If you’re considering a cash-out refinance, you might be wondering how long it takes to get the funds after closing. The answer to this question can vary depending on a variety of factors, including the lender you choose, the complexity of your loan, and the state of the housing market.
In general, the process of getting funds from a cash-out refinance can take anywhere from a few days to several weeks. Here’s what you need to know about the timeline for getting your money.
- Processing Time The processing time for a cash-out refinance can vary depending on the lender you choose. Some lenders may be able to process your application quickly and get your loan approved in just a few days. Other lenders may take longer, especially if they require additional documentation or information.
- Appraisal Time In order to determine the amount of equity in your home, your lender will need to conduct an appraisal. The appraisal process typically takes a few days to a week, depending on the availability of appraisers in your area.
- Underwriting Time Once your lender has received all of the necessary documentation, they will begin the underwriting process. This involves reviewing your credit history, income, and other financial information to determine your eligibility for the loan. The underwriting process can take several days to a week or more, depending on the complexity of your loan.
- Closing Time Once your loan has been approved and underwritten, you will need to sign the closing documents. This typically takes place at a title company or attorney’s office. The closing process usually takes a few hours to complete.
- Funding Time After you have signed the closing documents, the lender will fund the loan. This typically takes a few days to a week, depending on the lender and the state of the housing market.
In summary, it can take anywhere from a few days to several weeks to get the funds from a cash-out refinance after closing. To speed up the process, it’s important to choose a lender that offers quick processing times and to have all of your documentation in order before you apply for the loan.