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Refinance Your Mortgage Part 5

Closing on Your Refinance

The closing of your refinance will be similar to the closing when you bought your home.

Closing on Your Refinance

The closing of your refinance will be similar to the closing when you bought your home. However, because you already own the home, you won’t be dealing with real estate agents or a seller.

What You Should Bring to Closing

  • Government issued identification, such as a driver’s license, passport, or other photo ID.
  • A cashier’s check in the amount of your closing costs if you have closing costs that aren’t rolled into the loan.
  • The Closing Disclosure given to you by your lender, for you to double check all of the final paperwork.
  • A list of important contacts such as your lawyer, if you have any last minute questions or concerns.

If I’m taking cash out with the refinance, will I be given the funds at closing?

No. You won’t actually receive the money for three to five days after the closing. Your lender is required by the Truth in Lending Act to give you a three day window after closing to cancel the refinance should you choose to do so. The loan doesn’t technically close until after that period has passed, so you’ll receive the money after that time.

Who Should Come to Closing?

Anyone who is on the loan will need to attend closing – so if you are refinancing with your spouse, they’ll need to attend. It is possible to close on your refinance if you can’t physically attend, to do this you’ll need to grant whoever will be attending in your place power of attorney. There will be a representative from the title company in attendance, and in some states an additional witness is required.

Closing Costs on a Refinance

Your specific loan type will determine if you pay closing costs at closing, and how much they will be. FHA loans require that you pay closing costs up front at closing, whereas many conventional loans will allow you to roll closing costs into the loan so you won’t have to pay them up front.

Mortgage Officer with Couple

At least three days before your closing date, your lender will provide you with a Closing Disclosure. This document contains a detailed breakdown of all fees you’ll be required to pay at closing, plus all of the details of your loan and payments. So you should read this document carefully before the closing date, to make sure you are comfortable with all of the final costs and details while you have the opportunity to back out of the deal before closing. In the event you decide to back out, be aware that you’ll likely still have to pay for certain services already provided like appraisals and credit checks.

How Long Will the Closing Take?

The closing on a refinance doesn’t involve the seller or real estate agents, so typically it will be shorter than the closing that happened when you bought your home. But you should always feel free to take your time and ask any questions about the deal you are signing. Generally you’ll want to set aside around thirty minutes to finalize all the paperwork and sign all the documents.

two people discussing finances
person signing a document

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