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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Backing out of a refi? need info
So we did a phone application with the bank of our current mortgage and locked in a rate, BUT we have
NOT signed anything...no disclosures, consent to credit etc.
What happens if we decide not to refi?
Message edited 10/29/2010 9:38:06 AM.
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Posted 10/29/10 9:37 AM  |
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VeeJay
Love baby feet
Member since 2/09 2894 total posts
Name:
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Re: Backing out of a refi? need info
We are doing the same thing. All we have to do is write a letter to the bank saying that we withdraw our application for the re-fi and pay any fees (application fee and appraisal fee).
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| Posted 10/29/10 9:51 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Backing out of a refi? need info
Posted by VeeJay
We are doing the same thing. All we have to do is write a letter to the bank saying that we withdraw our application for the re-fi and pay any fees (application fee and appraisal fee).
ok we didnt get an appriasal yet, just application.
So you are saying we can?
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| Posted 10/29/10 10:29 AM |
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VeeJay
Love baby feet
Member since 2/09 2894 total posts
Name:
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Re: Backing out of a refi? need info
As long as you didn't signa commitment letter, I don't see why you couldn't. I would just call the bank to inform them as soon as you can and they will probably tell you to write a letter.
Good luck!
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| Posted 10/29/10 11:07 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Backing out of a refi? need info
Posted by VeeJay
As long as you didn't signa commitment letter, I don't see why you couldn't. I would just call the bank to inform them as soon as you can and they will probably tell you to write a letter.
Good luck!
Our loan didnt even go to underwriting yet.
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| Posted 10/29/10 11:11 AM |
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Elizabeth
Mom of Three
Member since 9/05 7900 total posts
Name:
"MOMMY!!!"
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Re: Backing out of a refi? need info
Definitely double check to make sure it's on record that you backed out. You would obviously never want it to look like it didn't happen bc you were not approved for a new mortgage. Things have a way of getting distorted over time esp for a future lender so see if there is a legal document to sign that you cancelled the transaction.
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| Posted 10/29/10 11:49 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Backing out of a refi? need info
FYI I just did it today.
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| Posted 10/29/10 3:30 PM |
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