Remortgage cross-examine? Can anyone confirm?
Hi when my friend remortgaged there property they received a cheque for 2k. Why would this be?
Does this always crop up when you change your mortage lender.?
Answers:
these funds could of come from a mixture of sources. Your friend can tell where.
No, most potential they refinanced for more than the mortgage was and took out 2k in equity when they did this.
When you refinance, you apply for a loan of a certain amount. Later, at closing, they figure the exact amount needed for the payoff of the old loan plus fees. If this amount is more than the amount of the loan, you write a check for the difference. If the total is less than the amount of the loan, they write you a check. Most credible, your friend made an extra payment to the original lender that be not part of the original estimate. The other adjectives reason that people find money back is that they are trying to get equity out of their house.
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Does this always crop up when you change your mortage lender.?
Answers:
these funds could of come from a mixture of sources. Your friend can tell where.
No, most potential they refinanced for more than the mortgage was and took out 2k in equity when they did this.
When you refinance, you apply for a loan of a certain amount. Later, at closing, they figure the exact amount needed for the payoff of the old loan plus fees. If this amount is more than the amount of the loan, you write a check for the difference. If the total is less than the amount of the loan, they write you a check. Most credible, your friend made an extra payment to the original lender that be not part of the original estimate. The other adjectives reason that people find money back is that they are trying to get equity out of their house.
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