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Our lender reduced our payout for the refinance, loan is funded, but we didnt' sign their revised disclosure

We have bought and sold three homes in four years and every loan has it's little quirks. This is our first refinance. We are refinancing for a lower monthly payment and rate. We have a little bit of cash coming back. It was 2500 when we signed the closing docs. Yesterday we received docs reducing our payout by 500 because this type of loan doesn't allow to receive that much back. When I asked how they didn't know that before they said they did. But factored in a non existent appraisal deposit. Of course, they never addressed that inconsistency. We pushed back and they said they were reducing our principal balance by 450, but our loan balance remains the same. Pushing back some more they offered to send us the 450 in a check instead along with a 1900 payout. We hadn't signed the most recent disclosure because quite frankly I'm distrusting at this point. BUT we just got notification that the loan has funded. In reading your some of the past posts they can cancel our loan and call it due? Would love some insight. by filluponlife555 from , California. Nov 20th 2019 Reply


Korene Clopine-Seaman (korene)
#68 ranked lender in Arizona - 90 contributions

Mortgage loan guidelines are determined in part by the type of loan you are getting?Did you do a rate & term loan, did you have a cashout loan? each type of loan is different and each loan has different guidelines, different risk assessments, and different interest rates.

Nov 20th 2019
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Korene, I'm not sure how your answer helps with my question. It's a rate and term. The nominal amount to payout, 2500. was in response to us not being aware that they were expecting to receive our escrow account balance of 3500. This balance was free and clear ours after our annual taxes were just paid this month.My question is if the loan is funded and we didn't sign the final disclosure with them recanting 450.00 of the loan what happens? Our original closing docs are still the standing docs.

Nov 20th 2019
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