The closing of your refinance will be quite similar to the closing of your home purchase. You won't have to deal with a real estate agent or a seller because you already own the house.
What Should You Bring to the Closing
The following are some of the goods you'll need for closing:
A driver's license, a government-issued photo ID, or a passport are all acceptable forms of identification.
To cover your closing costs, you'll need a cashier's check (if applicable)
You can use your Closing Disclosure to double-check the document before signing it.
A list of essential contacts, such as your agent or lawyer, if you have any issues.
Will I receive the monies at closing if I get cash out with my refinance?
No. You won't get your money for three to five days after the transaction is completed. The Truth requires your lender in Lending Act to allow you three business days after closing to cancel the refinance. You won't get your money until that period has passed because the loan isn't formally concluded until then.
Who Should Attend the Closing Ceremony?
Anyone who will be a part of the loan must be present at the closing. If you can't make it in person, you can still complete your mortgage, but you'll need to provide someone with power of attorney. A representative from the title firm will also be present at the closing, and certain states require the presence of a witness.
Closing Costs for a Refinance
Your loan determines whether or not you must pay closing fees and how much you must pay. Closing fees, for example, can typically be rolled into conventional loans, but FHA loans require you to pay them upfront.
Your lender will provide you a Closing Disclosure before you close, including a line-by-line analysis of any costs you'll have to pay at closing and information on your loan and payments. Before closing, you'll have at least three days to study the Closing Disclosure. This allows you to back out if the final figures aren't to your liking. Remember that you'll almost certainly have to pay for services you've already gotten (such as an appraisal or credit report).
How long will it take for my refinance to be completed?
Closing may take far less time than when you bought your house since fewer parties are involved. Of course, you can always take your time if you have questions about what you're signing. Plan to set aside about 30 minutes to sign and finalize all the paperwork.