Not logged in? Join one of the largest Debt Reduction Forums on the Internet! Join Now!  

Advertisments:


Useful Links:

FTC Debt Reduction Advice
FTC Money Matters Website
National Foundation For Credit Counselling
Debt Reduction UK
MyMoney.Gov

Can I back out of a mortgage refinance before the closing?

Discuss everything relating to mortgages

Can I back out of a mortgage refinance before the closing?

Postby ned » Sat Dec 24, 2011 11:08 pm

I have been working with a broker for over a month now. Every time I talk to her she needs more documentation. I am fed up and just do not want to do business with these people. The only thing I have paid for is the appraisal. Is it to late for me to back out?
ned
 
Posts: 828
Joined: Mon Mar 21, 2011 8:35 am

Can I back out of a mortgage refinance before the closing?

Postby peissawg31 » Sat Dec 24, 2011 11:13 pm

You can back out. ...however...

If your re-fi is a hard one, or you owe close to the actual value of the home, or your credit is iffy, or your income documentations is questionable..... and you have found a company that will do it anyhow... then maybe you do not want to dump them.

A hard to do loan is hard to do for some lenders, and will feel like a headache. It's just impossible for others, and you'll end up without getting the refinance at all.
peissawg31
 
Posts: 794
Joined: Tue Mar 22, 2011 10:32 am

Can I back out of a mortgage refinance before the closing?

Postby illanipi » Sat Dec 24, 2011 11:22 pm

Yes you can. Up untill you sign the papers.
illanipi
 
Posts: 889
Joined: Wed Mar 23, 2011 2:23 am

Can I back out of a mortgage refinance before the closing?

Postby calder » Sat Dec 24, 2011 11:36 pm

Yes your able to back out until you sign the actual refinance document. Please keep in mind 1-2 months is the normal range for a refinance so you can expect to wait another 2 months if you go with someone else. I refinanced last year from one bank to another. But definitely if this person is leaving you unsatisfied it is time to back out. Do not do business if you feel this is a reflection of how they do business.
calder
 
Posts: 858
Joined: Mon Mar 21, 2011 8:58 am

Can I back out of a mortgage refinance before the closing?

Postby reilly » Sat Dec 24, 2011 11:40 pm

If you haven't signed any documents yet, you can back out. If you paid for the appraisal, it belongs to you, not them. Get that back for the next potential lender.
reilly
 
Posts: 835
Joined: Tue Mar 22, 2011 12:06 am

Can I back out of a mortgage refinance before the closing?

Postby tsidhqiyah » Sat Dec 24, 2011 11:44 pm

Yes you can. Go for it. They will be angry, but you didn't sign anything. After you sign the contract, it is too late.
tsidhqiyah
 
Posts: 892
Joined: Mon Mar 21, 2011 11:37 am


Return to Mortgages

 


  • Related topics
    Replies
    Views
    Last post