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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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I close tomorrow on my refi but I have questions
I didn't pay my Jan payment and now I want to. I don't want that added to my total mortgage.
Also there are some fees I've asked the banker to explain.
I'm very nervous about closing this now.
Has anyone postponed closing before?
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Posted 1/12/12 1:59 PM  |
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Prudential Douglas Elliman Real Estate
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cutie
LIF Adult
Member since 2/06 1893 total posts
Name:
Janine
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Re: I close tomorrow on my refi but I have questions
Was your rate locked in? If so, you may not be able to postpone. I was also told that if we postponed our house purchase closing that we would likely be billed for the time of the attorney anyway since it was so close (not sure if it would be the same for the refi).
We didn't pay our dec payment and closed on our refi on Dec 15th. At that time we were responsible for the interest accrued. Why don't you call and see if you can just bring a certified check for that amount?
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| Posted 1/12/12 2:04 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Posted by cutie
Was your rate locked in? If so, you may not be able to postpone. I was also told that if we postponed our house purchase closing that we would likely be billed for the time of the attorney anyway since it was so close (not sure if it would be the same for the refi).
We didn't pay our dec payment and closed on our refi on Dec 15th. At that time we were responsible for the interest accrued. Why don't you call and see if you can just bring a certified check for that amount?
The banker told me the payment would have to post and then go back to underwriting and QC and it would delay closing.
I'm only afraid my lock will expire before that. It's a HARP loan that got through in 3 weeks. All that has to happen is a payment posts and they have to do the paperwork and redo the HUD statement.
Lock expires Jan 26.
I can bring money to the closing but it won't lower the loan amount.
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| Posted 1/12/12 2:29 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
Interesting because I am closing on my refi tomorrow as well.
I am going to assumie your payment is due Jan 1st but you have a grace period of the 15th.
I am actually in the same boat. Frankly I did not feel comfortable with the fact that I have to "hope" the title closer makes my payment on time for the payoff, which could lead to late fees.
I decided to make my January payment back on December 28th. I then ordered a payoff that had the updated information with the December 28th information.
If you didn't do this, then you are in a bit of a pickle. You could hope the refi is paid off so it doesn't ding you with late fees. Or you can just silently make an online payment with your existing bank so you know you are current. They will figure out you have an overage and then refund you in 1-2 weeks.
I obviously wanted to avoid this so I was proactive in making my payment this month early. If my refi would have been last Friday I wouldn't have made the payment.
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| Posted 1/12/12 3:05 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
I'm going to hopefully be able to make the payment and push closing.
There is money coming back to me which I can turn around and make a principal payment and add to the equity, reducing my term but my goal is not to add too much to my overall balance..which does help my monthly payment.
If I make the payment I can reduce the loan amount by $2K. I know that doesn't really mean a whole lot when I go to sell..
Maybe I should just deal with it. The rate is good..I can make a huge principal payment of about $4K after.
Am I overthinking this?
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| Posted 1/12/12 4:10 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
Posted by Blu-ize
I'm going to hopefully be able to make the payment and push closing.
There is money coming back to me which I can turn around and make a principal payment and add to the equity, reducing my term but my goal is not to add too much to my overall balance..which does help my monthly payment.
If I make the payment I can reduce the loan amount by $2K. I know that doesn't really mean a whole lot when I go to sell..
Maybe I should just deal with it. The rate is good..I can make a huge principal payment of about $4K after.
Am I overthinking this?
I think you are overthinking it.
What are you really trying to accomplish here. Are you just trying to avoid a late fee?
If that is the case just make an online payment to your existing bank and don't tell them at closing you did this. This way you won't delay your closing. They will pay off the bank nothing will change with your closing. Then you will get all of that payment from the original bank back in 1-2 weeks probably.
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| Posted 1/12/12 4:13 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Posted by ave1024
Posted by Blu-ize
I'm going to hopefully be able to make the payment and push closing.
