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Started By
Message
MB Mortgage Gurus
Posted on 5/15/15 at 7:42 am
Posted on 5/15/15 at 7:42 am
My refi closing is this afternoon. Tomorrow, my normal mortgage payment is scheduled to be drafted out. With the refi closing today, should I cancel that scheduled payment? The refi will not be funded until after 3 days so there is a possibility of getting hit with a late fee on the existing loan, however the refi is with the same company. I was told that they would send me a check back for the payment but that can take up to 25 days. Thoughts?
3
Posted on 5/15/15 at 7:58 am to npt817
Pay your mortgage. They are just going to give it back in a few days.
Why does this seem like a good idea?
Why does this seem like a good idea?
Posted on 5/15/15 at 8:03 am to TheHiddenFlask
quote:
Why does this seem like a good idea?
I guess my thought is if they are just going to give it back, why wait the 25 days or whatever for them to send it back?
Posted on 5/15/15 at 8:21 am to npt817
The settlement statement has already been drawn up. You'll throw a monkey wrench into the entire process if you don't pay the note as expected.
Posted on 5/15/15 at 8:22 am to npt817
Is this an auto draft payment that has always been set up? Based on my experiences an auto draft is set up to come out on the due date, and most mortgages have a 10 day or so grace period. You should check with the mortgage company and see.
Personally I would let it draft and get your refund back in 25 days, just to be safe.
Personally I would let it draft and get your refund back in 25 days, just to be safe.
Posted on 5/15/15 at 8:44 am to Layabout
quote:
The settlement statement has already been drawn up. You'll throw a monkey wrench into the entire process if you don't pay the note as expected.
Not sure I follow. The new loan will pay the old loan off in full. The new loan includes all interest from the date of closing today until first payment is made on new loan. So the payment on the old loan is going to show up as an overage now and be returned to me. I was just wondering if it is an option to not pay it so I do not have to wait the extra days for it just to be returned back to me.
If I were to have closed this past Monday, the funds would have been issued yesterday effectively closing out the old loan and then I could have canceled the payment.
Posted on 5/15/15 at 8:46 am to mglsu21
quote:
Is this an auto draft payment that has always been set up? Based on my experiences an auto draft is set up to come out on the due date, and most mortgages have a 10 day or so grace period. You should check with the mortgage company and see. Personally I would let it draft and get your refund back in 25 days, just to be safe.
In talking with the mortgage company they say that they can never advise not to make a payment, however they have acknowledged that it will indeed be an overage and returned.
Just to be safe looks like I will leave the payment in place and just wait to get it sent back to me.
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