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I got a GREAT rate to re-fi two of my rental properties. I used this CU when I purchased my primary last august and then again to refi in May of this year (soon I know, but I dropped a point and a half and 10 years). So anyway I completed the paperwork at the end of July. He told me at the time it would be a while because they were getting way more applications than they could process. No big deal - worth it for 2.5%. So end of sept. rolls around and I check in to see if he has an idea on closing yet. 90-120 days. :O Holy cow. Ok no worries - I can't beat that rate, the appraisals are done, I know this CU is good for it because I've worked with them before.
So here I am at the end of November and I'm really running out of patience. I checked in with my lender 3 weeks ago and asked if we had a closing date and noted the days I'd be out of town around the holiday. He said not yet, but they'll start underwriting your loan in the next couple weeks. All this time they've locked my rate at their expense. How long do I just keep waiting? I'm going to be so livid if they end up backing out or not closing and I have to go find a new lender after all this time. I imagine it doesn't do any good to give ultimatums to a bank but I kind of want to send a final email and say if we don't have a closing date by Dec. 1 I'm going to find a new lender. Downside is I had planned to cash out the equity on my 4 plex and I will never find someone else to do that rate and also the appraisals are expensive - like $800+. In hindsight, its positively absurd that there is no mutually beneficial language in the lending agreement that puts the lender on the hook for the borrowers incurred costs if they can't close within a reasonable amount of time. I don't know what my next step is... any advice?
So here I am at the end of November and I'm really running out of patience. I checked in with my lender 3 weeks ago and asked if we had a closing date and noted the days I'd be out of town around the holiday. He said not yet, but they'll start underwriting your loan in the next couple weeks. All this time they've locked my rate at their expense. How long do I just keep waiting? I'm going to be so livid if they end up backing out or not closing and I have to go find a new lender after all this time. I imagine it doesn't do any good to give ultimatums to a bank but I kind of want to send a final email and say if we don't have a closing date by Dec. 1 I'm going to find a new lender. Downside is I had planned to cash out the equity on my 4 plex and I will never find someone else to do that rate and also the appraisals are expensive - like $800+. In hindsight, its positively absurd that there is no mutually beneficial language in the lending agreement that puts the lender on the hook for the borrowers incurred costs if they can't close within a reasonable amount of time. I don't know what my next step is... any advice?
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