Thinking about doing a HARP refinance, but I'm kinda worried about how long the whole process might drag out. Heard some stories of it taking forever... anyone done this recently and can share their experience?
Did one of these with a client just a couple months back, and honestly, it wasn't as bad as some of the horror stories make it sound. From the day we submitted the application to closing was about 5 weeks total—could've been quicker, but we hit a snag because the lender needed an extra document we hadn't anticipated (typical lender stuff...). I've seen some drag out longer, especially if paperwork isn't in order or if there's delays getting appraisals scheduled. But generally speaking, if you're organized upfront and respond quickly when they ask for stuff, it's pretty smooth sailing.
My advice? Get your paperwork squared away beforehand—pay stubs, tax returns, bank statements—and stay on top of communication with your lender. That alone can shave off days or even weeks from the process.
Five weeks sounds about right, honestly. I refinanced through HARP a couple years ago, and it took me around 6 weeks from start to finish. Like you said, the paperwork is key. I thought I had everything ready to go—pay stubs, tax returns, bank statements—but of course, the lender came back asking for something random like proof of homeowner's insurance coverage (which I swear I'd already sent them twice 🙄). Typical lender shenanigans...
One thing I'd add from my experience: don't underestimate how much quicker things move if you stay proactive. My lender was decent enough, but they weren't exactly rushing to get things done. Every time they asked for something, I'd send it back within hours and then follow up the next day to make sure they'd received it. It might've annoyed them a bit (sorry not sorry), but it kept things moving along nicely.
Also, appraisal scheduling can be a wildcard. Mine got delayed because the appraiser was booked solid for almost two weeks. If you're in a busy market or refinancing during peak season, definitely factor that into your timeline.
But overall, if you're organized and responsive, there's no reason why it should drag out too long. Just keep your expectations realistic—it's still a refinance after all, and lenders aren't exactly known for their lightning-fast speed...
