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when to expect proceeds from re-fi?

Posted by pdg777 (My Page) on
Mon, Sep 18, 06 at 15:23

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.

Follow-Up Postings:

RE: when to expect proceeds from re-fi?

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.

RE: when to expect proceeds from re-fi?

I've never waited more than 3 days.

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

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