Zillow Advice: Refinance - cancel refinance after closing http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ Zillow Advice | Zillow Real Estate Your attorney is correct ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ Your attorney is correct the only way to actually get your appraisal money back is to close and&nbsp;cancel during the 3 days.<br/><br/>Rates move up and down and have probably gone up some since you locked so before I would cancel anything I would make sure of what can be done and have it be with someone you trust this time. Mon, 31 Jan 2011 21:13:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T21:13:00Z Jonston - No, you are not ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ Jonston - No, you are not going to make everyone happy. If you rescind now your current loan originator will likely be upset and rightfully so. If you didn't like the terms of the loan, you should not have moved forward in the process. It is all to easy for a competitor to step in at the last hour and offer a better deal. Especially if pricing is better now then when the original process started. As others have said, there is no guarantee you will end up with a better deal even if you do make the change.&nbsp;If&nbsp;the loan you closed on has the rate, terms and fee's agreed upon, the right thing (morally) is to stay put. With that said you wouldn't be the first person to jump ship looking for the next best thing. What happens when you are ready to close the new loan and another new person comes along with even a better offer? At what point do you follow through on what you start? Good luck. Mon, 31 Jan 2011 18:45:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T18:45:00Z Good luck in your choices.Don't ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ <p>Good luck in your choices.<br/><br/>Don't be surprised if you are obligated to pay some fees such as appraisal to the screwed lender.&nbsp;&nbsp;&nbsp;<br/><br/>Don't &nbsp;be surprised if your funding with the next lender ends up more than your current.&nbsp; You don't have any legally binding promises at this point, you just have vague ideas.<br/><br/>I hear a lot of blame on the lender for not telling you, but at no time did you mention your&nbsp;independent&nbsp;research so you could be an educated consumer.&nbsp;&nbsp; How can one enter a huge financial decision without doing research?&nbsp;&nbsp; Some people do more research for a washing machine.<br/><br/></p> Mon, 31 Jan 2011 16:44:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T16:44:00Z When they look at your credit ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ When they look at your credit report under inquires, and you have to provide a letter explaning the purpose of the other lenders credit service pulling your credit report. When they ask the title co to send them the title commitment in their name. ( you are not planning on stiffing the title co, too?)&nbsp; You mention rescinding "for a stupid reason like mine".... enough said. Mon, 31 Jan 2011 16:27:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T16:27:00Z I have been in the mortgage ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ I have been in the mortgage business for 33 years.&nbsp; I have only had one person rescind on me.&nbsp; It is disappointing but not the end of the world.&nbsp; Just be aware that there may be some fees assessed for the work that has been done such as the appraisal and the title work.&nbsp;&nbsp;<br/><br/>There is a reason for the rescission period.&nbsp; If you don't feel this is the right thing for you, don't go through with it.&nbsp; <br/> Mon, 31 Jan 2011 16:23:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T16:23:00Z Jonston,Be real...No one ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ Jonston,<br/><br/>Be real...No one will be pleased with you! Nor should they be!&nbsp; They dlivered as promised and because someone may or may not deliver on a promise you are walking away.&nbsp; Recind and may the green grass be spray painted!&nbsp; <br/><br/>I have no issues when a borrower recinds because the deal they are being asked to sign is not the deal they expected.&nbsp; I have a real issue with a borrower recinding on a loan that was delivered as promissed!&nbsp; Walk away before the loan closes and at least the loan officer can attemt to salvage the deal!&nbsp; You do it after you sign and they have no control! Mon, 31 Jan 2011 15:36:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T15:36:00Z It is your right to cancel ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ It is your right to cancel prior to midnight of the cancellation date.<br/>If that has not passed - just do what you feel is right.&nbsp; <br/><br/>However, right now you have something guaranteed. Beware - of&nbsp;another lender pushing you to cancel. This is not an ethical pratice and you may find that what you have been promised is not what it seemed to be.<br/> Mon, 31 Jan 2011 14:51:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T14:51:00Z I wish my LO has told me ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ I wish my LO has told me my option honestly right from the beginning, so I would have known when to withdraw is better. Does she need to know why? How would other LO know about this? Mon, 31 Jan 2011 12:56:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T12:56:00Z I think you know the answer ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ I think you know the answer and it is go forward with your commitment. I think you are probably also aware the rule was to protect&nbsp;consumers that got to closing and discovered they were not getting what they had expected or agreed on unlike your circumstances. In the present mortgage environment every lender may not approve every buyer, and you could be the "victim" next time.&nbsp; If you do cancel and go with another lender, I can't imagine the loan officer will be real excited about doing your loan with your track record. Mon, 31 Jan 2011 05:35:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T05:35:00Z But if it is not for a stupid ... http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ But if it is not for a stupid reason like mine, then what could be the reason for recission? I just can not think of any other possibility. Mon, 31 Jan 2011 05:11:00 GMT http://www.zillow.com/advice-thread/cancel-refinance-after-closing/383794/ 2011-01-31T05:11:00Z