You may remember your closing day — also called settlement — from when you initially purchased your home. You signed many important documents, paid closing costs and walked away with the keys to your new home. That’s good news because closing on your refinance is a very similar process.
However, if it has been some time since your initial closing, learn how you can prepare for a successful closing and what you can expect. Remember, it’s important to ask questions if you are unclear with any part of the process. You’ll want to avoid any surprises.
What to prepare to refinance
Three days before your closing date, you’ll receive your closing disclosure. This document will lay out the final details of your refinanced loan and closing costs you have agreed to. It will break down your loan terms, projected payments, actual fees, and other costs and credits. Review this paperwork carefully. If you note any large variations from the costs your lender provided in your loan estimate, ask your lender for clarification.
It's important to ask your lender any questions you may have in advance so when your settlement date arrives, you're prepared.
