Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
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So regarding the Total Payoff Amount .... I know that Payoff Amount is always higher than your mortgage principal that you see on your mortgage statements
but I was surprised to know when I called my old lender that better.com overpaid my Payoff amount by 3k+ .... Why this is too high?
My old monthly mortgage is around 3.2k and I still made the payment on May 1st that better.com told me that they won't be able to get the new total payoff amount if I wanted to close that week.
Anyone experienced the same thing? I know I'm gonna receive a check from my old lender with the (escrow balance + 3k overpaid) but I rather keep that 3k.
So regarding the Total Payoff Amount .... I know that Payoff Amount is always higher than your mortgage principal that you see on your mortgage statements
but I was surprised to know when I called my old lender that better.com overpaid my Payoff amount by 3k+ .... Why this is too high?
My old monthly mortgage is around 3.2k and I still made the payment on May 1st that better.com told me that they won't be able to get the new total payoff amount if I wanted to close that week.
Anyone experienced the same thing? I know I'm gonna receive a check from my old lender with the (escrow balance + 3k overpaid) but I rather keep that 3k.
I'm not following the "I rather keep that 3k" as you will, in couple weeks when the old lender's check arrives. You can then either pocket it, or apply it towards the new mortgage and reduce $3k of principal. The only real "cost" here was for any points your paid, as they were very slightly larger b/c of the $3k. But we are talking only a few $$$ here.
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How does it work with a $0 closing cost refinance. Will I still be charges for Title insurance, etc that would be rolled into rate thus making APR higher?
So regarding the Total Payoff Amount .... I know that Payoff Amount is always higher than your mortgage principal that you see on your mortgage statements
but I was surprised to know when I called my old lender that better.com overpaid my Payoff amount by 3k+ .... Why this is too high?
My old monthly mortgage is around 3.2k and I still made the payment on May 1st that better.com told me that they won't be able to get the new total payoff amount if I wanted to close that week.
Anyone experienced the same thing? I know I'm gonna receive a check from my old lender with the (escrow balance + 3k overpaid) but I rather keep that 3k.
How does it work with a $0 closing cost refinance. Will I still be charges for Title insurance, etc that would be rolled into rate thus making APR higher?
To answer your questions though - Yes. $0 closing refers to the amount of money that you pay for costs outside of interest and escrow. Those in sections A-E on the loan estimate. If you receive a lender's credit that's large enough to cover those sections, then you have a $0 closing costs. Note you may still need to pay interest and/or money into your escrow. You would have to pay those amounts anyways so it's not included. Just a quick Google answers the question too. Note: Most here aren't taking the option to roll it into your loan.
Overview: What Is A No-Closing-Cost Refinance?
As the name suggests, a no-closing-cost refinance is a refinance where you don't have to pay closing costs when you get a new loan. But just because there are no upfront costs doesn't mean that your lender foots the bill for free. No-closing-cost refinances don't get rid of your expenses; they only move them into your principal or exchange them for a higher interest rate.
The simplest no-closing-cost refinance takes the amount that you would have paid during closing and tacks it onto your new mortgage. In other words, your lender adds the balance of your closing costs to your principal, or the unpaid balance of your loan. This increases your monthly payments but doesn't affect your interest rate.
Your lender may also allow you to take a higher interest rate in exchange for waiving your closing costs. Your interest rate is the amount you pay to your lender per month for borrowing. Refinance interest rates depend on many different factors. A higher interest rate doesn't change your principal amount, but you'll still pay more each month.
To answer your questions though - Yes. $0 closing refers to the amount of money that you pay for costs outside of interest and escrow. Those in sections A-E on the loan estimate. If you receive a lender's credit that's large enough to cover those sections, then you have a $0 closing costs. Note you may still need to pay interest and/or money into your escrow. You would have to pay those amounts anyways so it's not included. Just a quick Google answers the question too. Note: Most here aren't taking the option to roll it into your loan.
Overview: What Is A No-Closing-Cost Refinance?
As the name suggests, a no-closing-cost refinance is a refinance where you don't have to pay closing costs when you get a new loan. But just because there are no upfront costs doesn't mean that your lender foots the bill for free. No-closing-cost refinances don't get rid of your expenses; they only move them into your principal or exchange them for a higher interest rate.
The simplest no-closing-cost refinance takes the amount that you would have paid during closing and tacks it onto your new mortgage. In other words, your lender adds the balance of your closing costs to your principal, or the unpaid balance of your loan. This increases your monthly payments but doesn't affect your interest rate.
Your lender may also allow you to take a higher interest rate in exchange for waiving your closing costs. Your interest rate is the amount you pay to your lender per month for borrowing. Refinance interest rates depend on many different factors. A higher interest rate doesn't change your principal amount, but you'll still pay more each month.
Use below calc (or similar) to get an idea of interest payment from last payment.
https://www.aie.org/resources/too...rest-loan/
Add that to your remaining principal $.
If CD is way off then this number ask your closing agent to update it.
When I made a payment on May 1st, They told me 2 days before signing the closing documents that they won't be able to get the new Payoff amount but I wanted to have the new amount they need to move the closing date. So I didn't option for that because I really want to finish this.
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