Posted on: 27th Nov, 2010 05:22 pm
went with a mortgage broker to refinance. received paperwork from citi mortgage and their cost for the refinance is $2,500 more than the original good faith estimate. the interest rate is 4.5% versus the 4.65% quoted by the broker but can't see why the loan would cost that much more.
Maybe the difference is escrows, which are not really costs.
You do not know the difference in costs and you have the quote from the broker and the costs from Citi in writing. We have nothing to look at. We certainly can not tell you why the difference.
Of course you can cancel the refinance now or later. The latest you can cancel is by midnight of the third business day after you close. Yes, you can actually go to closing and sign all the papers. Then you have a three day right of rescission.
You do not know the difference in costs and you have the quote from the broker and the costs from Citi in writing. We have nothing to look at. We certainly can not tell you why the difference.
Of course you can cancel the refinance now or later. The latest you can cancel is by midnight of the third business day after you close. Yes, you can actually go to closing and sign all the papers. Then you have a three day right of rescission.
Ask the mortgage broker to explain the difference.