Refi timing question

[Deleted]

My loan payment is due the 1st, but I have a 15 day grace period before I'm charged a fee. My refi got screwed up and now will happen sometime next week. Would you be ok not making Novembers payment and trust that the payoff would get there before the 15th?

[madisen]

I never send my mtg payments in before the 15th as is. I'd definitely wait.

[Deleted]

If you have the cash, I'd make the payment just to avoid getting hit with any surprise fees. You will get any money back from the bank if you end up overpaying.

If you don't want to do that, you could call the bank a few days before the 15th and see if they've gotten the payoff - and make the payment then.

Basically would advise not getting some random penalty on your way out of the mortgage!

[doctorsbaby]

We are signing our refi closing docs on 11/6 and they said it would fund 11/13. Our refi is through BofA and they hold the original loan so I don't know if that makes a difference though. She said it is generally 3 business days after you sign docs that the loan is funded but ours is a little off b/c of the Veterans Day holiday.

I was told not to make our November payment.