Banking Question

[Ryan Thacker]

Hey BP,

Hoping to get some advice/input on my situation. I'm getting my financing for my first flip through a home equity loan. I've turned in all papers, and received my Good Faith Estimate. So I went into the bank to lock in my rate because the GFE says estimate is good for X date. I was told that I didn't have to because it was an equity loan, he asked when and I'm available to settle I said whenever, and he responded with the next day or two I'd hear from him. I let three business days go by and sent an email and got a response of he's waiting for the underwriter and to be patient. Its been a total of one week now and I'm wondering is this normal for it to take this long after already receiving a GFE? Am I being too pushy? Should I try to close at a different branch? Since my GFE expired and there is nothing in writing that I'm in agreement with terms/rate did I just get screwed over?

Thanks for any and all responses!

[Jeff Copeland]

A week is probably not excessive. Banks are slow and underwriting is even slower.

You might, however, consider looking for a local community bank where they make their loan decisions in-house.