There is money coming back to me which I can turn around and make a principal payment and add to the equity, reducing my term but my goal is not to add too much to my overall balance..which does help my monthly payment.
If I make the payment I can reduce the loan amount by $2K. I know that doesn't really mean a whole lot when I go to sell..
Maybe I should just deal with it. The rate is good..I can make a huge principal payment of about $4K after.
Am I overthinking this?
I think you are overthinking it.
What are you really trying to accomplish here. Are you just trying to avoid a late fee?
If that is the case just make an online payment to your existing bank and don't tell them at closing you did this. This way you won't delay your closing. They will pay off the bank nothing will change with your closing. Then you will get all of that payment from the original bank back in 1-2 weeks probably.
No, I was trying not to refinance a larger amount than I intended.
It really does very little to the payment..I can always make prinicpal payments.
Light bulb just went off...I don't need to agonize..it's small potatoes. What would it save me, 10/mo?
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| Posted 1/12/12 4:15 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
I feel all silly. I was really spinning myself around.
I will make a principal payment. All will be fine.
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| Posted 1/12/12 4:23 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
Posted by Blu-ize
Posted by ave1024
Posted by Blu-ize
I'm going to hopefully be able to make the payment and push closing.
There is money coming back to me which I can turn around and make a principal payment and add to the equity, reducing my term but my goal is not to add too much to my overall balance..which does help my monthly payment.
If I make the payment I can reduce the loan amount by $2K. I know that doesn't really mean a whole lot when I go to sell..
Maybe I should just deal with it. The rate is good..I can make a huge principal payment of about $4K after.
Am I overthinking this?
I think you are overthinking it.
What are you really trying to accomplish here. Are you just trying to avoid a late fee?
If that is the case just make an online payment to your existing bank and don't tell them at closing you did this. This way you won't delay your closing. They will pay off the bank nothing will change with your closing. Then you will get all of that payment from the original bank back in 1-2 weeks probably.
No, I was trying not to refinance a larger amount than I intended.
It really does very little to the payment..I can always make prinicpal payments.
Light bulb just went off...I don't need to agonize..it's small potatoes. What would it save me, 10/mo?
Oh so you want to bring the principal payment down? Then just make an extra principal payment at some point. Or put that money aside for some home emergency repairs.
My first payment won't be due until 3/1 so it looks like I am skipping a month. I am still going to make a payment. I'll either pay my mortgage down a bit or i'll put that money in the bank account I have reserved for tax escrows (with my paying my taxes on my own).
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| Posted 1/12/12 4:30 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
You definitely don't want to do anything to interrupt the closing. These attornies and title closers have enough issues getting the numbers right. Throwing a wrench in their plans the day before will most definitely lead to issues.
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| Posted 1/12/12 4:31 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
I just called the banker and he just owes me some breakdowns of some fees. Once I get those answers we are good.
Now to explain this to the husband....
I spared him much of my craziness.
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| Posted 1/12/12 4:43 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
Posted by Blu-ize
I just called the banker and he just owes me some breakdowns of some fees. Once I get those answers we are good.
Now to explain this to the husband....
I spared him much of my craziness.
Yeah I had to scrutanize every single line of the HUD i got today. Thankfully I believe NEFCU waived some of their origination fees it looks like. Not thrilled I have to pay a title company $200 bucks to send the payoff to my existing bank. But whatever.
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| Posted 1/12/12 4:45 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Posted by ave1024
Posted by Blu-ize
I just called the banker and he just owes me some breakdowns of some fees. Once I get those answers we are good.
Now to explain this to the husband....
I spared him much of my craziness.
Yeah I had to scrutanize every single line of the HUD i got today. Thankfully I believe NEFCU waived some of their origination fees it looks like. Not thrilled I have to pay a title company $200 bucks to send the payoff to my existing bank. But whatever.
Yep, waiting for the breakdown of origination charges and title fees.
I am getting back a chunk and they overestimated property taxes (on purpose)..how does that happen?
