Never refinanced so I'm a little confused on how the timing works.
Say your current mortgage principal remaining is $300K. You start the refinance process and the amount to refinance on the paperwork is $300K. While in the process of closing, you make a normally scheduled payment to your mortgage and now your remaining balance is $299K.
When you close on the refinance (at $300K), don't you lose the $1K you paid to the principal from your last payment on the original loan? Or does it somehow get adjusted before closing based on your last payment?
Say your current mortgage principal remaining is $300K. You start the refinance process and the amount to refinance on the paperwork is $300K. While in the process of closing, you make a normally scheduled payment to your mortgage and now your remaining balance is $299K.
When you close on the refinance (at $300K), don't you lose the $1K you paid to the principal from your last payment on the original loan? Or does it somehow get adjusted before closing based on your last payment?
Statistics: Posted by DinkinFlicka — Thu Sep 11, 2025 11:42 am — Replies 13012 — Views 1597688