The experience of closing your refinance is just like the closing process when you were buying your home. As you’re the owner of the house, you won’t need to deal with any seller or real estate agent.
There are a few items you should bring to the closing, which are:
The answer to that is no. It will take about 3 to 5 days after closing before you receive your funds. It is required in The Truth in Lending Act that you are given 3 business days after closing to cancel the refinance by your lender. You won’t receive your funds till that time passes, as the loan isn’t closed technically.
All parties who’re going to be involved in the loan must attend the closing. If you can’t make it to the closing on your mortgage in person, you may give someone else your power of attorney. There will also be a representative from the title company present at the closing, and in some states, there is a witness present at the closing as well.
How much you pay or whether you pay the closing costs at all depends on the type of loan. For instance, for FHA loans you’ll need to pay the closing costs upfront, but you can add these closing costs into your loan for a conventional loan.
Your lender is also going to present a Closing Disclosure to you before you close, which will provide you with a comprehensive breakdown of your payment and loan details and any fees you must pay at closing. You’ll be given 3 days to review the Closing Disclosure before closing, and if you don’t like the numbers you can back out from the refinance during this window.
Closing for your refinance may require less time than it took for your home, as there are fewer parties involved in the process. However, you may take as much time as you want, if there are questions you need answers to. You should set aside at least 30 minutes before you finalize and sign all paperwork.