Pro tip: thought I'd wrap up a cash out refi in 2 weeks... ended up at 7 weeks

I started my cash out refi back in March thinking it'd be a quick process... maybe 2 weeks tops. But the bank kept asking for more paperwork on my rental property in Phoenix, stuff like old tax returns and proof of rent rolls. Each request added another 3-4 days of back and forth. Then the appraiser took a full week just to get out there and another 3 days to submit his report. Looking back, I should've known better with how slow things move these days. Has anyone else had their cash out refi drag out way longer than the lender promised?

2 comments

2 Comments

graceprice1mo ago

Jumped into my own cash out refi last fall and it turned into a three month ordeal! The lender promised two weeks tops, same as you. Every single week they'd hit me with a new document request, like they were making it up as they went. My tax transcripts from 2019 took forever to get from the IRS, and the appraiser couldn't get out for ten days because of some holiday backup. It's just like how every doctor's office says they'll get you in and out in an hour, but you end up waiting forty five minutes in the room. Nothing in life runs on schedule anymore, especially anything with paperwork.

nina1471mo ago

The tax transcript part killed me, that's the worst. Feels like everything has a hidden "plus two months" built in now lol.