Can I change mortgage companies without refinancing? This is a question many savvy homeowners ponder, wondering if they can secure better terms or service without the often complex process of a full refinance. It’s a journey that unlocks potential savings and improved financial experiences, and understanding the nuances is key to making an informed decision that truly benefits your financial future.
Let’s explore how you can potentially switch your mortgage provider and discover the advantages that await.
Many homeowners find themselves with a mortgage that no longer aligns with their current financial goals or market conditions. Perhaps you’ve secured a new job with a different income, or simply noticed that interest rates have dropped significantly since you last secured your loan. The desire to find a lender offering superior customer service, more convenient online tools, or even a slightly better rate without altering your loan’s core structure is a common and valid one.
This exploration delves into the distinct path of changing mortgage companies, separate from the more involved process of refinancing, highlighting the motivations and practicalities involved.
Understanding the Core Question
The central inquiry revolves around whether a homeowner can switch their mortgage lender without undergoing a complete mortgage refinance. This distinction is crucial for homeowners looking to optimize their home loan experience or financial situation. Understanding this difference forms the bedrock of making informed decisions about their mortgage.At its heart, changing mortgage companies refers to the process of transferring the servicing of your existing mortgage loan from one financial institution to another, while keeping the original loan terms intact.
Refinancing, on the other hand, involves obtaining a completely new mortgage loan to pay off the old one, often with different terms, interest rates, or loan amounts. This fundamental difference dictates the implications for a homeowner’s financial obligations and the overall process involved.
Distinguishing Mortgage Company Changes from Refinancing
The primary divergence lies in the preservation of existing loan terms. When you change mortgage companies, the interest rate, loan balance, and repayment period of your original mortgage remain unchanged. The new company simply takes over the administrative duties of collecting payments, managing escrow accounts, and handling customer service. In contrast, refinancing results in a new loan agreement. This new loan will have a new interest rate, potentially a new loan term, and will require a new appraisal and underwriting process, effectively starting the mortgage journey anew.
Motivations for Switching Mortgage Providers
Homeowners may have several compelling reasons to seek a different mortgage company, even without altering their loan’s core financial structure. These motivations often stem from a desire for improved service, better financial management tools, or a more responsive relationship with their lender.The common drivers for switching mortgage providers include:
- Superior Customer Service: A homeowner might be dissatisfied with the responsiveness, helpfulness, or accessibility of their current mortgage servicer. Poor communication, long wait times, or unhelpful representatives can significantly detract from the homeownership experience.
- Enhanced Online Platforms and Tools: Many homeowners prefer to manage their finances through intuitive and feature-rich online portals. A new mortgage company might offer more advanced tools for payment tracking, budget planning, or accessing loan documents.
- More Favorable Escrow Management: While escrow accounts are standard, some servicers may offer more transparent or flexible escrow management options, or homeowners may seek a company with a better track record in managing property taxes and insurance payments.
- Desire for a Specific Banking Relationship: Some homeowners may wish to consolidate their banking and mortgage services with a single institution for convenience and potential relationship-based benefits.
- Concerns about the Current Servicer’s Reputation: Negative reviews, complaints to regulatory bodies, or a perceived lack of stability from a mortgage servicer can prompt homeowners to look elsewhere.
Common Misconceptions About Changing Mortgage Companies
Despite the possibility of switching servicers, several widespread misunderstandings can deter homeowners from exploring their options. These misconceptions often lead to a belief that changing companies is as complex or costly as refinancing, when in reality, it can be a more streamlined process.A significant misconception is that changing mortgage companies is the same as refinancing.
This is fundamentally incorrect; changing servicers involves transferring the administration of an existing loan, whereas refinancing creates an entirely new loan.
Another common misunderstanding is the belief that a credit check is always required. While the new company will perform a soft credit pull to verify identity and assess risk for servicing purposes, it typically does not impact your credit score as significantly as a full refinance credit inquiry would. Furthermore, homeowners often assume that changing companies will alter their interest rate or monthly payment, which is not the case if the loan terms are not being modified.
The actual process is generally a “buy-out” of the servicing rights, not a renegotiation of the loan itself.
