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The slowest refinance ever....

February 1st, 2009 at 10:48 am

I locked in our refinance rate in the first week of January. We had the appraisal done the following week. I called the bank to find out when our settlement would be occurring so that I can gather the necessary funds. They told me that settlement would probably occur in April!!! So much for getting nearly a year's worth of lower interest expense in '09. I guess the good news is that I have longer to save up for our closing costs...

3 Responses to “The slowest refinance ever....”

  1. monkeymama Says:

    Not the slowest ever. We had a 4-month refi in 2001.

    Of course, in that case we were refinancing to borrow the down payment on our second home. So in the end it was a waste of a refi because we sold the home the day after we got the money (few months after the house was bought) and it was just a nightmare. They had told us it would take 3 weeks, and then turned into 4 months somehow. (Of course what is scary if they tell you 4 months - either they are exceptionally honest or maybe it will take longer???)

    I'd look on the bright side - time to save up the costs. Big Grin

  2. MamaBird06 Says:

    We are trying to refinance now too, we locked in around christmas, had the inspection done december 26th, and we still haven't closed, I feel your pain. The mortgage broker said maybe we'll close by the end of the month, but we've only got about 11 days left, so we'll see!

  3. LuxLiving Says:

    Did you ever get this done?

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