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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

how long does it take for new morgtgage company to pay off old mortgage company after a refinance

savior70 · Posted: Mon Jun 15, 2009 5:33 am Post subject:

Hi

You can pay off your current mortgage as soon as you get the money from the refinance company. Generally, the borrower pays off the current loan at the closing when the refinance company gives him the refinance loan amount.

millerja9 · Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)

It takes about 1 week from the day you close for your old mortgage company to receive payoff funds. The process goes like this:
1.You sign your closing documents at the title company.
2. Three business days must pass (called a rescission period).
3. On the fourth day your new bank wires funds to the title company and the title company wires the payoff money to your old bank.

Hope this answers your question.

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