refinance ?

[lilbit]

we are so happy! we refinanced our loan last week.our monthly payment will go from 480 to 411!!!!! and the terms stay the same! we have 13 yrs left-we thought we would have to start at 20 again. so whats the problem? well 2 days ago i got a letter from where we had the loan originally saying they rec. payoff but unfortunately it did not pay it off. there is a remaining balance of 700 something left!!! it says to pay promptly to avoid fees!!! i tried calling our new company but it was a saturday and they were closed. so i will try again monday. so what can i expect?

[rmurray]

Who got the payoff letter before your loan closing??? Someone should have..usually only the person who is on the loan can get it...Or did you use the loan balance from a payment coupon...How did you know how much to ask for in the new loan...The new lender is unusually slipshod since the old mortgage company does not have to release the title until paid which means as of now your new lender does not have any colateral..Before you call your old lender, call the person who closed the new loan with you and ask them how much they sent and did they have a payoff letter...Estimating the payoff from the payment statement is almost always wrong...This does NOT include any unpaid late charges or forced place insurance. The statement balance does not include accrued interest for the time from the statement date..Usually about 60 days..You should make them explain the figures, but it is likely you will owe the money...At least it will be a while before your new payment starts..

[lilbit]

when we did application he asked for payoff and i just guessed. he said thats ok we just need a ballpark figure- we will call to get exact. on the copy of my appl. i noticed some figures jotted down-payoff amt, term, and intest rate. the payoff amt was with cents so it wasnt the amt i gave bc i gave like 38,000. i know when we bought a new vehicle and call for payoff bank always tells us the amt and says how long it is good for-thought this was the same. well i know interest is calculated differently but still. so i will call company now that it is business hours.

[rmurray]

Most lenders would know to get it in writing..If not they should have record who gave them the number and when..Banks seldom give them over phone any more because of the privacy act..Many would REQUIRE a written request from you. Many banks are now charging fees for payoff figures.. My Chase Mortgage charges $15.00 for a written certified figure. Good Luck with your calls...

Glad you got a refi so easily..In todays world that means you have been VERY responsible with your personal finances..

[lilbit]

its through vanderbilt/clayton. when asked our becon # they said no problem and asked what our interst rate will were paying they said they think they could beat it. im happy too. and they had no problem that they land was my parents. im happy bc its a flat not varible and its about 50-70 savings a month.when we originally bought our home dh didnt haveany credit and just started his job. i had credit but not much income. we took the varible think it was a good thing --but we know now. we were young. now we learned alot and i try to tell my younger 18 yr old sister the value of credit.