May 31st, 2012 2:25 PM by Eric Fang
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 thesame time?
A: This is actually a good question when the rateis so low and a lot of people want to do the refiat the same time.
First, the answer is yes. But we should take care ofthem 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 approvedyet.
I did have one loan failed earlier year when this client has a refi loan with citibank retail. And Citi can notissue the loan approval within certain period. And sinceciti closed wholesale, we could not close within the deadline.
I have another rental refi with the borrower refinancingthe HELOC. Our refi has to be held until the HELOC refi completed.