In the past, I used to be perturbed by how long it took to refinance a mortgage. The whole process almost got derailed on its 97th day due to a bad credit report unbeknownst to me. Luckily, the refinance eventually went through.
What used to take most people 30 days to refinance, now often takes 3+ months to finish. I’m much more zen today. So long as it eventually closes, I don’t mind if my refinance takes forever. Well, not really forever. But as long as the bank wants, so long as I’m not paying extra fees.
Let me share with you the main reasons why having a long mortgage refinance process is actually a wonderful thing, especially for those who have Adjustable Rate Mortgages or are looking to refinance into an Adjustable Rate Mortgage.