Question by rico g: After refinancing how long dose it take to pay off your existing mortgage?
Hi I just refinanced my mortgage and it closed a week and a half ago. I refinanced with the same company, went online and it showed the new loan on there with the first payment. It also showed the old loan showing a payment.
sorry this old loan showed a balance and a payment due for this month.
Best answer:
Answer by Kenneth D
The existing mortgage is paid off at closing. What you are really concerned about is that it is not showing in whatever system you checked. Call the mortgage company and they should have the most up to date information for you.
Give your answer to this question below!
A mistake has been made. The old loan should have been completely paid off as part of the settlement. Inquire of the lender why this was not done.
States vary on how they handle dispersment of loan proceedes and banks vary in how they settle balances. Also the fact the old loan is showing as open doesn’t mean it hasn’t been paid off. Call customer service Monday to make sure all is well; but there shouldn’t be a problem
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