How long does the money from refinancing a house take to receive?
JewelI'm not very familiar with the whole refinancing concept yet so I'm not sure how long one must wait for the money. Are there factors taken into account to figure out an estimate? I've heard it takes about a month, but then again, I'm just a noob at this.
Libbydepends on the lender and your situation. A month the average time table, but don't count on it until the money is in your hand. There is a 3 day waiting period after you close that allows you to change your mind.
JacobIf really depends on how quickly you get the loan officer the required documention and how quickly the underwriter approves you or disapproves you. Another issue may be which bank the loan officer uses. With every bank changing guidelines on a daily basis your loan may have to be shopped depending on your credit, income, etc.But if you qualify it should not take longer than 2 maybe 3 weeks at most.
AlyceThat will probably most depend on you and how quickly you can get together your documentation for the file.Appraisers and lenders are not really that busy right now. I've been getting appraisals done within 24 hours.After you sign all of your documents at a title company, you will have a 3 day right of rescission where you can change your mind not to do the loan. After the 3 days you can either pick up a check or the title co can wire it to your bank account. (if your getting cash out)2- 3 weeks generally.OBAâ„¢
