Closing Your Refinance
Closing your refinance will be very similar to the closing you experienced when you bought your home. Since you already own the home, you won't be dealing with a real estate agent or seller.
What to Bring to Closing
Here are some of the items you'll need to bring to closing:
- Identification such as a driver's license, government-issued photo ID or passport
- A cashier's check to cover your closing costs (if applicable)
- Your Closing Disclosure, which you can use to double-check the final paperwork
- A list of key contacts, like your agent or lawyer, in case any questions come up
Who Should Attend Closing
Anyone who's going to be on the loan will need to attend closing. It's possible to close on your mortgage if you aren't able to make it in person, but you'll need to grant someone power of attorney. You can also expect a representative from the title company to be at closing, and some states require a witness to be present as well.
Refinance Closing Costs
Whether you pay closing costs and how much you pay depends on your loan. For example, closing costs can often be rolled into conventional loans, while FHA loans will require you to pay those costs upfront.
Before you close, your lender will provide you with a Closing Disclosure that will give you a line-by-line breakdown of any fees you'll have to pay at closing, as well as your loan and payment details. You'll have at least three days to review the Closing Disclosure before closing. This gives you the opportunity to back out if you're not comfortable with the final numbers. However, you should keep in mind that you'll likely still have to pay for services you've already received (such as an appraisal or credit report).