Posted on: 12th Jan, 2014 08:56 pm
I want to back out of a refinance of primary residence, before closing, loan is ready to close. The contract states that my good faith deposit will be returned. Am I liable for any fees. If I back out will it hurt my chances of being approved with someone else? It is a harp loan
Hi Reba,
If nothing is mentioned on the loan contract regarding fees, then you will not be responsible for paying any fees for the cancellation of the deal. I don't think you will face any issues to qualify for another HARP just because you have cancelled the deal.
If nothing is mentioned on the loan contract regarding fees, then you will not be responsible for paying any fees for the cancellation of the deal. I don't think you will face any issues to qualify for another HARP just because you have cancelled the deal.
You need to check the loan agreement in order to find out if there is any fee mentioned. If there isn't any such fee, then you aren't at all responsible to pay the fee for deal cancellation.
At minimum you will be responsible for appraisal and credit - items that are paid before the close -
just curious what caused you to change your mind?
Brian
just curious what caused you to change your mind?
Brian
Are you refinancing or buying a house?
You ask, how do you back out of "refinancing"
Then you mention there is a contrcat and a good faith deposit--which is a purchase.
Then you mentiuon it is a HARP loan---which would be a refinance of an exisiting loan on a property you own.
Very confusing.
Are you buying or refinancing?
Just exactly what are you trying to back out of?
You ask, how do you back out of "refinancing"
Then you mention there is a contrcat and a good faith deposit--which is a purchase.
Then you mentiuon it is a HARP loan---which would be a refinance of an exisiting loan on a property you own.
Very confusing.
Are you buying or refinancing?
Just exactly what are you trying to back out of?
It was a refinance, the one I wanted to back out of closing was strong arm type of talk. He kept telling me the other person was going to come to closing with higher numbers at closing, even though it was .625 lower rate.I closed with the strong arm but it just didn't feel right, so I canceled the loan within the 3 day period. I felt bad to begin with about canceling, after considering all things that went on, I got over it. I closed with the 2nd company with the lower rate of 4%, the closing cost was lower than estimated. My good faith deposit required by the 1st company was returned.