Posted on: 10th Nov, 2005 01:53 pm
Is there a 3 day wait for funding when you refiance a condo/townhouse?
hi lori,
welcome to mortgagefit forums.
yes it is necessary to wait for three days to fund the loan, not only with a condo/townhouse but, with any refinance.
actually this is considered as your three day right of recession, once that is up you will be able to fund the loan. when the lender is ready to fund, he use to co-operate with a escrow and your loan gets recorded on the very next day.
feel free to post if you have any more queries.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
yes it is necessary to wait for three days to fund the loan, not only with a condo/townhouse but, with any refinance.
actually this is considered as your three day right of recession, once that is up you will be able to fund the loan. when the lender is ready to fund, he use to co-operate with a escrow and your loan gets recorded on the very next day.
feel free to post if you have any more queries.
god bless you.
for mortgagefit,
samantha
I want to add some more.
This three day recession period is a part of Federal Truth in lending Act/Regulation Z. While going for a refinance with your primary residence, you get these 3 day period (business days and not holidays) to choose or cancel the loan. Your loan will fund only after these 3 days elapses after which you can get cash.
Hope this will help you.
Thanks
This three day recession period is a part of Federal Truth in lending Act/Regulation Z. While going for a refinance with your primary residence, you get these 3 day period (business days and not holidays) to choose or cancel the loan. Your loan will fund only after these 3 days elapses after which you can get cash.
Hope this will help you.
Thanks
Hi Robust,
Welcome to MortgageFit Forums. Certainly these points will make things more clear.
God bless you.
Thanks,
Samantha
Welcome to MortgageFit Forums. Certainly these points will make things more clear.
God bless you.
Thanks,
Samantha
can the lender hold back after the 3 day???? saying they do not have all the paperwork.
Hi dgramma40,
Generally they do not keep you waiting under this competitive market.
In case you are unable to get the fund because of the mentioned reason you can pressurize them to clear it fast.
There are a lot of options with a lot of lenders available today and you can change your options regarding the party if you fail to get the fund within the date desired by you.
But I shall suggest you to give a knock on a regular basis and you will be able to get it soon.
Hope I could answer your query. Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
Generally they do not keep you waiting under this competitive market.
In case you are unable to get the fund because of the mentioned reason you can pressurize them to clear it fast.
There are a lot of options with a lot of lenders available today and you can change your options regarding the party if you fail to get the fund within the date desired by you.
But I shall suggest you to give a knock on a regular basis and you will be able to get it soon.
Hope I could answer your query. Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
Hello,
We've been trying to refinance our condo mortgage since March when the rates were really low. However, my broker kept telling us that even though we have all documents prepared and the loan has been approved, there is a long line of closings. As a result, the banks are having difficulty providing funding necessary for closing. Now, 3 months later, the rates have gone up and it's no longer economical for us to refinance. I would like to know if there is really a funding delay going on and what can I do now (if anything)? FYI, I live in New Jersey. Thank you!
Carrie
We've been trying to refinance our condo mortgage since March when the rates were really low. However, my broker kept telling us that even though we have all documents prepared and the loan has been approved, there is a long line of closings. As a result, the banks are having difficulty providing funding necessary for closing. Now, 3 months later, the rates have gone up and it's no longer economical for us to refinance. I would like to know if there is really a funding delay going on and what can I do now (if anything)? FYI, I live in New Jersey. Thank you!
Carrie