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Updated almost 6 years ago,
Quick Check on this hard money payoff quote
I borrowed $141k hard money at 7% interest-only and escrowed ~$10k with them for repair costs (not sure if that matters). My monthly payment on the hard money is $822.
I'm now trying to refinance into a conventional mortgage and the payoff quote they provided to the new lender is $142,233. Does this sound right? I would have thought it wouldn't be more than the initial loan amount plus about half a month's interest since I last made a payment. Whereas this is about 1.5 months of interest on top of the loan amount.
I'm planning to contact the lender to get a breakdown, but they have been very slow to get back to me and every day I delay signing this closing disclosure pushes out the 3-day waiting period on being able to close on my refi, so I'm hoping someone on BP can clarify for me more quickly so I can move forward.
Thanks!