Home Refinance

R2I_NRI · Post by **R2I_NRI** » Sun Oct 03, 2010 12:07 am

Hi All,

I have question, I recently re-financed from 30 [email protected]% to 15 [email protected]%. The loan was closed in the middle of Aug'10. It was no closing cost loan. What i found is for month of Aug i was charged for interest from old mortage company and new company without reducing the principle. Now i'm wondering whether i paid my Aug'10 principle as cost of re-finance. Just thought of sharing this with you all and would like to get input from experts so that others who are trying to refinance may take precautions.

Thanks in advance for all your input.

layman · Post by **layman** » Sun Oct 03, 2010 3:26 am

Talk to the bank and tell them that they have to refund half the interest paid for August. They are not supposed to charge you anything without your approval or knowledge. If they have to charge closing cost, they have to charge you that money as closing cost and not as interest. You should be able to complain if they overcharge you.

FB2020 · Post by **FB2020** » Sun Oct 03, 2010 7:59 am

layman;336080Talk to the bank and tell them that they have to refund half the interest paid for August. They are not supposed to charge you anything without your approval or knowledge. If they have to charge closing cost, they have to charge you that money as closing cost and not as interest. You should be able to complain if they overcharge you.

YEs this is correct. I just refinanced mine too. They explicitly stated closing costs etc in the HUD statement, and advance interest charged. The date the current bank got the money, after that date, the current bank has no right to interest, and should give you back that interest if charged. After closing date, interest is to be charged only by your new bank.

this should apply to most mortgages IMO

My Roots · Post by **My Roots** » Mon Jan 03, 2011 11:13 pm

In general, how long it takes to process home refinancing?

rajubiztech · Post by **rajubiztech** » Mon Jan 03, 2011 11:23 pm

My Roots;359261In general, how long it takes to process home refinancing?

probabily depends on bank/loan officer, but in general it takes between 30 to 60 days

amliNagar · Post by **amliNagar** » Thu Jul 26, 2012 6:49 pm

Home refinancing is the process of replacing a current home mortgage loan with a completely new mortgage loan, either with the same financial company or a different one. There are many reasons to refinance, including saving money and paying off a mortgage faster, just to name a few. Mortgage lenders, such as banks and credit unions, often loan money for home refinancing.

Thanks in advance,
Amli