Closing Document Discrepancy? Need help please.

[Michael Greer]

Hello everybody,

I am newer, so please be gentle.

I am cash out refinancing an investment property.

The cash-out-refi bank that I'm going with came back with a pay off loan estimate about $5000 higher than what I'm pretty sure I owe.

I contacted the mortgage holder and got my own pay-off letter showing I owe $128k on the property.

This cash-out-refi bank produced closing documents stating the payoff is $133k.

I asked about it and they changed the numbers back to $128k without explanation.

Is this common? I'm no genius, but it seems to me that $5000 would have gone to someone else but me.

Am I wrong?

Thanks in advance!

[Bill B.]

Nope. They would have sent the $133k to the lender. The lender would have sent you a letter saying thansk for paying off your loan. The balance was $128k, you sent $133k, here’s yoru $5k check.

the amounts are often slightly different because of pay off fees, extra days of interest, wire fees, etc etc. 
. 
‘you did get yoru $5k a week faster and I don’t know why they were off, but you would have gotten a check in a week or maybe two from the original lende. Good job knowing the numbers though.