Signed my Refi papers last night, have 2 questions

[phorsenuf]

So we finally signed our papers last night and it will fund on Tuesday, the 25th. Can anything go wrong still at this point. I'm pretty sure not. If I rememebr correctly it takes 3 days to fund because you have that 3 days to change your mind if you want.

My other question is we want to check back into DVC because they have a great deal going on right now. They will probably need to pull our credit again (which is why I have been waiting). Should I continue to wait? I don't see why our new lender would pull our credit in the next 3 days.

Anyone know??

 

[Lisa loves Pooh]

I don't think they re-pull your credit.

I think you will be fine.

If you can wait it would be better, just in case---but you shouldn't have a problem.

 

[Tiffany]

So we finally signed our papers last night and it will fund on Tuesday, the 25th. Can anything go wrong still at this point. I'm pretty sure not. If I rememebr correctly it takes 3 days to fund because you have that 3 days to change your mind if you want.

My other question is we want to check back into DVC because they have a great deal going on right now. They will probably need to pull our credit again (which is why I have been waiting). Should I continue to wait? I don't see why our new lender would pull our credit in the next 3 days.

Anyone know??

The three days are for you to decide if you want to back out of the loan. They should not pull your credit again.

If you move forward with the DVC and are going to finance the purchase, the lender that is going to finance the purchase will pull your credit before they decide to offer you the financing or the terms I should say. If your credit score is not as high as they would like that might offer you a higher rate to protect against default.

 

[KelNottAt]

Sometimes one mortgage lender will sell a loan to another lender. This happens on the "back end" and won't involve the borrower...except that you'll get a bunch of correspondence in the days (30?) leading up to the transition. Eventually you'll be told to make your payments to the new lender.

I've done 3 refis and all of them were sold within a month. In 2 cases the paperwork and payments were royally screwed up. If you can spare the time, wait and see if your loan is about to be sold, then give the lender a chance to make a smooth transition.

It could be a major PITA if you're trying to sort through a problem with your mortgage at the same time you're buying other real estate. Probably won't kill the DVC deal, just makes for a hassle.

Just my $.02. I like to keep things simple.