on the retail side) can take 60-90 days on refinance where most wholesale lenders are at 3-4 weeks with some at 2-3 weeks if everything is in order. If you are using a broker, I think there maybe an issue/more to the story for the delay in closing.

Aug 19th 2009
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Steve Russell (Steve Russell)
#14 ranked lender in Florida - 4 contributions

Rocky, I just closed a refinance for a borrower that began the refinance process in May with his current mortgage holder (Chase) and after 8 weeks, they told him it would be at least another 60 days before they could get him closed. I got the file and closed it in 3 weeks, and even after closing and funding the deal, Chase has not returned his call. My point is, find a new lender! And look for one that specializes in condos. Condos are unique to finance, and going to a random mortgage company is like taking your Toyota to a Chevy dealership...they may be able to fix it, but it will take 3 times as long for them to figure it out. www.steverussellonline.com

Aug 24th 2009
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