Yes, your new lender will require a new lender’s title insurance policy as a condition of the refinance. Even though you already have an owner’s policy from when you purchased the property, the lender’s policy requirements are different.

Why a new lender’s policy is needed: Your original lender’s policy was issued to your prior lender and terminated when you paid off that loan (or will terminate when the refinance pays it off). Your new lender has no coverage under the old policy and requires their own policy to protect their new security interest in your property.

Coverage of the new policy: The new lender’s policy insures your new lender against title defects, just as your original lender’s policy did. It covers the new loan amount and protects the lender’s lien priority position.

Owner’s policy status: Your existing owner’s title insurance policy remains in effect—you don’t need to purchase a new owner’s policy when refinancing. The owner’s policy you obtained at purchase continues to protect your ownership interest for as long as you own the property.

Cost savings opportunities: You may qualify for a refinance rate or reissue discount on the new lender’s policy if your existing owner’s policy was issued within a certain timeframe (often up to 10 years). This can significantly reduce the title insurance premium for your refinance. We check your eligibility for discounts automatically.

The requirement for lender’s title insurance protects both the lender and ultimately you—ensuring your new loan has proper lien position and that the lender will fund knowing their interest is insured.

Yes, refinance transactions require you to sign loan documents, though you may have options for how and where the signing occurs.

In-office signing: You can visit our office at a scheduled appointment time to sign with our notary. This traditional option works well if our location is convenient for you.

Mobile notary signing: If you prefer to sign at your home, office, or another location, we can arrange for a mobile notary to come to you. Mobile signing fees typically apply but provide convenience and flexibility.

Remote online notarization (RON): If available in your state and approved by your lender, you may be able to complete your entire refinance signing online via secure video conference. This option allows you to sign from anywhere with adequate technology.

Signing appointment duration: Refinance signing appointments typically take 30 to 45 minutes. The package includes your new loan documents, disclosures, and various certifications. Our notary guides you through each document and answers questions.

Who must attend: All borrowers on the new loan must sign. Non-borrowing spouses may need to sign certain documents depending on state law, even if they are not on the loan or title.

Scheduling flexibility: We offer signing appointments during business hours and may accommodate early morning, evening, or weekend appointments based on availability. Let us know your scheduling constraints and we’ll work to accommodate your needs.

Refinance signing packages include documents establishing your new loan terms, disclosures required by federal and state law, and title-related documents confirming your ownership and lien status.

Core loan documents: You will sign the promissory note, which is your promise to repay the loan according to stated terms, and the mortgage or deed of trust, which gives the lender a security interest in your property. These are the fundamental documents creating your new loan.

Federal disclosures: The Closing Disclosure itemizes your loan terms, interest rate, monthly payment, and all closing costs. Various Truth in Lending disclosures explain your loan features and rights. If you have an adjustable-rate mortgage, additional disclosures explain how rate adjustments work.

Right of rescission: For primary residence refinances, you receive rescission notices explaining your three-day right to cancel. You acknowledge receipt of these notices, which starts the rescission period clock.

Title documents: You sign affidavits confirming your identity and property ownership status. If there are any matters to be addressed in the title work, additional documents may be required.

Compliance documents: IRS Form 4506 authorizes the lender to obtain tax transcripts. Various certifications confirm information in your loan application. First payment letters confirm when your first payment is due.

Additional documents may be required based on your specific loan program, property type, or state requirements. We provide a document summary to help you understand what you’re signing.

Refinance transactions typically close faster than purchase transactions, with most refinances completing within two to four weeks from application to closing. However, timing varies based on several factors.

Lender processing time: The largest variable is your lender’s processing speed. Simple refinances with straightforward financials and automated underwriting may be approved quickly, while complex situations requiring additional documentation or manual underwriting take longer. Shop rates with lenders who can also meet your timing needs.

