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You got questions, I have Answers-- Multiple Loans
May 31st, 2012 2:25 PM

Q: I have one purchase processed now and will have
another purchase loan soon, and I want to refinance
one primary and one renatl. Can I do the loans at the
same time?

A: This is actually a good question when the rate
is so low and a lot of people want to do the refi
at the same time.

First, the answer is yes. But we should take care of
them carefully. Basically the lender will close the
loans when all the loans conditionally approved.
The reason is very simple, the lender does not know
what's the rate & term for the loans if not approved
yet.

I did have one loan failed earlier year when this client
has a refi loan with citibank retail. And Citi can not
issue the loan approval within certain period. And since
citi closed wholesale, we could not close within the
deadline.

I have another rental refi with the borrower refinancing
the HELOC. Our refi has to be held until the HELOC refi
completed.


Posted in:General
Posted by Eric Fang on May 31st, 2012 2:25 PMPost a Comment

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