im doing a va refiance just to reduce interest rate. on my payoff statement, i have a line item that shows principal balance as 157,000. then next line item says interest at 6.5 is 1439 more dollars. they are adding that 1439 to my payoff. my line of thinking is i should not be charged this interest cause the original loan is being paid off early. can some one explain? is this common? ive already had to keep getting other things fixed in the closing cost. at keast 5 times i have pointed out things im being charged for.

[ideliver]

i think that this the daily interest charge on the balance...kinda like when you had a balance on a CC from the previous month...and you pay the balance in full...the next month you get a bill for a few dollars...that is the interest charged from when the statement was sent until it was paid

[double_j]

Not sure. Ask about it.

It looks to be a bit less than 2 months worth of interest. Could be that they're adding interest already accrued in the period between payments (1 month) plus another month afterwards to protect them against processing delays, etc

I think it's normal. The payoff statement will usually say that the number is good for 30 days or something like that because they've already accounted for the interest that would accrue between the time you get the balance statement and the time you actually pay in full.

[MadDog]

Originally Posted by stinkfinger

im doing a va refiance just to reduce interest rate. on my payoff statement, i have a line item that shows principal balance as 157,000. then next line item says interest at 6.5 is 1439 more dollars. they are adding that 1439 to my payoff. my line of thinking is i should not be charged this interest cause the original loan is being paid off early. can some one explain? is this common? ive already had to keep getting other things fixed in the closing cost. at keast 5 times i have pointed out things im being charged for.

The $1439 is the amount of interest until the loan actually starts. For example, if you refinance on March 15th, the new loan won't start until May 1st. You then pay the interest for the 45 days from March 15th to May 1st. It sounds like they're rolling that amount into the loan.

[335iheLLraiseR]

Originally Posted by MadDog

The $1439 is the amount of interest until the loan actually starts. For example, if you refinance on March 15th, the new loan won't start until May 1st. You then pay the interest for the 45 days from March 15th to May 1st. It sounds like they're rolling that amount into the loan.

thats half correct.

that amount is part of his closing costs which they are taking from the payout of the refi.

you can choose to close at the end of the month and therefore reduce that number, but then you have to make that months payment. you pay for regardless, only depends on HOW you want to pay it.

[CollinsE90]

when did e90post OT turn into finance advisors

[335iheLLraiseR]

OP, put up a copy of the HUD1.

[335iheLLraiseR]

Originally Posted by CollinsE90

when did e90post OT turn into finance advisors

how do you think we pay for the bimmers?

[CollinsE90]

Originally Posted by 335iheLLraiseR

how do you think we pay for the bimmers?

im the first person to ask you guys questions, but i dont create an account and my first thread asking advice, he obviously came on here for that reason

[335iheLLraiseR]

Originally Posted by CollinsE90

im the first person to ask you guys questions, but i dont create an account and my first thread asking advice, he obviously came on here for that reason

good point.

[youtkiddin]

why would anyone be upset because of my question. is this not off topic discussion. am i to assume if i would of ask what kind of weed some one smoked last night, that would of been fine. so for future referance what im i not to ask. i see some pretty lame ass topics on here and never once wondered why this or that was posted. maybe i should of just as what you guys fear the most. is this sight only to help folks with social anxiety disorders? also this is not my first post.

[JayKay335i]

Originally Posted by CollinsE90

when did e90post OT turn into finance advisors

Since OP is TROLLin

[bmwmthree]

Originally Posted by youtkiddin

why would anyone be upset because of my question. is this not off topic discussion. am i to assume if i would of ask what kind of weed some one smoked last night, that would of been fine. so for future referance what im i not to ask. i see some pretty lame ass topics on here and never once wondered why this or that was posted. maybe i should of just as what you guys fear the most. is this sight only to help folks with social anxiety disorders? also this is not my first post.

so you're the OP??

i have split personality and social anxiety disorder. but i wouldnt dare ask for help. im also on that yak. lol

[CollinsE90]

you're just mad i caught your ass

[bmwmthree]

Originally Posted by stinkfinger

i have split personality and social anxiety disorder. but i wouldnt dare ask for help. im also on that yak. lol

oh my god, i wont sleep tonight. jaykay335i caught me. oh and one other thing. im not rich nor drive a bmw. im just here for the asian car girl pics. oh and maybe an occasional fap.

[bmwmthree]

Originally Posted by stinkfinger

oh my god, i wont sleep tonight. jaykay335i caught me. oh and one other thing. im not rich nor drive a bmw. im just here for the asian car girl pics. oh and maybe an occasional fap.