The Process of Switching Mortgage Companies
Transitioning your mortgage to a new company, often referred to as a mortgage assumption or transfer, is a significant financial decision that involves a structured process. While it’s not as straightforward as switching phone providers, understanding the steps and requirements can demystify the experience and empower you to make an informed choice. This process is distinct from refinancing, as it focuses on transferring the existing loan terms to a new servicer rather than altering the loan’s interest rate or principal balance.The journey of changing mortgage companies typically involves several key stages, each requiring careful attention to detail and proactive engagement.
From initial application to final closing, a well-defined approach ensures a smoother transition.
Typical Steps in Transferring a Mortgage
The transfer of a mortgage to a new company is a multi-step process designed to ensure all legal and financial obligations are met. While specific procedures can vary slightly between lenders, the core sequence of events remains consistent.
- Initial Inquiry and Qualification: The first step involves researching and contacting potential new mortgage companies to understand their policies on assuming existing mortgages. You will need to demonstrate your financial stability and creditworthiness, similar to an initial mortgage application.
- Application Submission: Once you’ve chosen a new company, you’ll complete a formal mortgage assumption application. This will include providing detailed personal and financial information.
- Underwriting and Approval: The new lender will review your application, credit history, income, and assets to determine your eligibility. This stage is crucial for the new company to assess the risk associated with taking over your mortgage.
- Appraisal and Property Review: While not always required for a simple transfer, some lenders may opt to conduct a property appraisal to confirm the current market value of your home, especially if there have been significant market fluctuations since your original mortgage was issued.
- Loan Assumption Agreement: If approved, you will sign a formal loan assumption agreement with the new company. This legally transfers the responsibility of servicing your mortgage.
- Closing: A closing appointment will be scheduled where all final documents are signed, and the transfer is officially completed. You will receive confirmation that your mortgage is now being serviced by the new company.
- Notification to Old Lender: The new lender typically handles the notification to your previous mortgage company that the loan has been transferred.
Key Documentation for Mortgage Company Application
When applying to transfer your mortgage to a new company, comprehensive documentation is essential to expedite the approval process. Lenders need to verify your financial standing and ensure you meet their criteria for servicing your loan.
- Proof of Income: This includes recent pay stubs (typically the last 30 days), W-2 forms from the past two years, and federal tax returns for the last two years. Self-employed individuals will need more extensive documentation, such as profit and loss statements and business tax returns.
- Asset Verification: Bank statements (checking and savings accounts) for the past two to three months are required to show you have funds for any required down payment, closing costs, or reserves. Investment and retirement account statements are also needed.
- Credit Report: The new lender will pull your credit report to assess your credit history and score.
- Identification: A valid government-issued photo ID, such as a driver’s license or passport, is necessary for identity verification.
- Existing Mortgage Statement: Your most recent mortgage statement from your current lender is vital, as it Artikels the outstanding balance, interest rate, and payment schedule.
- Homeowners Insurance Policy: Proof of current homeowners insurance is required to protect the lender’s interest in the property.
- Property Tax Information: Documentation related to property taxes may be requested.
The Role of a Mortgage Broker
A mortgage broker can be an invaluable asset when navigating the complexities of switching mortgage companies. They act as intermediaries, connecting borrowers with various lenders and helping to streamline the entire process.A mortgage broker’s primary function is to leverage their industry knowledge and network of lenders to find the best possible loan terms for their clients. In the context of a mortgage company change, they can:
- Identify Suitable Lenders: Brokers have relationships with numerous mortgage companies and can quickly identify those that offer mortgage assumption programs.
- Compare Offers: They can shop around on your behalf, comparing interest rates, fees, and terms from different lenders to ensure you secure the most favorable deal.
- Guide Through Application: Brokers assist in completing the application accurately and efficiently, ensuring all necessary documentation is submitted.
- Facilitate Communication: They act as a point of contact between you and the new lender, addressing any questions or concerns and keeping the process moving forward.
- Advise on Best Practices: Brokers can provide expert advice on the financial implications of switching companies and help you understand the long-term benefits.
For example, a borrower might be unaware that a particular lender specializes in assumable mortgages. A broker, through their established connections, can introduce this borrower to such a lender, potentially saving them considerable time and effort in their search.
Potential Timeline for Completing a Mortgage Company Change
The timeline for switching mortgage companies can vary depending on several factors, including the complexity of your financial situation, the efficiency of the lenders involved, and market conditions. However, a general estimate can provide a realistic expectation.The process typically takes between 30 to 60 days from the initial application to the final closing.
