what else can delay the process of your refinance - payoffs? Mortgage Broker Largo
DDA Mortgage • November 2, 2020
What else can delay the closing of your refinance? The payoffs of the first mortgage and home equity lines of credit (HELOC).
With rates still at historic lows, refinancing your home continues to be a low cost way to lower your monthly payments, lower your interest rates, get ride of mortgage insurance, and pull some cash out of your house.
Refinancing typically takes a few weeks depending on how quickly we can collect and process documents like tax returns and W2s. Normally this is a smooth process; however, recently processing payoffs has become a bottle neck.
Who would have thought? The difficultly in refinancing your home is paying off the people you own money to! But it is true. Banks and lenders, specifically home equity lines of credit are having trouble keeping up with the high demand of payoffs.
What can you do?
If your loan get's delayed during payoffs, work with your title company and mortgage broker to help facilitate the process. Also, ask about processing lead times and let your broker know about any leans, mortgages, second mortgages, and HELCOs. They can inquire about how long the payoff might take.
If you are thinking about refinancing your home and need an experienced team that understands payoffs and expectations, contact DDA Mortgage today and start your refi!
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