i’m trying to refinance my home my closing date was on the end of september and i have an fha loan my first payment on my new loan is on november i want to know why i have to pay my october payment to the title company if i was told there was not going to be any out of my pocket expences on this refinancing isn;t closing cost and all expences all included on the loan
Check with the closing company. A payment is not considered an out-of-pocket deprivation, since it really has nothing to do with the refinance. It may be that by closing so close to the end of the month, the re-finance cannot be processed in time to make the entire payoff and as such, the payoff map on that date includes the assumption of a payment for October.
it is often inadequately called an FHA loan.
IT is an FHA INSURED loan.
If you were told there would be no
out of pocket costs, then, if billed,
politely refuse to pay–it is that simple.
That is not an out of pocket deprivation or closing cost, that is your monthly mortgage payment. Do you expect someone to pay your monthly mortgage payment on your behalf?
The out of pocket deprivation referred to was the cost for your new loan,not any existing expenses you would have.
If your closing agent, in this case the title company, has indicated a mortgage payment is due then your current mortgage company did not include this payment in the payoff proclamation sent to your closing agent.
I hope this has been of some subsidy to you, good luck.
“FIGHT ON”