Why are the wait times delayed?
There are many factors that have caused the delays we are currently seeing with refinances, but let’s focus on 3 of the major contributors:
1) Interest rates are historically low. Thousands of people are trying to refinance
2) There are less banks and lenders to handle the large amount of loans
3) U.S. bail out loans (HARP) are creating hundreds to thousands of new applicants
Let’s go into a little more detail about each of these reasons for causing major delays in the processing timetables.
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