- Initial Research and Application: This phase, including gathering documentation and submitting the application, can take 1-2 weeks.
- Underwriting and Approval: The lender’s review and approval process can range from 2-4 weeks. This period may be extended if additional documentation is required or if the underwriter needs more time to assess risk.
- Appraisal and Final Review: If an appraisal is conducted, it adds another 1-2 weeks to the timeline.
- Closing: The final closing process itself is usually completed within a few days once all parties are ready.
It is important to note that delays can occur. For instance, if there are issues with your credit report or if the appraisal comes in lower than expected, the timeline could be extended. Proactive communication with your new lender and prompt submission of all requested information can help to mitigate potential delays. For instance, if your current mortgage company is experiencing a high volume of transfers, this could also impact the speed at which your previous lender releases necessary information to the new one, potentially adding a few extra days.
Benefits of Changing Mortgage Companies: Can I Change Mortgage Companies Without Refinancing
Switching mortgage companies, often referred to as a refinance or mortgage transfer, presents a strategic opportunity for homeowners to optimize their financial standing. This process is not merely about changing a name on a document; it’s about actively seeking and securing more favorable terms that can lead to significant long-term savings and improved financial flexibility. By understanding the potential advantages, homeowners can make informed decisions about whether this move aligns with their current financial goals.The decision to switch lenders is driven by a desire to leverage current market conditions or to access better loan products.
It’s a proactive step that can yield substantial financial benefits, ranging from reduced monthly payments to enhanced loan management capabilities. Exploring these benefits thoroughly is crucial for any homeowner considering this financial maneuver.
Securing a Lower Interest Rate, Can i change mortgage companies without refinancing
One of the most compelling reasons to switch mortgage companies is the opportunity to obtain a lower interest rate. Interest is a significant component of your total mortgage payment, and even a small reduction in the annual percentage rate (APR) can translate into substantial savings over the life of the loan. When market interest rates fall below your current mortgage rate, a new lender might offer a more competitive APR.
This can directly lower your monthly principal and interest payments, freeing up cash flow for other financial priorities.For instance, imagine a homeowner with a $300,000 mortgage at a 5% interest rate over 30 years. Their monthly principal and interest payment would be approximately $1,610. If they were able to refinance with a new company offering a 4% interest rate on the same loan amount and term, their new monthly payment would drop to around $1,432.
This represents a saving of $178 per month, or over $64,000 in interest over the 30-year term. This substantial difference underscores the power of securing a lower interest rate.
Improved Loan Terms and Features
Beyond interest rates, new mortgage companies may offer improved loan terms and features that better suit a homeowner’s evolving financial situation and goals. This could include a wider array of loan products, such as adjustable-rate mortgages (ARMs) with more favorable initial rates or fixed-rate mortgages with shorter terms. Some lenders might also offer benefits like reduced or waived closing costs, flexible prepayment penalties, or built-in escrow services that simplify property tax and insurance payments.Consider a homeowner who anticipates a significant income increase in the next few years.
They might benefit from switching to a lender offering a 15-year fixed-rate mortgage. While the monthly payments will be higher than a 30-year loan, they will pay off their mortgage much faster and save considerably on overall interest. Alternatively, a borrower who expects their income to fluctuate might opt for an ARM with a competitive introductory rate, provided they understand the risks associated with potential rate increases.
Enhanced Customer Service and Online Tools
The experience of managing a mortgage can be significantly impacted by the quality of customer service and the available online tools provided by the lending institution. Some mortgage companies excel in offering user-friendly online portals where borrowers can easily access their loan information, make payments, track their escrow accounts, and communicate with customer support. This digital convenience can streamline the mortgage management process and provide greater transparency.A homeowner might find that their current lender has outdated online systems or unresponsive customer service.
Switching to a company known for its robust digital platform and responsive support team can alleviate common frustrations. This could involve features like mobile check deposit for payments, real-time updates on loan status, and readily available chatbots or live chat support for quick query resolution. A positive customer experience can make a significant difference in a homeowner’s overall satisfaction with their mortgage.
Shorter Loan Term or Different Repayment Options
Changing mortgage companies can also provide the opportunity to alter the loan term or explore different repayment structures. While many homeowners opt for a 30-year mortgage, switching lenders might allow for a transition to a shorter term, such as a 15-year or 20-year mortgage. This typically results in higher monthly payments but a significantly reduced overall interest cost and faster equity building.For example, a homeowner with 20 years remaining on a 30-year mortgage might consider refinancing into a new 15-year mortgage.
