extra paperwork to bring cash into a mortgage refinance?
This question is for anyone who’s refinanced wanting to bring cash into the closing: Our non-bank mortgage lender underwrote the new loan, approved it, and then set the date. It’s only after the underwriting that they are requiring 2 monthly bank statements to demonstrate our ability to pay the closing cost (which isn’t much more than a regular monthly payment). We were already approved so I pushed back, but they say it’s required by Fannie Mae/Freddie Mac for reselling purposes. Anyone familiar with the secondary mortgage market? Once my check has cleared and the closing cost expense has been paid, why would Fannie Mae/Freddie Mac care? Is this a normal or usual requirement? Thanks!
tara
in General Discussion 3 years and 10 months ago
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cate | 3 years and 10 months ago
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Do you have a lawyer, independently chosen by you? Ask that person. I don’t know what the lenders are requiring these days, but unscrupulous lenders will sometimes demand extra cash at the closing table for various made up reasons and fees that are not legit.
hkapstein | 3 years and 10 months ago
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Which loan program are you applying under? Also, it seems like there is a reason you don’t want to provide the documentation requested, are you able to share it here?