when to expect proceeds from re-fi?

pdg777September 18, 2006

Hello, everyone

I'm wondering what the rule of thumb is for receiving cash from a refinance? I was told that my loan funded on Thursday, September 14th, but I'm getting the round-around as to when the proceeds will be disbursed to me. They are not paying off the old mortgage company until Sept 30th (that sucks, even though the interest is not calculated daily because it's an FHA loan, but it leaves too much to go wrong).

I gave them information to have my funds wired to my bank, but I haven't gotten them yet. Also, how soon can they legally charge me interest on the loan if there has been no payoff and no funds disbursed?

Thanks for any help anyone can give.

Thank you for reporting this comment. Undo
davidandkasie

my wife and i just did a refi and we got our money about 10 business days after funding. the checks to our CC companies were in our hand the day of closing, but the cash to finish out a couple other things took the 10 BUSINESS days.

you may see it this week, but most likely it will be next week.

    Bookmark   September 20, 2006 at 1:41PM
Thank you for reporting this comment. Undo
prettyphysicslady

I've never waited more than 3 days.

I'd be concerned, what does the paperwork you signed say?

    Bookmark   September 20, 2006 at 11:12PM
Sign Up to comment
More Discussions
Home Loan advise? Remodel and Addition
I am looking into a renovation/remodel of my current...
allieundercover
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
sogofan
Private College Savings - How much is enough?
We have approximately $62,000 saved in a 529 plan for...
RealHousewifeofNJ
Programmable Thermostat proof
Does anyone have hard copy proof of the savings that...
rjexit5
child tax credit, age 17 cutoff
I was just wondering if anyone knew the logic behind...
jiggreen
© 2015 Houzz Inc. Houzz® The new way to design your home™