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Refi question - closing today
So we are supposed to close in about 4 hours on our refinance and DH just got a call from the mortgage brokers office saying that the Legal Department notified them that since we are not going to escrow our taxes or insurance, that we must pay our home owner's insurance for the year upfront.
I think this is bullsh!t since I don't escrow with my current mortgage and we pay our insurance monthly.
I also think it is bullsh!t since they are pulling this at the last minute. We were supposed to close last week, but they didn't confirm our appointment within 24 hours so I could rearrange work meetings and they didn't have the amount we needed for closing.
I am so p!ssed right now that I am about to walk away from this. I am sure part of my reaction is irrational, but I need to know if the home owner's insurance upfront payment is normal for people that don't escrow.
Dx: PCOS and short luteal phase
18 cycles (3 with our RE) - Metformin + Clomid + HCG booster did the trick!
BFP #1 6/22/09 EDD: 3/2/10 DS born: 3/8/10
TTC #2 since Dec 2011
BFP #2 7/8/12 EDD: 3/18/12 M/C @ 9w1d: 8/16/12
Re: Refi question - closing today
We refinanced last year. We didn't escrow with our original mortgage, nor with the new one. We did not have to pay HOI upfront. We have USAA and pay our premiums monthly, fwiw.
However, because we closed in early November - AFTER our county and MUD had already sent invoices for property taxes - we had to have those paid in full by the time we closed. It was only about 1.5 months earlier than planned so we had the money available - it was just unexpected and we had to scramble a bit to have everything ready for closing.
Dx: PCOS and short luteal phase
18 cycles (3 with our RE) - Metformin + Clomid + HCG booster did the trick!
BFP #1 6/22/09 EDD: 3/2/10 DS born: 3/8/10
TTC #2 since Dec 2011
BFP #2 7/8/12 EDD: 3/18/12 M/C @ 9w1d: 8/16/12
Lots of banks want 1 year ins paid up front. This is the case with most purchases. When we refied we didn't have to, but we had paid a year when we purchased and there was still about 6 months remaining. If there is a tax bill they do make you pay it prior to close or at close.