This would increase their monthly payment but allow them to own their home outright 5 years sooner and save a substantial amount on interest. Conversely, some lenders might offer specialized repayment plans, such as interest-only periods or bi-weekly payment options that can accelerate principal reduction without a formal refinance, though these are less common than standard term changes.
Alternatives to Refinancing for Better Terms
While switching mortgage companies is a viable path to securing better loan terms, it’s not the only avenue. In some situations, exploring options with your current lender or considering specific refinance types designed for existing borrowers can yield significant advantages without the full process of a new mortgage application. These alternatives often focus on adjusting your current loan rather than originating a completely new one.
Negotiating with Your Existing Mortgage Company
Many homeowners overlook the power of direct negotiation with their current mortgage provider. Lenders are often motivated to retain good customers and may be willing to offer concessions to avoid the potential loss of business, especially if market interest rates have dropped significantly since you originated your loan. Proactive communication is key.Before approaching your lender, it’s crucial to be prepared.
Research current market interest rates for mortgages similar to yours and gather information on your loan’s payment history and your overall creditworthiness. Demonstrating your value as a borrower can strengthen your negotiating position.Here are common strategies for negotiating better terms with your current lender:
- Rate Reduction: Request a lower interest rate on your existing loan. This is more likely if market rates have fallen and your credit score has improved.
- Fee Waivers or Reductions: Inquire about waiving or reducing certain fees associated with your mortgage, such as annual fees or late payment penalties if applicable.
- Term Adjustments: While less common without a refinance, in some specific scenarios, lenders might consider minor adjustments to loan terms if it benefits both parties.
- Loan Modification: This is a more formal process where your lender agrees to change the terms of your original loan.
Loan Modification
A loan modification is a permanent change to the terms of your existing mortgage, typically undertaken when a borrower is facing financial hardship or when interest rates have decreased substantially. Unlike a refinance, which involves paying off your old loan and taking out a new one, a loan modification alters the existing agreement. This process can be particularly beneficial if you have equity in your home but may not qualify for a new mortgage due to credit issues or other reasons that might arise during a full refinance.Loan modifications can take several forms:
- Interest Rate Reduction: The lender lowers your interest rate for the remaining life of the loan.
- Term Extension: The loan’s repayment period is extended, which can lower your monthly payments by spreading them over a longer time.
- Principal Reduction: In some cases, particularly with government-backed programs or specific lender initiatives, a portion of the principal balance may be forgiven.
- Payment Recalculation: The monthly payment is recalculated based on current interest rates and loan terms.
A loan modification is generally considered when a borrower is struggling to make payments or when significant savings can be achieved by altering the loan’s structure without the need for a full refinance. It’s important to understand that not all lenders offer loan modifications, and eligibility criteria can vary.
Streamline Refinance
A streamline refinance is a specific type of refinance designed for borrowers with certain types of existing mortgages, most commonly FHA (Federal Housing Administration) and VA (Department of Veterans Affairs) loans. The primary advantage of a streamline refinance is its simplified application process, often requiring less documentation and fewer underwriting requirements than a traditional refinance or a full mortgage switch.
This is because the lender already has a history with your loan and your property.The key benefits of a streamline refinance include:
- Reduced Paperwork: Significantly less documentation is required compared to a standard refinance.
- Faster Closing: The simplified process generally leads to quicker loan approvals and closings.
- No Appraisal Required (often): In many cases, an appraisal of your property is not necessary, saving you time and money.
- Lower Fees: The overall costs associated with a streamline refinance are typically lower than a traditional refinance.
A streamline refinance is an excellent option if you have an FHA or VA loan and are looking to lower your interest rate or monthly payment. It allows you to benefit from current market conditions with a more efficient process.
Comparison of Alternatives to Switching Companies
When evaluating your options for better mortgage terms, it’s essential to weigh the advantages and disadvantages of negotiating with your current lender, pursuing a loan modification, or opting for a streamline refinance against the prospect of switching mortgage companies entirely. Each path offers distinct benefits and drawbacks depending on your financial situation, loan type, and goals.
