Hey everyone… I’m in the conditional approval stage of my refinance loan. I made my November payment at the end of the month, thinking the loan would close on time and I wouldn’t have to pay. Unfortunately, that payment got returned, and I found out on December 8th. Will this cause my loan to be denied?
You made your November payment due on 11/1 on 12/8? Just to confirm.
Yes.
That’s a 30-day late payment. It doesn’t mean you’ll be denied, but you should contact your loan officer and let them know. They’ll do a soft credit pull before closing, and it will show up anyway. Better to be upfront about it.
It doesn’t show on my credit, but it came through a credit supplement.
You should always pay your mortgage on time. If you overpay, the mortgage company usually sends a refund check. Also, the new mortgage company will ask for a payoff balance shortly before closing.
Your old and new lenders should work together to sort this out. Just call them and explain what happened. You have proof, so don’t worry too much.
I did reach out, but I haven’t heard back and I’m freaking out.
How long have you been waiting for their response? Try calling them every weekday and email too. Sometimes they get busy and forget to follow up.
Just today, but it feels like forever.
Totally understand your concern. Try again on Monday. If you’re working with a broker, some may even work on Saturdays. Good luck!
Thank you!