I find this very odd, but if true really sucks. I refinanced my mortgage last month with a new mortgage company. My closing date was May 26th. My old mortgage company provided a payoff thru 5/29, the new mortgage charged me interest at closing from May 26th, my closing date, thru the end of the month.
I said I am paying double interest, and they said once everything is funded you'll get a check back. I got my check back and it was for $11 which is the overage of the check I brought to closing. I called the title company and they said my old mortgage company would be the ones that give me the refund for the duplicated days. I called the old mortgage company and they said we rec'd the Check on the 29th so that's the day we payoff the loan, and she told me that's how it is that when you refinance you are paying double b/c the bank can't pay it off the same day you close.
So the question is if my old mortgage doesn't get paid off until the 29th isn't that when my new one should start? It would make no sense that everytime you refinance you pay interest on two mortgages for 3-4 days or however long it takes for the payoff to happen.
I said I am paying double interest, and they said once everything is funded you'll get a check back. I got my check back and it was for $11 which is the overage of the check I brought to closing. I called the title company and they said my old mortgage company would be the ones that give me the refund for the duplicated days. I called the old mortgage company and they said we rec'd the Check on the 29th so that's the day we payoff the loan, and she told me that's how it is that when you refinance you are paying double b/c the bank can't pay it off the same day you close.
So the question is if my old mortgage doesn't get paid off until the 29th isn't that when my new one should start? It would make no sense that everytime you refinance you pay interest on two mortgages for 3-4 days or however long it takes for the payoff to happen.
