What is the name of your state (only U.S. law)? California
Hello, two weeks ago I talked with my present mortgage company about refinancing and was offered, at the time, a good rate, with a cash-out option. I have to refinance because the payments on my home equity line are going to be too high in June. I am also sorry to say that the mortgage rate is somewhat higher than my present rates, but the refi is a fixed rate. I curently have an adjustable 1st. I am not underwater by any means. The mortgage has a 60-day lock.
Two weeks later, I am seeing mortgages advertised for .35 less with no closing costs, and I talked with a new lender today, talking with another one tomorrow with even a better rate. I also asked my current lender, where I have the application, if I could get a better deal. I will get a response tomorrow.
On the current app,so far, they have done title insurance, and I have an appraisal scheduled for Monday. The closing costs are around $2100-3000, but seem vague on the documentation and I do not think the mortgage rep was upfront about this in our initial phone conversation where he quoted lower rates.
I understand the right of recission as it applies after one signs the documents, but also understand this does not necessarily apply to someone refinancing with the same lender. But, I have been unable to find any clear cut info on my right to cancel this application now. Of course, I can walk away, but the bigger question is: do I owe they anything. The documents I have do not even seem to address this topic. The lender I spoke with today stated I would owe nothing if the appraisal was not done. But, not sure if that is correct, if I will owe anything. That is my question? Will I owe the current lender anything if I just tell me I changed my mind? I wished I had shopped around more, but since my first attempt was a denial, I felt lucky being offered anything and it seemed like a great deal two weeks ago.
Thanks, in advance, for any comments.
Hello, two weeks ago I talked with my present mortgage company about refinancing and was offered, at the time, a good rate, with a cash-out option. I have to refinance because the payments on my home equity line are going to be too high in June. I am also sorry to say that the mortgage rate is somewhat higher than my present rates, but the refi is a fixed rate. I curently have an adjustable 1st. I am not underwater by any means. The mortgage has a 60-day lock.
Two weeks later, I am seeing mortgages advertised for .35 less with no closing costs, and I talked with a new lender today, talking with another one tomorrow with even a better rate. I also asked my current lender, where I have the application, if I could get a better deal. I will get a response tomorrow.
On the current app,so far, they have done title insurance, and I have an appraisal scheduled for Monday. The closing costs are around $2100-3000, but seem vague on the documentation and I do not think the mortgage rep was upfront about this in our initial phone conversation where he quoted lower rates.
I understand the right of recission as it applies after one signs the documents, but also understand this does not necessarily apply to someone refinancing with the same lender. But, I have been unable to find any clear cut info on my right to cancel this application now. Of course, I can walk away, but the bigger question is: do I owe they anything. The documents I have do not even seem to address this topic. The lender I spoke with today stated I would owe nothing if the appraisal was not done. But, not sure if that is correct, if I will owe anything. That is my question? Will I owe the current lender anything if I just tell me I changed my mind? I wished I had shopped around more, but since my first attempt was a denial, I felt lucky being offered anything and it seemed like a great deal two weeks ago.
Thanks, in advance, for any comments.
