Question by starwarzed: Can someone answer a mortgage refinance question?
When you refinance your home with another mortgage company then the one you have know, who lets them know you’ve gone with another mortgage company? Are there penelties? We are in a sliding rate and are trying to get into a fixed rate. thanks!
Answer by Yoslack
The new mortgage company you are doing a refinance will let them know. They will get a payoff from the old mortgage company and pay it off at closing. The title company is responsible for sending out the payoff to your old mortgage company. There will be a penalty if you have a prepayment penalty on the loan you have with the old mortgage company.
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