In most cases, it takes from two weeks to a month to get your home refinanced. In rare cases, it can take longer, depending on how quickly the appraisal is done and the necessary documents are submitted. The underwriting process and the setup of the closing are two other factors that can delay a refinance. When looking to refinance, finding the right broker can also be time-consuming; you will want to be selective and look for a broker who is looking out for your best interests. Request good faith estimates from several brokers and compare closing costs.
You can speed the process of a home refinance by completing your paperwork in a timely fashion. Most situations require a W2 form, a loan application, and copies of tax returns and bank statements. Lenders also look at your credit score; if it's below 600 you will have a much harder time getting a loan. You'll also have to get your home appraised if you want to refinance. Getting your home appraised quickly will also expedite the process- appraisers use the values of comparable nearby properties to determine the value of your home.
Underwriting your loan can take a significant amount of time. When your loan is being underwritten, your financial status is being evaluated, and your income, credit history and repayment ability all get a look. Because the underwriter looks at every document you submit to your mortgage broker, the process can take anywhere from a few days to a month or more. Once your loan gets approved, it moves into closing. The closing date is the day your refinance goes through; scheduling a closing takes up to a week.