Refinancing, Closing on May 24th.

[eddymvp]

Here is the info about my refinance:

Purchase Date: May, 28, 2009.

Rate: 5% FHA.

Loan Amount: $220,000.00

Current balance on Loan is: $203,000.00

My house appraised for $275,000.00 i'm refinancing 85% of that which is $233,750.00 at 3.25% rate and no closing cost.

My question is at closing date: i will cash out around $30,000.00, Do I get a check that day  for the different between 233,750-203,000?

[tooleman694]

Id have it wired in your account when it funds.

[eddymvp]

Didn't know that was an option, didn't want to annoy my mortgage broker with those questions. Do I tell them that at closing date or before?  and are the usually available on that date?

[StartingOver10]

Check with your LO. There is usually a 3 day waiting period for a cash out refi due to a rescission clause for the refi. I think it is a federal provision for the rescission clause. It allows the borrower to rethink their decision and to not go through with the refi if they change their mind and notify the lender and title company within 3 days of signing.

[madmann26]

You should be able to provide a voided check to your LO.

[Booner72]

What were your credit scores when you refinanced?  I'm in this process (though I won't get nearly 30K back like you did!  WOW!)

Anyway, my LO said today that 720 is best but 740+ is better.  I don't think we will get there if we put DH on the loan and I think we need to this time due to DTI.

TIA!

[Booner72]

PS: I see you are mid 650's? Where did you go for your refinance?

[eddymvp]

my score was 710 and I did FHA refinance.