Reply to Refinancing question - when to make the last mortgage payment

Forum Index » Money and Finances

Reply to "Refinancing question - when to make the last mortgage payment"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]If you have a grace period that lasts past the settlement date, then it just depends on what your payoff statement for the old mortgage is based on.  I think ordinarily they base it on what they have actually received so they won't include your September payment, which means if you make your September payment then you'll probably need to make it again at closing (or else get a revised closing statement).

I would not pay September, but you might call your current mortgage lender and confirm that you have a grace period and that your September payment is not included in the payoff statement they provided (or will provide).

Also if you have real estate taxes that will be paid from escrow around now, you should ask your refi lender if you will need to pay them at closing. Often if taxes are due within 45 days of closing they make you pay them at closing, and if that is the case and your taxes are ordinary paid from escrow, then you should ask your lender not to pay them from escrow, because it will be quicker (IME) to get a refund from escrow then to get a refund from the county of twice paid taxes.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics