Refinance Closing? Here’s What to Expect
Refinancing involves replacing an existing loan with a new one. The new mortgage loan pays off the old one when you refinance, so you’re left with just one loan and one monthly payment. People often refinance to reduce the interest rate, tap into their home’s equity, pay off the loan faster, or remove another person from the mortgage, which often happens in the case of divorce.
Our team has put together some important things you should know as you prepare for your refinance closing:
Who Should Attend the Closing
The closing is attended by the people on the loan and title. Your loan officer might also attend. Make sure you tell your lender you want to close with Continental Title Company!
What to Bring to the Closing
Before closing your loan, you should research the documents you’ll be signing. Then, three days before you’ll sign, your lender will send you your closing disclosure. This document contains the actual fees, costs, and credits that have to do with your loan. You’ll also need to bring identification such as a driver’s license, government-issued photo ID, or passport, and a cashier’s check or information for a wire transfer.
What to Expect When Closing on Your New Loan
Because fewer parties are involved, the closing for a refinance is faster than the closing for a home purchase. At closing, you’ll go over the details of the loan and sign your loan documents. You’ll also pay any closing costs that aren’t rolled into your loan.
What to Expect After Closing on Your New Loan
Once you’ve closed on your loan, you have a few days before you’re locked in. This three-day right of rescission grants you protection under the Truth in Lending Act if something happens and you need to cancel your refinance transaction. Choosing the right title company can be crucial for your refinance closing. Tell your lender you want to close with Continental Title Company for a smooth transaction. Interested in learning about average refinance closing costs? Use our refinance closing costs calculator or contact us to learn more about refinance closings at Continental Title.