Purchase loans get through pretty quickly. Refinances are taking a longer time to get through underwriting currently.  Why is there a difference?
Preference is given to purchase loans in underwriting. The time frame for a purchase loan is bound by contract, i.e. the close of escrow date. Given the legal time frame, lenders prioritize purchase loans and move them to the front of the line.

Refinances get pushed back. Adding in the fact that there are thousands of people refinancing today, the turn times for refinances are getting longer. We are aware of this fact, and try to lock the rate so you are assured of the rate no matter how long it takes to get the loan approved.
If you have any questions on your purchase or refinance loan, contact us and we can help you.
We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
NMLS #178927
AZ MB #0909580
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