Why is there a difference in the amount of time it takes to get an approval for a refinance vs purchase loan? There is currently a high volume of refinances. Some take time to get through underwriting process. Purchase loans get through pretty quickly.
A preference given to purchase loans in underwriting. Time frames for a purchase loan is bound by contract; the close of escrow date. Given the legal time frame to approve, lenders prioritize purchase loans and move them to the front of the line. Refinances get pushed back.
The fact that there are thousands of people refinancing today reflects the turn times for refinances are getting longer.
Here at Counsel Mortgage Group, we are familiar with this process.
We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
Copyright © 2020 Counsel Mortgage Group®, LLC.