Then it's usually just new docs with updated terms...however, if it's going to be another day
1. Most times there's a fee to the borrowers for the redraw - $250 - $500 or so, sometimes more;
2. Any change in the date requires all new calculations and adjustments;
3. Change in date may result in loss of commitment, loss of interest rate, changes in escrow calculations, total screwup in payoff of old loan, especially if old loan is an FHA where payoff MUST be done by first of month or there's an entire month's accrued interest due, etc etc
3 off the top of my head - probably an abundance more.
Redraws can be a PIA depending on circumstances
JMO |
