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!!
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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Also have a HELOC availability they were OK keeping as subordinate which would put me right at 80% LTV when factored in but they were fine and didn't require appraisal.
I closed last month, I want to refi again.
I closed last month, I want to refi again.
To be honest I've done a refi tons of times and in most cases tried to adhere to the clawback so you dont burn bridges with the lender in the event you need to refinance with them in the future.
The years past where I did it unknowingly but none of the lenders came after me and I did discuss with a few of them and they said its tough luck but majority of the people dont do it as they dont often refinance in that short of a time due to costs (I used to take negative points so it was different for me).
LenderFI I believe is the only one listed here that makes you sign a paper indicating that they have the right to come after you and I'd skip them for that reason alone....
Shahhere
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Not saying you're complaining about the funding process, but literally thousands of forumers have refinanced via Better, they do follow through the funding despite the recent gripes on pricematching and response times.
Meanwhile, what is the confusing part? Perhaps one of us can help clarify?
Meanwhile, what is the confusing part? Perhaps one of us can help clarify?
Monday = Closing
Tuesday = Day 1 of recision period
Wednesday = Day 2 of recision period
Thursday = Day 3 of recision period
Friday = Funding/Disbursement Day
So on Friday, things are now in control of the Settlement Agent. Some Settlement Agents will process things same day, but some also wait to see it post in their bank account overnight before sending out payoff. So...
Friday/Saturday = Send Payoff to old lender
If the payoff was via wire xfer, substitute Monday for Saturday as Fed Wire doesn't operate on weekends. If via check, FedEx should take the check Saturday without issue.
Let's say in either wire xfer or Fedex, the payoff arrives at the old lender on Monday. You can adjust depending on the actual days in your case. The old lender may also wait until payoffs post before processing the payoff. However, they will backdate it to when they got the funds. This said, the payoff may not get processed until Tuesday.
To further add insult to injury, the old lender may not update their website in real-time and only via overnight batch. So the website may not show payoff until Wednesday.
So as you can see from the above, there could be quite a while from the closing table before seeing payoff at the old lender. However, "within 24 business hours" from disbursement/funding date is indeed when the payoff is sent.
Also, all of this assumes no hiccups are encountered, which occasionally happen.
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So the payoff quote can be much higher than anticipated. However, what usually ends up being the gotcha is the settlement agent failed to get an updated payoff prior to closing. So if they got a payoff quote on 7/10 that is good until 7/25 and you close on 7/20, they may not have gotten a new one to "see" the July payment.
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