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| Posted 1/12/12 4:58 PM |
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Re: I close tomorrow on my refi but I have questions
I closed on my refi HARP loan last week of December and my mortgage payment is due Jan 1st.
Unfortunately, my lender didnt cancel the Auto Draft feature on time and come Jan 3rd, the bank deducted January's mortgage payment.
Instead of getting the refund though, the lender told me they would credit January's mortgage payment to the new loan (which starts Feb 1st), so technically I just made TWO mortgage payments without wanting to.  Oh well. 
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| Posted 1/12/12 5:00 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
The HUD statement looks nothing like the worksheet and the debits and credits don't align.
It's very confusing.
It took me speaking to the attorney to get it straight.
Nice guy.
Close tomorrow.
Saving 20%..still ok.
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| Posted 1/12/12 8:46 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I close tomorrow on my refi but I have questions
Posted by Blu-ize
The HUD statement looks nothing like the worksheet and the debits and credits don't align.
It's very confusing.
It took me speaking to the attorney to get it straight.
Nice guy.
Close tomorrow.
Saving 20%..still ok.
Yes reading the HUD statement can be tricky if you do not know the basics.
Thankfully I was always the type that asked for every line explained in detail with my previous closings (with an attorney present). I just don't take what people have to say and sign things without knowing in detail what I am signing (again even with my own attorney telling me to sign).
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| Posted 1/12/12 9:05 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Posted by ave1024
Posted by Blu-ize
The HUD statement looks nothing like the worksheet and the debits and credits don't align.
It's very confusing.
It took me speaking to the attorney to get it straight.
Nice guy.
Close tomorrow.
Saving 20%..still ok.
Yes reading the HUD statement can be tricky if you do not know the basics.
Thankfully I was always the type that asked for every line explained in detail with my previous closings (with an attorney present). I just don't take what people have to say and sign things without knowing in detail what I am signing (again even with my own attorney telling me to sign).
I'm that way too. I need to know every detail. Look, at the end of the day we have to protect ourselves. I'm in charge of my family's finances so I have to educate myself.
The attorney complimented me about my questions. Good questions...
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| Posted 1/12/12 9:21 PM |
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princess99
LIF Adult
Member since 5/05 3944 total posts
Name:
ME
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Re: I close tomorrow on my refi but I have questions
We closed last night on our refinance- we used Jay at Chase. We also had a lot of questions last minute. When we got to the closing the bank attorney was able to answer the questions clearly. We also were worried about the January payment, I was so scared of a late fee, but it was okay- the bank knows and you sign something that they know- and no late fee. You do not have to reapply for basic Star, I was afraid the county would be all over that too, and this is interesting, Chase now puts your homeowners insurance into your mortgage payment, we could not understand why our monthly mortgage went up more then we thought, until the attorney told us. Hope this helps. Good luck today. We then went out to dinner to celebrate "rebuying" our house..LOL!
Message edited 1/13/2012 8:34:48 AM.
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| Posted 1/13/12 8:31 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Posted by princess99
We closed last night on our refinance- we used Jay at Chase. We also had a lot of questions last minute. When we got to the closing the bank attorney was able to answer the questions clearly. We also were worried about the January payment, I was so scared of a late fee, but it was okay- the bank knows and you sign something that they know- and no late fee. You do not have to reapply for basic Star, I was afraid the county would be all over that too, and this is interesting, Chase now puts your homeowners insurance into your mortgage payment, we could not understand why our monthly mortgage went up more then we thought, until the attorney told us. Hope this helps. Good luck today. We then went out to dinner to celebrate "rebuying" our house..LOL!
I went through Jay too. Yes, the attorney was able to answer a lot of questions I had.
I already had my homeowners in my payment.
Message edited 1/13/2012 9:02:03 AM.
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| Posted 1/13/12 9:01 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I close tomorrow on my refi but I have questions
Refi done. Overall, went well..happy with my outcome.
My taxes went down because I grieved them a while back and I totally forgot so my payment is even lower.
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| Posted 1/15/12 10:00 AM |
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