Cash Out Refi with Nationwide Mortgage Lender
Ask Kate about cash-out refi with nationwide mortgage lender: Hi Kate, We had to pay off our house in cash. Now we want a cash-out refinance to help with our girls' tuition.
We started our application in 2011 May with a nationwide mortgage lender. In mid-July I was away from the States and wasn't back until now. During my absence, the bank said I need a notary to cosign with my signature to prove its validity. I refused to do that for I think since my signature was proved by a notary before I left, it is just an unnecessary job wasting my time and money. So I didn't comply.
As a result, the bank said that they will refund my application fee of $450 and I have to reapply again. Now I am back and I started the application again. But I still haven't received my refund.
My questions are:
1. Is there a time limit for the cash-out refinance? If we started in May, how long will that application be valid? When I started the application, the bank knew already that I would be away in July for two months. But they say nothing and still take my application.
2. Should I still continue to do business with this bank? It seems to me that they are holding my refund so that we are forced to business with them.
3. How long will the application take until we can have cash in our hand?
Kate Answers: Cash-Out Refi with Nationwide Mortgage Lender
If you were hanging around a mortgage office, you'd often hear the term "stale dated."
That is lender-ese (similar to legal-ese) for documents that grow old during a mortgage process.
Lenders can set their own timelines. So while I can't give you specific limits, here are common documents that expire approximately 90 days after their earliest dates --
- Pay stubs
- Bank statements
- Property appraisals
- Credit reports
Three more generated by the lender that can expire are your mortgage loan approval, interest rate lock-in agreement, and final loan documents.
Nationwide Mortgage Lender - To Ditch or Not to Ditch
When we considered prospective employees for bank positions, my mentor liked to say, "It never gets better than the first interview." So if you have doubts about the quality of the lender, especially since they do not seem to listen well, why not shop around a little?
Go here for questions to ask about refinancing before you decide on a mortgage lender. Getting answers is your ticket to low mortgage payments!
But don't end up changing lenders to spite them. In your case, they are a nationwide mortgage lender. One customer lost is no skin off their teeth. In contrast, if you lose a low locked-in mortgage rate, you are only hurting yourself.
Cash-Out Mortgage Refinancing Timeline
You also asked how long cash-out mortgage refinancing takes. I can tell you I closed some refinances less than 2 weeks after my borrowers made application. But for various reasons outside of my control, I saw some refinances drag on longer. Due to recent massive bank lay-offs, I'd plan for at least a month, maybe 2 or 3.
The most helpful thing you can do is provide all fresh documentation and cooperate the best you can with the lender. Remember, "He who has the gold makes the rules." Use my personal mortgage checklist
to line up your ducks and impress your lender!
Also keep in mind that for residential mortgage refinancing, to receive cash from the refinance takes around 4-5 business days after signing documents. This is due to the three-day right of rescission, a cooling-off law of our Federal Government to offer homeowners the opportunity to cancel their refinance without penalty.
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