Refinance Mortgage
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!
the new mortgage company will order the PAYOFF ….usually done by the processor (the title company conducts closing not loan services)
when they order the payoff the old mortgage company will let the new lender know if there is a prepayment penalty. Normally, you can find out yourself if you call them or view your old loan documents.
I’m sure your old lender will know that you’re refinancing when they see you have applied for a mortgage. You should be expecting calls from other lenders as the credit bureaus sell your information when you apply for a mortgage (called ‘trigger leads’).
make sure to get on your old lender about the payoff. they usually take their time as they’re hoping to ‘retain’ your mortgage with them instead of you going to a new company.