When you refinance for cash out, how long before you get your check?

Answer 1

if you did a refi on your home it will be after the 3rd business day. they call this a recission period, you have the right to change your mind in this period.

Answer 2

Refinancing can take 3 weeks to 3 months. It depends on when you lock in your rate, how long it takes to compile the information necessary, etc. Average is about 30 - 45 days.

Make sure you have all the information ready and at hand so your end isn't what holds it up. Give your escrow/title company your insurance agent information. Be available to sign papers as soon as they're ready.

Don't change jobs, quit your job, but a car or even apply for a credit card while the process is in motion. Anything that shows up on your credit as a purchase or inquiry will slow it down as they check your credit and employment again right before funding the loan and they will want you to answer for any changes.

If it's an owner occupied property there will be a 3 day recission. So, for instance if you were to sign on Monday, the earliest the lender could fund would be Friday.

Have the escrow/title company or who ever is handling the closing wire the funds into your account. They may charge you a fee (usually around $25) but there will be no waiting time like you could have if depositing a check.

Good luck :)

Answer 3

I'm not sure which question you are asking. If you are asking how long the process takes from start of the process to finish, the answer is that it should not be more than thirty days, provided you furnish the information necessary in a timely manner, pay the appraiser on time, etcetera. Refinances that take more than thirty days are often a sign that the loan provider tried to put you into a program you really don't qualify for, or that they didn't lock your loan rate and are waiting and hoping for the rates to go down so they can make more money.

If you are asking how long between signing loan documents and getting the check, there is first a three day right of rescission for all primary residence refinances in the United States. See http://www.searchlightcrusade.net/posts/1148784701.shtml for a more in depth explanation as to when Right of Rescission expires. Once it expires, the loan can fund, and *should* fund if the loan provider has really done their job. Typically the escrow officer will request funding the morning after the rescission expires. Depending upon your state, the lender has up to two business days to provide the money, typically accomplished by wire transfer. As soon as the escrow officer has the funding, they have up to two days to pay off the current loan, but that is usually the first thing they do. As soon as everyone else is paid - or their payoff is determined - they will send you your money. This can be done by wire transfer, and this is the quickest way if you're in a hurry, because your bank can and usually will place a hold on funds sent by check. On the other hand, wire transfer usually costs about $25, while sending the money by check should be part of the escrow officer's paid services.

As a final note, a good escrow officer will retain a "pad" of usually about $200-300 in case there are unexpected expenses after they have sent your money to you. Doing this allows them to send your money before everyone else has agreed they are correctly paid. You can expect to get this money one to two weeks later.

Answer 4

Most banks can arrange a pretty quick closing. Depending on the type of property on which you have the mortgage (whether it is your primary dwelling or a vacation or rental property), and whether the loan is a first or second mortgage, in the United States there may be a three day period called a "recission period" that you will need to wait after the closing to receive your funds. This period is mandated by federal law and exists to give you the time you may need to change your mind about the deal. No matter how much you beg, and how much you plead, this period cannot be waived. Other than that, it is up to your financial institution and how fast they can process everything. They should be able to tell you up front how long it will take. May God bless and keep you.

Answer 5

With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference.

Here's an example: Let's say you still owe $80,000 on a $150,000 house, and you want a lower interest rate. You also want $20,000 cash, maybe to spend on your kid's first semester at Princeton. You can refinance the mortgage for $100,000. That way, you get a better rate on the $80,000 that you owe on the house, and you get a check for $20,000 to spend as you wish.

Cash-out refinancing differs from a home equity loan in a couple of ways. First, a home equity loan is a separate loan on top of your first mortgage; a cash-out refi is a replacement of your first mortgage. Second, the interest rate on a cash-out refinancing is usually, but not always, lower than the interest rate on a home equity loan.

Answer 6

Provide the title company with your bank account details and the funds will be wired to your bank or transferred by ACH at the loan closing and should be available to you the next business day.

Otherwise a check will be cut the next business day and sent via overnight express so you should have it on the 2nd business day after closing. You'll be charged the costs of cutting the check and overnight express -- typically $25.00 - $50.00 or so.

If they send you a check, your bank can legally put a hold on it for up to 5 business days so it's best to give the closing agent (attorney, escrow service or title company) your bank details to avoid those delays.

If everything is OK with the documentation on the loan, you should be able to close the loan in 15 - 30 days from the application date.

Answer 7

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RE :When you refinance for cash out, how long before you get your check?
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Answer 8

You have to wait 3 business days (recision period) then as soon as title records the transaction with the county the lender will dispurse funds. Some counties take longer than others to record. So you could get it on the 3rd day or on the 5th day after closing.
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Answer 9

You can refinance as soon as you own the home. Whether it will be a financially wise move is another question.

Answer 10

You sign your papers, you wait 3 business days (recission period) then the title company or lender should either wire or overnight the check to you after that.