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There are many considerations when you purchase or refinance your home.
The current property value, immediate equity in the form of a down
payment, or equity gained from years of owning your home, current credit
standing, and the cost associated with purchase or refinancing your
home. In some instances, consumers may have mortgage loan lenders and
brokers compete for their mortgage loan business. As you have a greater
variety of mortgage loan rates and terms to choose from.
Generally, a purchase loan is normally completed within 30 days. To refinance a loan may take up to 45 days or more, depending on the volume of business at the lender or broker at the time of your application. The key to expedite your purchase or refinance loan, is to have all the paperwork in on time. Each lender or broker has their own set of rules and requirements above and beyond Government Regulations. Some lenders or brokers will require more documentation and verification than others. If your paperwork is incomplete, or you wait for several days to send in the requested documents. You may find yourself extending past your interest rate lock period. Usually, this means one of several things are about to happen. 1. The lender may extend your interest rate lock period without an increase in points or interest rate. 2. The lender extends your interest rate lock period, BUT, you will need to pay a modest increase in points or interest rate. 3. Worst Case Pricing. Your interest rate goes to the current interest rate available. In addition to any points you are currently paying. It is strongly recommended that you provide all requested documentation immediately. No one wants to increase the cost of doing business. It creates problematic situations for everyone involved. Not to mention the emotional upheavals. Stay in touch with your lender or broker to monitor current and projected progress, scheduling, and situations.
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