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Home › Forums › Financial Markets/Economics › Question: For a refinance, what is the reasonable overlap between the two loans?

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  • September 10, 2010 at 10:47 PM #17935
    Coronita
    Participant

    So I just got my final settlement from the escrow company from a refinance. I have a few questions for folks that’s done refi’s many times.

    What is a “reasonable” period of overlap between the time your new loan starts and the old loan paid off. In this day and age, I was expecting no overlap. Then folks are saying up to two days are reasonable. What is considered reasonable?

    The second thing I noticed is that I was overcharged a few days of interest. My next month’s loan payment on the new loan already covers one day that apparently was paid at the time of escrow. In addition, an extra day of interest was paid to the previous loan even though apparently the settlement date was the day before.

    I see this so many times.. I just wonder are these honest mistakes, or do companies intentionally do this hoping that either people won’t notice or it’s not an amount that most people will find worth pursuing???

    September 11, 2010 at 8:19 AM #604361
    sdrealtor
    Participant

    I dont know the exact details but large amounts of money take time to move and get posted.

    September 11, 2010 at 8:19 AM #604785
    sdrealtor
    Participant

    I dont know the exact details but large amounts of money take time to move and get posted.

    September 11, 2010 at 8:19 AM #604468
    sdrealtor
    Participant

    I dont know the exact details but large amounts of money take time to move and get posted.

    September 11, 2010 at 8:19 AM #603812
    sdrealtor
    Participant

    I dont know the exact details but large amounts of money take time to move and get posted.

    September 11, 2010 at 8:19 AM #603724
    sdrealtor
    Participant

    I dont know the exact details but large amounts of money take time to move and get posted.

    September 11, 2010 at 8:57 AM #603832
    teaboy
    Participant

    [quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

    Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

    Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

    I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

    tb

    September 11, 2010 at 8:57 AM #604805
    teaboy
    Participant

    [quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

    Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

    Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

    I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

    tb

    September 11, 2010 at 8:57 AM #604488
    teaboy
    Participant

    [quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

    Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

    Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

    I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

    tb

    September 11, 2010 at 8:57 AM #603744
    teaboy
    Participant

    [quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

    Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

    Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

    I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

    tb

    September 11, 2010 at 8:57 AM #604381
    teaboy
    Participant

    [quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

    Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

    Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

    I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

    tb

    September 11, 2010 at 1:17 PM #604431
    fsbo
    Participant

    good question flu, I’d guess some of loan brokers might charge a couple of more days on purpose, in case to cover the gap if the new loan would not be closed in time.
    From accounting perspectives, you should fight for it and ask for adjustment since you’ve noticed it, even if it might not be a big money.

    September 11, 2010 at 1:17 PM #603794
    fsbo
    Participant

    good question flu, I’d guess some of loan brokers might charge a couple of more days on purpose, in case to cover the gap if the new loan would not be closed in time.
    From accounting perspectives, you should fight for it and ask for adjustment since you’ve noticed it, even if it might not be a big money.

    September 11, 2010 at 1:17 PM #604538
    fsbo
    Participant

    good question flu, I’d guess some of loan brokers might charge a couple of more days on purpose, in case to cover the gap if the new loan would not be closed in time.
    From accounting perspectives, you should fight for it and ask for adjustment since you’ve noticed it, even if it might not be a big money.

    September 11, 2010 at 1:17 PM #604855
    fsbo
    Participant

    good question flu, I’d guess some of loan brokers might charge a couple of more days on purpose, in case to cover the gap if the new loan would not be closed in time.
    From accounting perspectives, you should fight for it and ask for adjustment since you’ve noticed it, even if it might not be a big money.

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