Question by sissy: How long does it take to pay off existing mortgage after refinancing?
Answer by TPM
Your previous mortgage is paid off at closing on your refi.
I read your previous question.
If you closed yesterday or today then your loan should fund in 3 business days, which will mean your old mortgage will be payed off before February and you won’t have to make the payment. (February payment that is, you probably have to make the January payment if you have not already)
What do you think? Answer below!
I agree that the mortgage is paid off when your refi loan closes. The actual release of mortgage will take up to 30 days, but if it is not released you will need to follow up with them and make sure they do so that later you do not have a lien against your home. Your refi mortgage company may keep an eye on that because they want to be sure they are the first lien holder….but make sure it is done. Every once in a while a mortgage will not be released even though most states have laws regulating the time period to get this done. Good Luck!