Notepad with words "Refinancing A Home" handwritten on it, with key on top

What to Expect from a Refinance Closing

When closing on your new home, you signed what seems to be a million important documents, paid your settlement fees, and finally received the keys to your home. When you refinance your home loan, it’s a pretty similar process! This time, you’re already living in the comfort of your dream home, and you have the experience you didn’t have before. We’ve put together some important things you should know before going into refinancing.

Do Your Homework

There’s no such thing as being too prepared. Before signing, you should do some research on the documents you’ll be signing. Three days before you’ll sign, you will get your Closing Disclosure. This document has all of the actual fees, costs, and credits that have to do with your loan. Make sure to read it carefully to see what has changed from the original estimate of the document. If you have any questions about big changes, now is the time to ask your lender.

Be Prepared

The whole process can take a few hours due to the number of people involved and the importance of the documents. You’ll do all of the signing with your title company, so make sure you tell your lender you want to close with Monarch! You’ll also want to bring along any co-borrowers for the loan, a state-issued ID, and a cashier’s check or the information for a wire transfer. 

Ask Questions

You’ve spent a lot of time and resources in refinancing your home loan, so don’t be afraid to ask any questions. This is why it’s important to have your closing agent be someone you trust. Our job is to answer any questions you have about the process — we’re the experts. This is just as important of a process as closing on your home — there’s no such thing as a silly question. 

You Have Your Rights

When refinancing, you have a three-day right of rescission. This three-day waiting period grants you protection under the Truth in Lending Act. If you change your mind at the last minute, within three days, you are allowed “out” of the process. The lender is required to refund any transactional costs within 20 days of your cancelation. You would also have to return any funds you received should you cancel. Cancelation of your refinanced home loan means that you wish to stick with your original loan.

Refinancing shouldn’t be something to stress about, and with the right closing agent on your side and a little bit of preparation on your part, it won’t be. Tell your lender you want to close with Monarch Title Company, so you can rest assured that you’ll have a refinanced loan in no time.