Appraisal requirements: If your lender requires a traditional appraisal, scheduling and completing the appraisal adds time. Some refinance programs accept automated valuations or appraisal waivers that can speed the process. Discuss appraisal expectations with your loan officer.

Title work: We can typically complete title search and examination within a few days. If title issues are discovered, resolution time varies based on complexity.

Funding after signing: Unlike purchases that fund at or immediately after signing, primary residence refinances have a three-business-day rescission period before funding. After you sign on Monday, for example, funding would occur Thursday at the earliest (excluding holidays).

Your payoff timeline: Existing lenders quote payoffs valid for a specific period. Coordinating your closing within the payoff quote validity window avoids needing updated payoff figures.

To expedite your refinance, respond promptly to lender document requests, schedule your appraisal (if required) as soon as possible, and maintain open communication with your loan officer and our team.

A refinance closing differs from a purchase closing in several important ways, primarily because ownership isn’t transferring—you already own the property and are simply restructuring your financing.

No property transfer: In a refinance, there is no deed changing ownership and no negotiation between buyer and seller. You remain the property owner throughout; only your loan is changing. This eliminates seller-side documents and simplifies many aspects of the closing.

Existing ownership verification: Instead of searching title for a new purchase, we examine title to confirm your continued ownership and identify any liens or matters affecting your ability to refinance. Any issues discovered must be addressed, similar to a purchase transaction.

Rescission period: Federal law provides a three-day right of rescission for refinances of primary residences, allowing you to cancel the transaction within three business days after signing without penalty. This means your loan funds are not disbursed immediately upon signing—there’s a waiting period before funding.

Document differences: Your signing package includes a new promissory note and mortgage/deed of trust for your new loan, but no deed transfer. You’ll sign the Closing Disclosure, loan disclosures, and various affidavits.

Escrow process: Refinance escrows are typically faster than purchase escrows since there’s no real estate contract with contingency periods. Many refinances close within two to three weeks of application, though complex transactions may take longer.

Coordination focus: Rather than coordinating between buyer and seller, refinance coordination focuses on your existing lender (to obtain payoff information) and your new lender (to receive loan documents and funds).

The rescission period is a three-business-day waiting period mandated by federal law that gives you the right to cancel certain refinance transactions without penalty. This protection applies to refinances of your primary residence but not to purchases or refinances of investment properties or second homes.

How rescission works: After you sign your refinance documents, the three-day rescission period begins. During this time, you can cancel the transaction for any reason—or no reason—by notifying the lender in writing. If you rescind, you are not obligated to proceed with the new loan, and any fees you paid must be refunded.

Counting the days: The rescission period includes business days only (excluding Sundays and federal holidays). If you sign on Monday, the period ends at midnight Thursday—or later if a holiday intervenes. Your loan cannot fund until after the rescission period expires.

Practical implications: The rescission period means there’s a gap between signing and funding. Plan accordingly if you’re coordinating other transactions or expecting proceeds. The waiting period cannot be waived except in certain bona fide emergencies.

Rescission notices: At signing, you receive rescission disclosure documents explaining your rights and the deadline to exercise them. You sign acknowledging receipt of these notices. Each borrower entitled to rescind receives two copies—retaining one copy is recommended in case you want to exercise your right.

Once the rescission period expires without cancellation, your loan proceeds to funding and your existing loan is paid off.

Yes, refinance transactions involve closing costs, though how and when you pay them offers some flexibility depending on your loan structure and preferences.

Costs involved: Refinance closing costs typically include loan origination fees, appraisal fees, title search and insurance, recording fees, and various administrative charges. Total closing costs generally range from 2% to 5% of the loan amount, varying by loan size, lender, and location.

Payment options: You can pay closing costs in several ways:

Out-of-pocket at closing: You bring funds to cover closing costs, keeping your loan amount and payment lower. This maximizes interest savings over the loan life.

Rolled into the loan: Many borrowers choose to add closing costs to their loan balance, financing them over the loan term. This eliminates out-of-pocket expense but increases your loan amount and total interest paid.

