mortgage closing information

Killerchef · Joined: 15 Mar 2008 Posts: 1 1.77 Dollars($)

I'm trying to refinance to cash out. Our mortgae boker wants us to sign the same paper we will at closing now, then he said that it as to have a three day hold ( something like a resining period, then go to processing, then do something else, and then actually close a week and half after sign the first set of paper. And we won't get our check for cash out for a day or to after closing. We have done this before, but it didn't work this way, we signed a mortgage application, a lock in and then just signed papers at closing and recieved our check then, and also were told that we had 3 days to resined, but this guy is not saying this. Does this sound strange

banker0679 · Posted: Sat Mar 15, 2008 3:23 pm Post subject:

that sounds strange.

the first step should be application, then you sign preliminary disclosures or RESPA docs. It's turned into the processor who sends it to the Underwriter. Once the U/W approves it..then they send it to closing.

You close it with your attorney/title company/notary, then you have to wait 3days for the 'right of rescission'.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

I think that three days is put in there for your protection in case you change your mind right? So it is for your protection right?

banker0679 · Posted: Sat Mar 15, 2008 7:05 pm Post subject:

that's correct. it's called a 'cooling period'.
it was placed there by Federal Law

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Makes sense, since you would want the right to change you mind there, what if you signed everything and then decided not to go through with it, I think this is a nice protection law to have in place and three days is not a real long period to wait.

banker0679 · Posted: Sat Mar 15, 2008 7:12 pm Post subject:

once you close you will have 2 sheets for each borrower.
each sheet basically states the same thing .....sign here to rescind, and fax/mail back

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