Refinancing the mortgage on your house comes with a litany of benefits. Regardless of whether you’re refinancing a house to reduce the interest rate or to cut down on your monthly payments, there’s a process you’re going to have to go through. But how long does it take to refinance a house, really? Are there any obstacles you’ll have to overcome? Tricks to streamlining the process?
We’re glad you asked!
How Long Does it Take to Refinance Your House?
On average, refinancing a house takes around 30-45 days. However, since each lender does things a bit differently, your refinancing timeline can fluctuate. The process will almost always involve the same steps, though, so you can expect most lenders to be looking into the same information.
Generally, it’s safe to assume that it will take you around a month or so to reach the end of the refinancing timeline. However, when you work with an experienced direct lender like Poli Mortgage, you can expedite the process and often finish it all within 25 days.
What Goes Into the Refinancing Process?
The refinancing process, like the process you underwent for your original mortgage loan, starts with a self-assessment of your current finances, credit score, and debt conditions. So, when you’re considering how long does it take to refinance your house, take into account how long it will take you to complete the following:
- Assess how much your house is currently worth it
- Look into loan options (and interest rates)
- Research the fees and costs the refinancing process will require
- Gather all of the documentation you’ll need (pay stubs, W-2’s, tax returns, bank statements, etc.)
- Complete a mortgage refinance application
- Get a home appraisal
- Go through the mortgage underwriting process
- Lock in your rate
As soon as Poli Mortgage receives all of the necessary documentation, we can enter your mortgage refinance application into our system. If everything is in order—which, if you’ve been working with your loan officer, it should be—then we’ll be able to approve and close within several days.
The Poli Mortgage Refinance Application
So, how long does it take to refinance a house? The answer, as you’ve seen, is it depends. With many lenders, it’ll be approximately a month-long process, but with Poli, you can see the whole process through in under a month.
What makes Poli’s mortgage refinancing timeline different? Well, for starters, you’ll have a loan officer working alongside you at every step of the way. They’ll not only be able to answer questions you encounter, but they’ll also do everything they can to give you the most streamlined refinancing experience possible.
And where many refinancing programs involve hefty closing costs, with Poli, it’s possible to refinance a house without needing to pay any closing costs. If you’re ready to kickstart the refinancing process, then contact us today through our convenient contact form or by phone at 781-232-8000! We hope to hear from you soon!