Why is refinance taking so long? Can I back out?I started getting quotes from 3-4 lenders in late July for an FHA streamline refinance. Finally settled on a lender b/c of the good reviews here on zillow. Initial documents were signed and sent Aug 3, appraisal done Aug 13, appraisal docs got to him Aug 19. He had said closing would be soon after receiving appraisal docs, but nothing has happened since then (going on 21 days now). I understand the refinance boom, but what is the mechanics of closing? Bunch of paper pushing to the right people? Why is the system like this? What else needs to be done? Nobody is able to explain the steps to me. Why are lenders so fast and eager to get your business, but once the appraisal payment clears, nothing happens? The original documents I signed said closing approx. 20-25 days, and he said 2-3 weeks, and others said a week or two. So I feel misled, since I could have chosen others who had no appraisal fee/same rates, but went with him thinking this would close in late Aug to avoid extra month of mortgage insurance and interest payments. Also, the rates keep dropping, and I am locked for 60 days until Oct 4, so I can't take advantage of that. That is also when the higher FHA MI kicks in. Could this go into Nov? Can I back out? I doubt anyone else can close me before the higher MI? Seems like I have to file new paperwork also. Thanks for listening to my inner frustrations.-Naive homeownerSeptember 08 2010 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.