Refinancing Question

[PsyOps]

I posted this in the Consumer and Financial Affairs section but figured it would get more attention here...

I am refinancing my house. I refinanced a past house that I owned and remember doing all the signing of the paperwork at closing.

This time we have someone coming to sign paperwork for the title on one day and then we have closing on a separate day. Is this normal? I just thought everything gets signed at closing. I thought this was a little odd.

 

[clevalley]

I posted this in the Consumer and Financial Affairs section but figured it would get more attention here...

I am refinancing my house. I refinanced a past house that I owned and remember doing all the signing of the paperwork at closing.

This time we have someone coming to sign paperwork for the title on one day and then we have closing on a separate day. Is this normal? I just thought everything gets signed at closing. I thought this was a little odd.

We have had them come out to the house on a refi - but never in 2 sittings... it was all done at the same time.

 

[PsyOps]

We have had them come out to the house on a refi - but never in 2 sittings... it was all done at the same time.

That's the way I figure it. I'm just wondering if there something going on out of the norm that I need to be concerned about. I feel like the people we are going through are jerking us around a bit. They keep coming back asking us to sign and resign certain forms and asking for more information they should have asked for in the beginning.

 

[clevalley]

That's the way I figure it. I'm just wondering if there something going on out of the norm that I need to be concerned about. I feel like the people we are going through are jerking us around a bit. They keep coming back asking us to sign and resign certain forms and asking for more information they should have asked for in the beginning.

With the way lenders are with money right now, some of the rules have changed so it might be a legitimate mix-up on their end, but if your gut is telling you something, TRIPLE check the figures when you sit down to sign @ closing.

I would also ask the settlement agent why there are two sittings for the closing process.

Bottom line, it is your money and with that said you have every right to ask these questions.

 

[PsyOps]

With the way lenders are with money right now, some of the rules have changed so it might be a legitimate mix-up on their end, but if your gut is telling you something, TRIPLE check the figures when you sit down to sign @ closing.

I would also ask the settlement agent why there are two sittings for the closing process.

Bottom line, it is your money and with that said you have every right to ask these questions.

Oh believe me, I will be going over the Good Faith Estimate with a fine-tooth-comb. If things don't match up, I'm showing them the door and will make sure I post their company everywhere I can think of to keep people from patronizing them. They haven't been bad except they keep coming back asking for more and more pieces of information that, much of it, I have already provided. So they just seem to be a little unorganized.

 

[GWguy]

I think I'd be more concerned about signing it all away on the first day, then having the signing not go thru on the 2nd day. You could get caught between a rock and a hard place.

 

[kevinhtre]

Oh believe me, I will be going over the Good Faith Estimate with a fine-tooth-comb. If things don't match up, I'm showing them the door and will make sure I post their company everywhere I can think of to keep people from patronizing them. They haven't been bad except they keep coming back asking for more and more pieces of information that, much of it, I have already provided. So they just seem to be a little unorganized.

I'm not picking on your terminology or anything, just trying to help.

You should get a Good Faith very early on, long before closing. At closing what you should be reviewing is a hud-1, which looks a little different, is at least 2 pages, etc.

I would ask the settlement company/attorney/agent why they are coming twice. Did they say both are for settlement/closing?

 

[PsyOps]

I'm not picking on your terminology or anything, just trying to help.

You should get a Good Faith very early on, long before closing. At closing what you should be reviewing is a hud-1, which looks a little different, is at least 2 pages, etc.

I would ask the settlement company/attorney/agent why they are coming twice. Did they say both are for settlement/closing?

Perhaps I wasn't clear on that. I got a good faith estimate almost on day one of the process. I've had that in hand for weeks.

Having bought a few houses and been through refinancing once before I just found this process a little more convoluted. The signing of the title on a separate day from closing raised a little red flag that something might not be kosher.

Thanks for the advice on the HUD. If the numbers don’t match up in the end I will walk away from the table.

 

[RPMDAD]

Perhaps I wasn't clear on that. I got a good faith estimate almost on day one of the process. I've had that in hand for weeks.

Having bought a few houses and been through refinancing once before I just found this process a little more convoluted. The signing of the title on a separate day from closing raised a little red flag that something might not be kosher.

Thanks for the advice on the HUD. If the numbers don’t match up in the end I will walk away from the table.

Agree with that keep a close eye, i have been through 3 closings and 2 refinancings and it was all done at once. Not saying anything is fishy, but to me seems out of the norm from my experiences.
Iagree with clevalley 100% " I would also ask the settlement agent why there are two sittings for the closing process. "

 

[General Lee]

I refinanced through a bank, and what a fast and easy process. They mailed all the preliminary paperwork, I signed and sent it back, they sent out a notary for the final closing. Took one month and very little time.

 

[Proud_Nana]

We have refinanced on more than one occassion. NEVER has it been in two sittings. I would definately be concerned with signing off on a title, before any monies (and paper) exchange hands. Could you possibly talk with someone else in the lenders office to see if this is normal procedure? or I could give you the name and number of a company we just used that was wonderful and you could ask someone not associated with your refinance. I will say that our last refinance, the company did come back to us with a few additional papers, but it was when the entire financial mess started (or got worse)...back in January/February, and these were papers that the government was now requiring to have signed, that weren't part of the process before. It has been a learning process for the mortgage industry as well. Air on the side of caution, and gut instinct is normally right on target. Hope this helps! Good Luck!