Make the payment or not?

[phorsenuf]

We are refinancing our house and were supposed to close by weeks end. I spoke to out loan guy and everything is on track, they got the title, the payoff, etc. I asked if we would still be closing by weeks end and he said probably early next week.
Our current mortgage payment is due by the 16th. I haven't made that payment yet because I figured we'd have closed by now. So, should I make that payment or just wait. Its not technically 30 days late until the 1st of next month. The 16th already incorporates the grace period.
If I go ahead and make the payment will that now mess things up since they already have the payoff figure?

 

[Bob Slydell]

Ask the title company doing the closing -- they'll know whether or not you should make the payment.

 

[phorsenuf]

Ask the title company doing the closing -- they'll know whether or not you should make the payment.

I don't know who they are yet. My lender hasn't gotten back to me today.

 

[binny]

we are in almost the same boat, our mortgage guy told us not to pay it and the worst case scenario was that we would have to pay the $25 late fee. He said it would not show on our credit until the 31st.

Thats OUR situation though. Please call and make sure.

 

[phorsenuf]

See, that's what I'm thinking. If for some reason things get held up and we don't close by months end, then I'll make the payment. But to make it now just doesn't make sense.
If they have our payoff and then I make the payment, then the old mtg. company has extra monies of ours and we'll have to wait for a refund (if they would).

Guess I'll see what happens tomorrow. Hopefully I'll hear from our loan guy with the closing date.

Also, if we close next week, then our first payment isn't due until December, right?

 

[HayGan]

Given that today is Thursday and your docs would have to be in the process of being prepared for a closing tomorrow, I would go ahead and pay it. I would defiantely have your broker should know when the payoff was good thru.

 

[BuzznBelle'smom]

I would recommend paying it, if at all possible. That way, worst case scenario, they refund it to you. It might take a couple weeks, but your credit is solid. Of course, I'm always pessimistic about finances, but I would rather pay it and get it back later, than have my credit report messed up because I thought I'd close and it got postponed.

Hopefully it will all work out fine--like I said, I'm a pessimist.

 

[phorsenuf]

I would recommend paying it, if at all possible. That way, worst case scenario, they refund it to you. It might take a couple weeks, but your credit is solid. Of course, I'm always pessimistic about finances, but I would rather pay it and get it back later, than have my credit report messed up because I thought I'd close and it got postponed.

Hopefully it will all work out fine--like I said, I'm a pessimist.

It won't be late until the 1st of next month, in which I would have paid it by then if we weren't closing.

They can't report to the credit bureau as being late until it is past 30 days.

 

[Charade]

Technically, your payment is due the 1st, not the 16th but many people use the grace period. Personally, I don't. I like my payments showing up just a little before they're due.

I was in the same situation but my payment went out automatically when I refinanced this past summer and they refunded me the extra money. Only took a couple of weeks.

I would recommend paying it. If you end up sending them more than the pay off, they will refund you the difference and any excess escrow.

 

[Patch'sD]

Depends when the closing is. If you are mailing your payment it may be posted late in the week. If your closing is early in the week, The loan Pay-off leter may not reflect that payment being made, and the money that you just paid would have to be refunded to you.

 

[binny]

See, that's what I'm thinking. If for some reason things get held up and we don't close by months end, then I'll make the payment. But to make it now just doesn't make sense.
If they have our payoff and then I make the payment, then the old mtg. company has extra monies of ours and we'll have to wait for a refund (if they would).

Guess I'll see what happens tomorrow. Hopefully I'll hear from our loan guy with the closing date.

Also, if we close next week, then our first payment isn't due until December, right?

I PMed you.

 

[Buzz207]

We were in the same situation when we renegotiated our mortgage. We ended up having to pay our final payment on our old mortgage and then turn around and make new first payment on new mortgage 2 weeks later. It wasn't ideal, but it was the way it worked out!! We were on accelerated bi-weekly payments though with the new mortgage and monthly with the old one which is why it was only 2 weeks later!

 

[DisneyAddict_M]

I worked at a mortgage broker for a few years. We always told our customers to make the payment no matter what.