Anyone who’s going to be on the loan will need to attend closing. It’s possible to close on your mortgage if you aren’t able to make it in person, but you’ll need to grant someone power of attorney.
What are the steps in the refinance process?
Here’s a quick overview of the process, and what to expect at each stage.
- Step One: Check Your Credit.
- Step Two: Compare Types of Loans.
- Step Three: Gather Documents.
- Step Four: Apply for a Loan.
- Step Five: Get an Appraisal.
- Step Six: Go Through Underwriting.
- Step Seven: Lock in Your Rate.
- Step Eight: Close Your Loan.
Who attends refinance closing?
Closings usually take place at a title company. For a refinance, it’ll be you and any co-borrowers and a closing agent in attendance. You’ll need to bring a state-issued photo ID and a cashier’s check or wire transfer to pay for outstanding items or closing costs that aren’t rolled into the loan.
What do you sign at a refinance closing?
It includes your loan amount, interest rate, loan term, origination fees, title insurance, deposits for property insurance and taxes, homeowners insurance and any other fees. Review your Closing Disclosure carefully and compare it to the Loan Estimate you received to make sure there are no last-minute changes.
What happens after refi closing?
Your loan becomes official and the funds are sent on Friday. During those three days, the title company sends the paperwork back to the lender, which verifies everything was obtained and signed. If everything is included, the money from the loan is wired to the title company the day after the recession period expires.
How long does refi closing take?
Though there is no exact time limit on how long a refinance can take, most refinances close within 30 – 45 days of your application. However, there’s a limited window in which you can apply for a loan and not see a dent in your credit score.
