Financing in 03077>Question Details

Abb, Home Buyer in 03077

can I get out of a refinance that's in progress and due to close in 24 hours?

Asked by Abb, 03077 Wed Sep 23, 2009

due to close tomorrow - just rec'd, via email, my Buyer's / Borrower's Estimated Settlement - charges are outragieous - can I withdraw? Do I need a lawyer to do this?

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Hi Abb,

Hey buddy you got 3 Days after you sign the Loan docs,you can 3days Recission right !!
Excercise your Right,if you are not content with you Loan....

All the Best,
Arif Vora,
0 votes Thank Flag Link Thu Sep 24, 2009
FYI, investment properties do not require a right of rescission. If the loan officer has to change anything that affects the APR, you'll have to wait for underwriting to accept the changes. Did the loan officer change the fees midstream? If so, he/she had to inform you per the new MDIA rules. Again, this would require 3 business days to make any changes giving you time to ask questions. Ask yourself why the fees are so high? Are you counting the HUD funding fee as a closing cost? It's not, but looks like it. Are you counting escrow payments needed to close? Those aren't closing costs. Are you buying down the rate for a lower payment? Are you including 2 deferred payments in the loan (60 days interest due at closing)? Don't. Closing costs are normally 3-4% of the loan amount in most instances. If it's higher than that, ask the Loan officer to go over the fees and see if there is anything he/she can reduce.
0 votes Thank Flag Link Wed Sep 23, 2009
The lender is required to provide you with a final disclosure (if anything changes for the worse) prior to you going to close. That is so that if the charges come back being "outrageous" you have the opportunity to find someone else.

Above and beyond this disclosure you have a three day right of recission on a refinance and can actually cancel the loan anytime within 3 business days AFTER the loan closes. So, if you're not happy with everything just simply walk away.

If you would like I would be happy to review the Good Faith Estimate and/or Truth-In Lending Statement you were provided to give you my opinion of the fees you are being charged. My company has offices throughout New England and we are rated A+ by the Better Business Bureau. Good Luck!
0 votes Thank Flag Link Wed Sep 23, 2009
Just call and cancel. be prepared for the heavy sell and the many questions!

Loan Officers dont get paid until the loan closes so they will be very eager to get you to change your mind!
0 votes Thank Flag Link Wed Sep 23, 2009
You should be able to withdraw without a lawyer, but may still be obligated to to the lender to pay for the property appraisal.
Web Reference: http://BrooksTeam.com
0 votes Thank Flag Link Wed Sep 23, 2009
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