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Refi - Help

June 30th, 2020 at 08:27 pm


I was really hoping to close before the first. I have not heard a thing from the title company so I reached out to the broker. She’s telling me to hold off from making a payment. I’m nervous about that. She says if I pay, I’d get reimbursed, anyone know anything about this?

Posted in Miscellaneous | 5 Comments »

5 Responses to “Refi - Help ”

  1. Stephanie Says:
    June 30th, 2020 at 09:03 pm 1593551023
    1593551023

    Technically you have until the 15th of the month to make an “on time” mortgage payment. If you make the payment now, you will get credit for it when the title company updates your payoff. If you pay now, You are paying at the higher interest rate (less to principal). You could the money and make an extra payment later. But with that said, Do what makes YOU most comfortable.

  2. AnotherReader Says:
    June 30th, 2020 at 10:21 pm 1593555668
    1593555668

    Ask the broker if the docs have been prepared. If so, they are based on current numbers, not including the July payment. If the lender has not prepared docs, ask her when she thinks you will sign. If it's in a few days, I would hold off. If it's two weeks, then I would discuss paying the July payment with her.

  3. Amber Says:
    June 30th, 2020 at 11:15 pm 1593558905
    1593558905

    Checked in with the Broker and the title company hasn’t responded, I’m so nervous, I went ahead and paid it. I’m so afraid something might fall through. She mentioned I’d get a refund, so my fingers are crossed. Thanks everyone

  4. AnotherReader Says:
    July 1st, 2020 at 12:28 am 1593563306
    1593563306

    The title company is probably waiting for the lender to send the documents. Once the title company has the documents, they will prepare a preliminary closing statement. If that shows the July payment as unpaid, they may double pay unless they verify payment has been made. You will get a refund from the lender if they double pay.

  5. creditcardfree Says:
    July 1st, 2020 at 01:12 am 1593565970
    1593565970

    It will all work out for you Amber!!

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