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.
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!.