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Home loan payoff / Refi
Posted on 10/16/19 at 6:34 pm
Posted on 10/16/19 at 6:34 pm
Does making a payment to your mortgage after your new lender receives the loan payoff amount cause any issues? Obviously payment lowering my balance which would deduct from the loan payoff?
This post was edited on 10/16/19 at 6:51 pm
Posted on 10/16/19 at 7:11 pm to Mr.Perfect
(no message)
This post was edited on 9/25/20 at 9:05 pm
Posted on 10/16/19 at 11:27 pm to Dotherightthing
quote:
Does making a payment to your mortgage after your new lender receives the loan payoff amount cause any issues?
It should just cause the original mortgage holder to issue you a check for that amount.
This post was edited on 10/17/19 at 10:32 am
Posted on 10/17/19 at 9:19 am to Dotherightthing
No it doesn't cause any issues. In fact, it's recommended you make your normal payments just in case there's an unforeseen delay in your closing so you don't get a late fee and hurt your credit, etc. Obviously, the payoff amount will then be outdated and the old mortgage company will receive a check for more than they need to close it out, but they will send any overage back to you + any escrow balance. Might be a few weeks of waiting for it, but it will make its way back to you eventually. Just have enough in savings to cover that in addition to closing costs...fortunately, your new mortgage should have a first payment date of a month+ later.
Posted on 10/17/19 at 10:08 am to Neauxla_Tiger
Thanks Doc and Neauxla
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