Waiting forever on my refinance loan approval—is this normal?
Ugh, I totally get what you mean about the “one last thing” never actually being the last. I’m in the same boat—my file’s been “almost done” for like three weeks. I’ve asked for specifics, but mostly get vague answers. Is it weird to just straight-up ask for a supervisor? I keep wondering if that’ll just annoy them and make things slower...
I hear you on the endless waiting—my refi dragged on for what felt like ages too. Every time I thought we were at the finish line, they’d ping me about some random document or ask a question I’d already answered. At one point, I actually did ask to talk to a supervisor because I was getting different info from different people. Honestly, it didn’t seem to slow things down (if anything, I got a more direct update), but I did feel a bit awkward about it.
Curious if anyone’s actually had their loan move faster after escalating? I keep wondering if it’s just the nature of the beast lately or if some lenders are just more bogged down than others...
Waiting forever on my refinance loan approval—is this normal?
Yeah, the waiting game is brutal. I’ve done a handful of refis over the years and honestly, it’s always a slog—especially lately. Escalating to a supervisor sometimes helps if you get someone who actually cares, but more often than not, it just means you get a slightly clearer answer about why things are stuck. In my experience, some lenders are just way more efficient than others. I’ve started picking lenders based on their track record for closing fast, even if the rate isn’t the absolute lowest. Time is money, after all...
Man, I swear my last refi took longer than waiting for a pizza delivery on a Friday night. I thought I’d be done in a couple weeks—nope, nearly two months later and I was still sending in random documents they “forgot” to ask for. At this point, I half-expect them to request my childhood report cards. I agree, sometimes the slightly higher rate is worth it if you get your sanity back faster.
Honestly, I hear this kind of story every week, and it drives me up the wall. The amount of paperwork some lenders demand these days borders on the absurd. I had a client last month who had to dig up a bank statement from three years ago just because there was a $200 deposit they wanted to “source.” Like, does it really matter if it was a birthday check from grandma? Sometimes I wonder if underwriters are just bored and making up new hoops for people to jump through.
But here’s where I’ll push back a bit: not every lender drags things out just for the sake of it. A lot of times, it comes down to how organized their process is—or isn’t. Some shops are just stuck in the Stone Age with their systems, and you end up paying for it with your time (and sanity). And yeah, sometimes that rock-bottom rate comes with strings attached... like waiting forever and getting random requests at 4:55 p.m. on a Friday.
I totally get why someone would pay a little more to work with a lender who actually values their time. The peace of mind alone can be worth an extra eighth of a percent, especially if you’re trying to lock in before rates jump again or you’ve got other deadlines on the line. It’s wild how something that should be pretty straightforward turns into an endless scavenger hunt.
I do think the industry needs to get its act together. There’s no reason in 2024 we should be faxing paystubs or hunting down ancient tax forms unless there’s a really good reason. Maybe I’m just biased because I see behind the curtain, but I genuinely believe speed and communication matter more than squeezing every last dollar out of your rate—within reason, anyway.
And yeah, if they ever ask for my high school transcripts during a refi, I’m out.
