Why would it take PNC Bank 3 mos. to close on an FHA streamline refinance?For those who know something about mortgages. I applied for a streamline refinance on my primary home on June 12. An interest rate lock was set up to expire 9/10. No credit check or appraisal was required. I signed off on the necessary documents the loan originator sent to me about three days later and sent them... |
You need to stay on top of the loan officer that is handling the loan. Sounds like the underwriter is either lazy or overworked. Either way, the squeaking wheel gets the grease, so pester on a daily basis to keep your loan front and center.
You might want to check current rates. A rate lock issued in June may be higher than market today. If that's the case, letting it expire and float to market may well not be a bad thing! When I bought my current home this January I got a 30 day rate lock in December. We missed the original closing date by a day and when I called the loan officer to to complain, she advised me that the rate had dropped another .2% and that my payments would drop about $20 per month, so she arranged to "misplace" a document so that she could save me some money.
