How to Prepare for a Refinance Closing
The items needed for a refinance closing are slightly different from those items needed for a closing on a sale of a house. Once you have made the decision to refinance your home, you'll want your transaction to progress as smoothly and efficiently as possible. Land Title works closely and diligently with your lender to create an exceptional and seamless experience.
Please consider the following items to help avoid having a delayed or prolonged transaction:
- In an effort to communicate proactively, your lender may contact you regarding any outstanding requirements or conditions throughout this transaction. Feel free to contact your lender directly or Land Title for any additional questions or needs during the process.
- Specific information may be requested regarding existing lien payoffs or additional requirements. Please have any loan account information available as well as the last 4 digits of your Social Security Number in case this information is requested. (Note: there are other areas in addition to the payoffs that may be requested from you)
- In the case that courtesy payments or debts unrelated to the property are being paid out of the closing, full account information and accurate statements will be requested. Please make sure you have the most recent statements to attach to your payment check. Land Title is not liable for late fee costs incurred in such cases.
- "Good Funds" are any funds due at the closing which are over $500. This payment is required to be in the form of a cashier's check, payable to yourself to endorse over or to Land Title Guarantee Company. Money orders are not an acceptable form of payment or good funds.
- If you are refinancing your principal residence, federal law allows you to cancel the transaction within three days of signing the documents. Therefore no money will be disbursed until such time period has lapsed.