"It's less about size and more about their internal processes and communication..."
Exactly this. I've seen plenty of cases where a smaller lender actually moved faster because they had fewer hoops to jump through internally. Big banks might have backups, sure, but if their internal communication is messy, those backups won't help much.
If you're stuck waiting on your refinance approval, it might be worth taking a closer look at what's actually causing the delay. Here's a quick rundown of things you can check or ask your lender about:
1. **Documentation Issues:**
Double-check if they've requested any additional paperwork from you. Sometimes lenders send out requests that get lost in spam folders or overlooked in busy inboxes. It happens more often than you'd think...
2. **Appraisal Delays:**
Appraisals can be a major bottleneck, especially if the local market is busy or there's a shortage of qualified appraisers in your area. Ask your lender directly if the appraisal has been scheduled or completed yet.
3. **Underwriting Backlog:**
Even with backups, underwriting departments can get overwhelmed—especially during peak refinancing periods. If that's the case, ask for an estimated timeline or see if there's anything you can do to expedite the process (like providing additional financial statements upfront).
4. **Internal Communication Breakdown:**
Like mentioned earlier, sometimes it's just internal bureaucracy slowing things down. If you suspect this, politely but firmly request to speak directly with someone higher up or ask for a clear status update from your loan officer.
I refinanced last year and ran into similar issues myself—ended up being a combination of appraisal delays and underwriting backlog. Took way longer than expected, but once I pinpointed the exact issue, I was able to push things along by staying proactive and regularly checking in.
Curious though... has anyone here had better luck speeding things up by switching lenders mid-process? Seems risky, but I've heard mixed experiences on that front.
Switching lenders mid-process can actually backfire more often than you'd think. Sure, smaller lenders might move quicker internally, but have you considered the time you'd lose restarting the whole application from scratch? I've seen clients jump ship only to realize they're now stuck waiting on a fresh appraisal or underwriting review. Sometimes it's better to push through with your current lender and keep nudging them for updates...unless you're really hitting a brick wall.
I totally get the frustration—been there myself recently with my first home purchase. Honestly, your point about restarting the appraisal and underwriting is spot-on. I almost switched lenders halfway through because mine was dragging their feet, but after talking to a few friends who'd been through it, I realized I'd probably lose more time than I'd gain. Ended up just politely bugging my loan officer every couple days (felt annoying, but hey, it's their job, right?), and things eventually moved along.
That said, if you're genuinely hitting a wall—like zero communication or constant delays without explanation—it might be worth at least exploring your options. But if it's just typical lender slowness, hang in there. Refinances seem to be taking forever lately anyway...you're definitely not alone in this.
I remember refinancing a rental property a couple years back and it felt like watching paint dry. I swear, every time I thought we were finally done, they'd ask for another random document or clarification. At one point, they even wanted me to explain a $50 Venmo transaction from months earlier—like, seriously?
I agree with the above though—switching lenders mid-process can be a huge gamble. Unless you're really getting ghosted or there's some major red flag, you're probably better off sticking it out. One thing that helped me was politely asking my loan officer for specific timelines ("When exactly should I expect to hear back?") rather than just general updates. It seemed to nudge them into action a bit more.
Anyway, hang in there...it does eventually end, even if it feels like forever right now.
Haha, the Venmo transaction thing is classic underwriting nitpicking—I've seen worse, believe me. Once had an underwriter ask a client to explain a $12 PayPal charge from Starbucks...I mean, who doesn't occasionally splurge on overpriced coffee?
But seriously, refinances can drag on way longer than they should. A lot depends on how organized your lender's internal processes are and how responsive your loan officer is. The advice about asking for specific timelines is spot-on. Loan officers tend to prioritize files where the borrower politely holds them accountable (without being overly pushy). If you're feeling stuck, sometimes it helps to gently remind them that your rate lock expiration is approaching—nothing motivates a lender like avoiding extra paperwork or extension fees.
Hang tight though, you're definitely not alone in this boat. It'll get there eventually...just keep nudging them along.