Negotiating with Existing Lender vs. Switching Companies
| Feature | Negotiating with Existing Lender | Switching Mortgage Companies |
|---|---|---|
| Effort Required | Moderate; involves research and direct communication. | High; requires a full mortgage application, underwriting, and closing process. |
| Potential Savings | Moderate; usually a reduction in interest rate or fees. | High; can secure significantly lower interest rates and better loan terms. |
| Speed | Potentially faster if successful. | Slower; involves the entire mortgage origination timeline. |
| Guaranteed Outcome | No guarantee of success; depends on lender’s willingness. | Outcome depends on qualifying for a new loan. |
| Flexibility | Limited; lender may not offer all desired changes. | High; you can shop for the best terms from multiple lenders. |
Loan Modification vs. Switching Companies
| Feature | Loan Modification | Switching Mortgage Companies |
|---|---|---|
| Purpose | Primarily for hardship relief or significant rate drops on existing loan. | To obtain the best available market rates and terms on a new loan. |
| Process Complexity | Can be complex, involving lender review and approval of modified terms. | Full mortgage application, underwriting, and closing. |
| Impact on Credit | May have a temporary negative impact if the modification is a “forbearance” or if it involves principal reduction and is reported as such. Otherwise, generally neutral or positive if it resolves hardship. | Involves a hard credit inquiry, but successfully obtaining a new, lower-rate loan can improve your credit over time. |
| Eligibility | Dependent on lender programs and borrower’s financial situation. | Dependent on credit score, income, debt-to-income ratio, and other lending criteria. |
| Potential for Savings | Can offer significant monthly payment relief, especially for those in distress. | Typically offers the greatest potential for long-term savings through lower interest rates. |
Streamline Refinance vs. Switching Companies
| Feature | Streamline Refinance | Switching Mortgage Companies |
|---|---|---|
| Loan Type Specificity | Only applicable to FHA and VA loans. | Available for all types of mortgages. |
| Documentation Required | Minimal; often no income verification or appraisal needed. | Extensive; requires full income, asset, and debt verification, and often an appraisal. |
| Speed and Cost | Faster and generally less expensive due to simplified process. | Slower and more costly due to comprehensive underwriting and closing procedures. |
| Flexibility in Terms | Limited to the specific “streamline” program’s offerings. | High; ability to shop for and compare offers from numerous lenders. |
| Primary Goal | Lowering monthly payments or interest rates efficiently for specific loan types. | Securing the absolute best market terms and potentially accessing cash through a cash-out refinance. |
Visualizing the Process
Understanding the steps involved in switching mortgage companies is crucial for a smooth transition. This section breaks down the journey into a clear, visualizable process, highlighting key milestones and potential outcomes. By demystifying the procedure, borrowers can approach the decision with confidence and clarity.The process of changing mortgage companies, often referred to as mortgage transfer or assignment, involves a series of defined stages.
Each stage requires specific actions and decisions from both the borrower and the involved lenders. Visualizing this flow helps in anticipating needs and managing expectations throughout the transition.
Infographic Concept: The Mortgage Company Switch Journey
This infographic visually maps out the typical steps a homeowner takes when changing mortgage companies without refinancing. It emphasizes the sequential nature of the process and highlights critical decision points.The infographic would begin with a “Starting Point” representing the current mortgage.
- Step 1: Initial Research & Comparison: This stage involves exploring different lenders and comparing their offerings for mortgage servicing. Key comparison points include fees, customer service ratings, and online platform capabilities.
- Step 2: Pre-qualification/Pre-approval (Optional but Recommended): While not always mandatory, obtaining pre-qualification or pre-approval from a new potential servicer can provide a clearer picture of eligibility and potential terms, even without a full refinance.
- Step 3: Application with New Servicer: The borrower formally applies to the chosen new mortgage company to take over the servicing of their existing loan. This involves submitting updated financial documentation.
- Step 4: Underwriting & Approval: The new mortgage company reviews the application and documentation. This is a critical decision point where the new servicer decides whether to accept the loan transfer.
- Step 5: Loan Assignment & Closing: If approved, the new mortgage company and the old mortgage company execute a loan assignment agreement. This legally transfers the servicing rights. A closing meeting (often virtual) occurs where final paperwork is signed, and the borrower is informed of the new payment address and terms.
- Step 6: First Payment to New Servicer: The borrower makes their first mortgage payment to the new servicing company.
