I’d simply lent of a quarter-million dollars and my concern ended up being easy: “Just how can We spend you right right back? “
The girl regarding the other end associated with the phone, nonetheless, could not tell me. Ten days had passed away I was worried my first payment would be late since I signed the papers to refinance my home and, with the holidays approaching. She attempted to soothe me personally with possibly the most misinterpreted expression associated with the refinancing procedure: “Don’t worry. You are free to skip a repayment. “
Had I paid attention to her, it could have cost me personally 1000s of dollars. And if you’re one of many scores of property owners that will refinance in 2013, it might set you back, too.
When your brand new year’s resolution would be to spend less or get control of your family spending plan, refinancing continues to be an option that is really good. However the proven fact that “skipping” the very first repayment can be pain free, economically speaking, is really a myth, repeated over and over repeatedly by loan officers like mine. Often they are lying, often they are misinformed and quite often these are generally simply trying to get an annoying borrower like me off the telephone. Continue reading