Refinancing with the same bank ?

[poohbear2]

Has anyone refinanced lately? I am refinancing with the same bank that I have my current mortgage with and it seems to be taking a long time. I have plenty of equity, very good credit and am always on time with the payments. I am just wondering how long a time is "normal" to go through this process. I am just wondering if I am being impatient. I started the process about a month ago.

 

[Feralpeg]

I refinanced my mortgage with the same bank a couple of years ago. It took forever. I had to supply many more documents for the refinance than I did for the original loan.

 

[Sanchez]

Many lenders are estimating 45 days. In my experience that is usually not achieved. Given the current lending climate and the endless regulations it is fairly common to wait 60-90 days. Be prepared to send information more than once. A good credit history is not likely to make the process any faster.

 

[RNMOM]

Ours took a while also. We did ours last Nov. I guess they aren't in any hurry to drop the interest rate.

 

[tvguy]

Wow, haven't done it recently. When I did it I was amazed at how little information my bank had about the mortgage I was paying off. And it had only been 4 years since I took it out. They couldn't believe I bought my house with only 5% down because "we don't write mortgages with only 5% down"....until they pulled the papers and found out that they did write mortages with 5% down.

 

[wdwmom0f3]

We did the same thing this past year. I refinanced our home mortgage to go from a 30 to a 15 year with the same bank and it took forever. I think we started in Oct and we finished sometime in Jan of this year. While I am happy that we did it, I was not to pleased that it took that long to get everything done. Like you, our equity and credit is great and all of that. They even told us that we would have no problems at all. I have no idea why it took that long.