[quote=moneymaker]I did a cash out with LTV of 50%. I’m still a little confused as to my HELOC as I was under the impression it would be paid off along with the loan and I can see that it is not yet even though closing was 2 days ago. So maybe they will send me a big fat check and leave it up to me as to when it gets paid off. I’m fine with that if that is the case.I locked back in June. I communicated with 6 different people at E-lend and never had a feeling where i was in the process even though they do everything online. Their website only works with IE so Chrome will not work very well.[/quote]
If your intent was to have the heloc paid off I’d call and find out exactly what is going on. No, its not ok they just send you a check in the mail if part of the purpose of the loan was to pay off the heloc. Because while you wait for the cechl via snail mail, you are paying two interest payments. One to your old heloc and one to your new loan, for the same amount. So if they sent you a check via snail mail, they are making you pay more than if they simply transferred the funds electronically, ideally directly to you heloc lender.
A 3 day overlaps reasonable. Anything more is unacceptable. And hopefully you didn’t close on a friday, otherwise you ended up paying interest over the weekend too.
Yes I am cheap. It’s in my blood.
