How long does it take to get approved for refinancing?
30 to 45 days Click to see full answer. In this manner, how long does refinance approval take?The average refinance takes between 20 and 45 days, Beeston says. However, each lender is different, and there are plenty of variables that can speed up — or slow down — the process. In addition to asking lenders…
30 to 45 days Click to see full answer. In this manner, how long does refinance approval take?The average refinance takes between 20 and 45 days, Beeston says. However, each lender is different, and there are plenty of variables that can speed up — or slow down — the process. In addition to asking lenders how long they take, it’s a good idea to read reviews of lenders you’re considering, as well.Additionally, why refinance take so long? MAIN REASONS WHY MORTGAGE REFINANCING TAKES SO LONG. 1) Government Imposed Standards. The governments had to spend hundreds of billions of dollars to bailout America’s largest financial institutions. Bank of America and Citibank alone received roughly $45 billion dollars worth of taxpayer money each. Moreover, will I get approved for refinance? Typically, mortgage refinancing options are reserved for qualified borrowers. You, as the homeowner, need to have a steady income, good credit standing and at least 20% equity in your home. You have to prove your creditworthiness to initially qualify for a mortgage loan approval.Does refinancing hurt your credit?Refinancing can lower your credit score in a couple different ways: Credit check: When you apply to refinance a loan, lenders will check your credit score and credit history. This is what’s known as a hard inquiry on your credit report—and it can temporarily cause your credit score to drop slightly.