Lender credits: Some lenders offer credits that offset closing costs in exchange for a slightly higher interest rate. This “no-cost” refinance structure eliminates upfront expense but results in higher monthly payments.

Cash-out refinances: If you’re taking cash out, closing costs are typically deducted from your proceeds, requiring no additional out-of-pocket payment.

Your settlement statement shows exactly how closing costs are being paid in your transaction. Review these figures carefully to understand your total refinance cost and how it affects your new loan balance.

Your escrow account will likely be adjusted as part of your refinance, and understanding these changes helps you anticipate your new payment and any refunds or shortages.

Old escrow account: Your existing lender maintains an escrow account holding funds for your property taxes and homeowner’s insurance. When your current loan is paid off through the refinance, this escrow account is closed. Any remaining balance is refunded to you—typically within 30 days of payoff.

New escrow account: Your new lender establishes a fresh escrow account. At closing, you fund initial escrow deposits to prepay taxes and insurance, ensuring adequate reserves when the next bills come due. The amount required depends on when your taxes and insurance are due relative to your closing date.

Payment changes: Your new monthly payment includes principal, interest, and escrow deposits (taxes and insurance). Even if your new interest rate and loan amount result in lower principal and interest, your total payment may vary depending on escrow requirements and any changes to your tax or insurance amounts.

Escrow analysis: Your new lender performs an escrow analysis to calculate appropriate monthly deposits. If initial estimates prove too high or too low after the first year, the lender adjusts your escrow payment accordingly.

Non-escrow options: Some loans allow you to pay taxes and insurance directly rather than through escrow, though this may require a larger down payment or slightly higher rate. Discuss options with your loan officer if you prefer handling these payments yourself.

Yes, remote online notarization is available for many refinance transactions, offering the same convenience for refinances as for purchase closings. Eligibility depends on your state’s laws, your lender’s policies, and the specific loan program.

Lender approval: Your lender must approve the use of RON for your refinance. Most major lenders now accept remote notarization, though policies vary. Confirm RON availability with your loan officer when you begin the refinance process.

State requirements: Your state must authorize RON and your county recorder must accept electronically notarized documents. Most states and counties now do, but we verify eligibility for your specific situation.

Process similarity: The remote signing process for a refinance is essentially the same as for a purchase—you connect via video with a notary, verify your identity, review and sign documents electronically, and receive your copies digitally. The main difference is document content, not the signing procedure.

Rescission period still applies: Even with remote signing, the three-day rescission period applies to primary residence refinances. Signing remotely doesn’t change the funding timeline.

Hybrid options: If RON isn’t available for your complete package, hybrid closings may allow some documents to be signed remotely while others are signed in person. We evaluate your options and recommend the most convenient approach.

Let us know if remote signing is important to you, and we’ll confirm availability and arrange accordingly.

Your new refinance loan funds after the three-day right of rescission period expires (for primary residences) and any other lender conditions are satisfied. Understanding the funding timeline helps you plan for the transition between loans.

Typical funding sequence: After you sign documents, we return them to your lender for review. Once the lender confirms everything is complete and the rescission period has expired, they wire funds to us. We use these funds to pay off your existing loan and handle any other disbursements.

Timeline: If you sign on Monday, the rescission period expires Thursday at midnight. Assuming no issues with your signed documents, funding typically occurs Friday. Your old loan payoff is wired the same day or the following business day.

Factors that can delay funding: Document corrections needed after signing, missing signatures or initials, lender funding conditions not yet cleared, or delays in receiving funds can push back the funding date. Clear communication with your loan officer helps avoid these issues.

When your old loan is paid off: Your existing mortgage is paid from the refinance proceeds at funding. There may be a brief overlap where both loans are technically outstanding, but this is just processing time—you won’t make payments on both.

Your first payment: Your new loan’s first payment is typically due the first of the month, at least 30 days after closing. The exact date is specified in your loan documents and first payment letter.