I am slated to close on my VA 100% cash out refi on Friday afternoon. I should be getting around 21K back after 2900 in closing costs and 1500 placed in the new escrow account. I got an interest rate of 3.5%. Even with the cash out my payments will remain at exactly what I pay now with the interest rate drop. I'm going from a 4.125 to a 3.5. What I did want to know is would I recieve a check at closing for the 21K or will it be wired to an account of my choosing?
Usually for a refinance there is a three day waiting period after you close before the lender will disburse. This is for your benefit to allow you time to change your mind
As to the method, you can request a wire to your account from the title co that is closing the refi or get a check.
you can go pick up the check after the 3 day recision period.
i would just leave a voided check and let them wire the funds to your account.... beats a trip back up there and having to go to the bank
Do the wire transfer, the funds will be available to you immediately.