Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Compare Refinance Mortgage Quotes

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Sat, 03/15/2008 - 12:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 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

Like | Dislike | Share | Posted: Sat, 03/15/2008 - 12:16 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome guest,

A similar query has been answered at http://www.mortgagefit.com/refinance/cashout-closing.html . Please have a look at what the community members have said.

Like | Dislike | Share | Posted: Mon, 03/17/2008 - 04:31 | Post subject:

lenny's picture
lenny | Joined: September 11, 2007 12:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

By law on a refinance of your primary residence you have a three day right of recission, meaning that once you go to closing you must wait three business days ( including Saturday as a recission day you just can not fund on Saturday) before funds can be disburse to you.

It sounds as if everything is on the up and up I can recommend you review your documents during this time and make sure everything that was initially disclosed is still correct, Review your TIL ( Truth in lending) for your APR and any pre-payment penalties. Good luck !!

Like | Dislike | Share | Posted: Mon, 03/17/2008 - 07:11 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Lenny, I guess for purchase loans too, the funds are disbursed 3 days after the closing, right?

Like | Dislike | Share | Posted: Tue, 03/18/2008 - 01:46 | Post subject:

enriko's picture
enriko | Joined: March 5, 2008 04:00 am | Posts: 0 | Location: New Jersey | 00 Dollars($)
Like | Dislike | Share | Posted: Tue, 03/18/2008 - 01:48 | Post subject:

lenny's picture
lenny | Joined: September 11, 2007 12:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sara,
This only applies to the refinancing of your primary residence. 2nd home or investment properties will fund the same day you sign your documents.
Does not apply in a purchase transaction.

Like | Dislike | Share | Posted: Tue, 03/18/2008 - 06:55 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Conventional loans allow cashout refinancing up to 90% of the loan to value.
FHA allows up to 95% loan to value.
VA allows up to 90% loan to value.

FHA has really low rates, so it maybe worthwhile to look at it.
Ask your current lender if they offer FHA loans.
The rates maybe lower than your current mortgage, and definitely lower than the 2nd mortgage rates.

Like | Dislike | Share | Posted: Tue, 03/18/2008 - 09:11 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

funds for purchase transactions are disbursed on the same day. if there is someone out there holding funds, it is outrageous.

the biggest difference between cash-out refinances and home equity loans these days is that a large number of lenders has retreated from the home equity business.

Like | Dislike | Share | Posted: Fri, 03/21/2008 - 10:12 | Post subject:

Page loaded in 0.123 seconds.