How Long Does It Take To Refinance A House in 2018?
Introduction
Refinancing a home is a big decision and one of the most important factors to consider is the time it will take to refinance. The process of refinancing involves a lot of paperwork and can be complicated, so understanding the timeline can help you make the best decision for your situation.
The Refinancing Process
The process of refinancing a house generally begins with finding a lender. Once you have chosen a lender, you will need to fill out an application and provide the necessary paperwork such as proof of income, credit score, and other documents. After the paperwork is submitted, the lender will review the application and make a decision.
The next step is for the lender to issue a loan estimate. This will outline the terms of the loan and the estimated closing costs. Once this is done, the borrower will typically have to review the loan estimate and decide if they want to proceed with the loan.
Once the loan estimate is accepted, the lender will order an appraisal of the property. This is done to ensure that the house is worth the amount of the loan. It can take anywhere from several days to several weeks for the appraisal to be completed.
The Closing Process
Once the appraisal is complete and the loan is approved, the next step is to begin the closing process. This is the final step in the refinancing process and can take anywhere from a few days to a few weeks. During this time, the lender will prepare the closing documents and the borrower will have to sign all the necessary paperwork.
Once the closing process is complete, the loan will be funded and the new loan will be in place. The borrower will now have a new loan with a new interest rate and payment terms.
Conclusion
Refinancing a home can be a complex process, but understanding the timeline can help you make the best decision for your situation. The process typically takes anywhere from a few weeks to a few months, depending on the complexity of the loan.
If you are considering refinancing your home in 2018, it is important to understand the timeline and make sure you are prepared for the process. The sooner you start, the better, as it can take some time for the entire process to be completed.