I hit my first hurdle in my refinancing process.
Half of my annual tax payment is due at the end of September, the other half is due at the end of December. I don’t escrow my taxes, so when the bill showed up, I logged in to the online account and scheduled my payment for September 25. Easy enough, right?
Well, apparently, I can’t have any outstanding tax bills to close on the refinance. And the closing is scheduled for before September 25. And I can’t cancel the payment.
My mortgage broker can’t tell me if I have to have the full amount paid before closing or just the part due at the end of the month (I fear it’s going to be the full amount). If it’s not the full amount, I can just pay the second half immediately, so that when the September 25 payment hits, it will mean that I have made two payments and the bill is paid in full. If it is the full amount, I may have to pay half immediately and give the other half to the mortgage company and they will reimburse it when my account reflects as paid (I strongly dislike this plan).
I’m hoping that because they can see online that the payment is scheduled and can’t be canceled that it will be enough. Of course, that doesn’t guarantee that my account has the funds in it, etc. So the odds are not good. You’d think that someone with my credit history and bill paying record shouldn’t have this kind of problem.
All in all, a small hurdle. Just a frustrating one.