Updated over 15 years ago on . Most recent reply
Refinance help!
Hi Guys,
I am refinancing a 30 year loan 4.75% fixed interest which was opened just a few months ago. The loan amount was $251,000. The first payment started in August 1st.
I'm refinancing to a 4.375% loan that is scheduled to close tomorrow and i will be paying for all the hud items (taxes, credit check, app fee, etc.) on the 18th. I'm paying $30 of daily interest charges from the 18th through Nov 1st.
Our last payment was on October 1st which got our principle down to 250,048. However the HUD i was given today states that the amount that my refiannce guy is paying back my current mortgage company is 250,827.77 while my new loan amount is $250,368. I asked about it and he gave me some mumbo jumbo i didn't understand.
Is it right that my new refinance loan is supposed to be higher than my current mortgage balance?