Author Topic: cash back at "non-cash out refinance"  (Read 248 times)

clarkfan1979

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cash back at "non-cash out refinance"
« on: January 02, 2021, 06:33:48 AM »
According to the title company, a non-cash out refi needs to be less than $2,000 at closing. I got $1,406 back at closing. However, I'm also getting $980 back from my old escrow account. The title company also said that my last mortgage payment was not recorded ($1,685), even though I paid it. I will be getting that money back as a refund from my old lender because the payoff balance is not correct. In the end, I'm getting $4071 cash back on a "non-cash out" refinance.

I already got the $1406. I am waiting on the refunds of $980 and $1685 from my old lender.

 

Morning Glory

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Re: cash back at "non-cash out refinance"
« Reply #1 on: January 02, 2021, 07:08:45 AM »
According to the title company, a non-cash out refi needs to be less than $2,000 at closing. I got $1,406 back at closing. However, I'm also getting $980 back from my old escrow account. The title company also said that my last mortgage payment was not recorded ($1,685), even though I paid it. I will be getting that money back as a refund from my old lender because the payoff balance is not correct. In the end, I'm getting $4071 cash back on a "non-cash out" refinance.

I already got the $1406. I am waiting on the refunds of $980 and $1685 from my old lender.

That's normal. Our refi last March took a while so the new company ended up overpaying the old company. Between that and the escrow refund I got about 8k.  I bought VOO with mine and keep it in a separate account. When I'm tempted to pay down the mortgage I add to that account instead.