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Closing your loan

Closing on your new loan is the final step in the refinancing process – a procedure that is almost identical to when you initially closed on your home loan.


Most likely, you remember closing day – also called settlement – from your initial purchase. You signed many important documents, paid closing costs and walked away with the keys to your new home.

The good news is that closing on your refinance is a very similar process, minus the keys as you already have them in hand! You have the benefit of experience and should not be hit with any surprises. If it’s been some time since your initial closing, learn how you can prepare for a successful closing and what you can expect.

Get prepared

Three days before your closing date, you'll receive your Closing Disclosure. This document will lay out the final details of the 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.

Remember: Your lender gets paid to help you every step of the way and these are your finances – don’t be afraid to ask questions!.

What to expect

You’ll sign a lot of important documents at closing and the process can take a few hours. While every closing differs based on unique situations, the following generally holds true for all:

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Closings usually take place at a title company. For a refinance, it’ll be you and any co-borrowers and a closing agent in attendance.

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You’ll need to bring a state-issued photo ID and a cashier’s check or wire transfer to pay for outstanding items or closing costs that aren’t rolled into the loan.

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 You'll be asked to review and sign a number of documents and several affidavits and declarations. Be sure to read all documents carefully and understand their purpose as they are legally binding.

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When everything is signed and completed, you’ll leave the office with a new loan, including a new rate and term.

It's important to understand the closing process in advance so when your settlement date arrives, you're prepared.

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