- Decision Points: Arrows would indicate choices, such as deciding to proceed with an application after initial comparison or accepting the terms offered by the new servicer.
- Typical Outcomes: Successful transfer to a new servicer with potentially better terms or improved customer service. Alternatively, the application might be denied by the new servicer, requiring the borrower to reassess their options.
Conceptual Visual Representation of Financial Savings
This visual aims to clearly demonstrate the tangible financial benefits of switching to a mortgage company with a lower interest rate, specifically focusing on the reduction in total interest paid over the loan’s lifespan.The visual would likely be a bar chart or a side-by-side comparison illustrating two scenarios: the original loan’s total interest paid and the new loan’s total interest paid after switching to a lower rate.Consider a hypothetical scenario:A homeowner has a remaining balance of $300,000 on their mortgage with an interest rate of 5.0%.
The remaining term is 20 years (240 months). Scenario 1: Original Mortgage Servicer
- Interest Rate: 5.0%
- Monthly Principal & Interest Payment: Approximately $1,887.12
- Total Interest Paid Over Remaining 20 Years: Approximately $152,908.80
The visual would show a large bar representing this total interest amount. Scenario 2: New Mortgage Servicer with Lower RateAssume the borrower switches to a new servicer offering a rate of 4.5% on the same remaining balance and term.
- Interest Rate: 4.5%
- Monthly Principal & Interest Payment: Approximately $1,796.09
- Total Interest Paid Over Remaining 20 Years: Approximately $131,059.60
The visual would display a smaller bar for this scenario, directly adjacent to the first.The difference between the two bars would be highlighted, visually representing the savings.
Savings = Total Interest (Original Loan)
Total Interest (New Loan)
Exploring options to change mortgage companies without a full refinance is a common consideration. Understanding how lenders operate, for instance, learning about what credit bureau does rocket mortgage use , can offer insights into the process. Ultimately, these details can help you navigate the path to potentially switching your mortgage provider.
In this example:
Savings = $152,908.80 – $131,059.60 = $21,849.20
This difference of over $21,000 would be clearly depicted, perhaps with an arrow pointing to the reduction and a clear label stating the total amount saved over the life of the loan. This visualization emphasizes that even a small reduction in interest rate can lead to substantial savings over time, making the effort of switching mortgage companies a worthwhile financial decision.
Closing Summary
Embarking on the journey to change mortgage companies without refinancing can indeed be a rewarding endeavor, offering a streamlined path to potentially better financial outcomes. By understanding the distinct process, meeting eligibility requirements, and carefully considering the associated costs and benefits, you can confidently navigate this transition. Remember, informed decisions lead to empowered homeownership, and exploring your options is always a smart move towards optimizing your financial well-being.
Embrace the possibility of a more favorable mortgage experience.
Commonly Asked Questions
What’s the primary difference between changing lenders and refinancing?
Changing mortgage companies involves transferring your existing loan to a new lender who will service it, keeping the original loan terms, interest rate, and remaining balance intact. Refinancing, on the other hand, involves paying off your current mortgage and taking out a brand new one, often with different terms, interest rates, or loan amounts.
Can I switch mortgage companies if I have a low credit score?
While a lower credit score can make it more challenging, it’s not always impossible. Some lenders specialize in working with borrowers who have less-than-perfect credit. However, you might face higher interest rates or stricter eligibility criteria. It’s crucial to check your credit report, address any errors, and explore lenders who cater to your credit profile.
What happens to my escrow account when I change mortgage companies?
Your existing escrow account, which holds funds for property taxes and insurance, will typically be transferred to the new lender. The balance will be reconciled, and any surplus or deficit will be adjusted in your closing costs or refunded to you. The new lender will then continue to manage your escrow payments.
Are there any specific situations where I might be ineligible to switch lenders?
Ineligibility can arise from several factors, including a very low credit score, a high debt-to-income ratio, significant delinquencies on your current mortgage, or if your property type is not accepted by new lenders. Additionally, if your current loan has specific prepayment penalties that make switching financially unfeasible, you might be unable to switch.
How long does the process of changing mortgage companies typically take?
The timeline can vary, but generally, changing mortgage companies can take anywhere from 30 to 60 days, sometimes longer, depending on the lender, the complexity of your application, and the efficiency of the underwriting and closing processes. It’s usually a bit quicker than a full refinance.
