Replacing or Restructuring Your Mortgage
A More Personal Refinance Closing
We coordinate the title, payoff, settlement, and signing details so your refinance closing feels organized, understandable, and never rushed.
What You Can Expect
One point of contact from title work through signing.
- Coordination with your mortgage lender
- Title search and payoff preparation
- Clear closing instructions and final figures
- Documents explained before you sign
Understanding the Transaction
What Does It Mean to Refinance?
A refinance replaces an existing mortgage with a new loan secured by the same property.
The new mortgage may change the interest rate, monthly payment, loan term, amount borrowed, or other financing features. In some transactions, the borrower may also receive cash from available property equity.
Your lender determines the loan terms and approves the financing. Your Home Closing coordinates the title, settlement, payoff, signing, disbursement, and recording steps connected with the new loan.
Refinance Transactions
Different Reasons to Replace a Mortgage
The lender determines which loan products are available and whether a refinance is appropriate for your circumstances.
Rate or Term
Rate-and-Term Refinance
Replaces the current loan to change the interest rate, repayment period, monthly payment, or mortgage structure.
Property Equity
Cash-Out Refinance
Creates a new mortgage larger than certain existing obligations, with the remaining authorized amount disbursed to the borrower.
Loan Program
Program or Product Change
May replace one loan type with another, subject to the new lender’s underwriting and program requirements.
Commercial Property
Commercial Refinance
Title and settlement coordination for refinancing commercial real estate, investment property, or business-related property debt.
Your Refinance Team
The Lender and Title Company Have Different Roles
Loan Approval
Your Mortgage Lender
- Reviews the mortgage application
- Evaluates credit, income, assets, and debts
- Determines loan eligibility and terms
- Orders or reviews the property valuation
- Issues mortgage disclosures
- Approves and funds the new loan
Title & Settlement
Your Title Company
- Completes the title search
- Identifies mortgages, liens, and title requirements
- Obtains payoff information
- Coordinates final settlement figures
- Prepares and conducts the signing
- Handles authorized disbursement and recording
Your Refinance Roadmap
From Application to Final Funding
Every lender and loan program is different, but most refinances follow these general stages.
Apply for the New Loan
Provide the lender with the financial, property, and mortgage information needed to evaluate the application.
Open the Title File
The lender or borrower sends the property and transaction information so the title work can begin.
Complete Title Work
Ownership, mortgages, liens, judgments, taxes, and other property matters are researched and reviewed.
Complete Underwriting
The lender reviews the appraisal or valuation, financial information, title work, and outstanding loan conditions.
Review Final Figures
Review the Closing Disclosure or other applicable disclosures and confirm any amount needed at closing.
Sign the Documents
Complete the promissory note, mortgage, disclosures, affidavits, and other required refinance documents.
Complete Funding
After applicable requirements and waiting periods are satisfied, the lender authorizes funding and disbursement.
New Loan, New Title Review
Why Is Title Work Needed When You Already Own the Property?
The new lender needs to understand the current ownership and recorded obligations affecting the property.
Since your purchase or previous refinance, new mortgages, liens, judgments, easements, tax claims, ownership changes, or other recorded matters may have appeared.
The title search helps identify what must be paid, released, subordinated, documented, or otherwise addressed before the new lender’s mortgage can be completed.
Learn About Title SearchesConfirm Current Ownership
The title review confirms who owns the property and who must sign the refinance documents.
Identify Existing Mortgages
Current mortgages and home-equity obligations may need to be paid or otherwise addressed.
Review Liens and Judgments
Recorded claims may affect the new lender’s required lien position.
Prepare the New Mortgage for Recording
After signing and funding, the new mortgage is submitted to the appropriate recording office.
Replacing the Existing Loan
Your Payoff Amount Is Not Always Your Statement Balance
The amount needed to fully satisfy an existing mortgage is calculated for a specific payoff date.
Principal Balance
The unpaid principal remaining on the existing mortgage.
Accrued Interest
Interest owed through the anticipated payoff date.
Fees or Charges
Applicable unpaid charges, recording fees, or other amounts included by the servicer.
Daily Interest
An additional per-day amount may apply when funding occurs after the payoff statement’s calculated date.
Continue Making Required Payments
Do not stop paying the existing mortgage merely because a refinance is scheduled. Continue following the current servicer’s instructions until the loan has funded and you have confirmed how future payments should be handled.
Protecting the New Lender
Why Might a New Lender’s Title Policy Be Required?
The title policy issued for your prior lender does not automatically insure the new mortgage lender.
A refinance creates a new loan and a new insured lender interest. The new lender commonly requires a lender’s title insurance policy that is connected with the new mortgage.
Any existing owner’s title insurance policy is separate. Its continuing protection is governed by the terms, conditions, exceptions, and limits of that policy.
Lender’s Title Insurance
Coverage for the New Mortgage Interest
- Protects the new lender’s insured interest
- Is tied to the refinance mortgage
- Does not replace homeowner’s insurance
- Does not provide the same coverage as an owner’s policy
- Is subject to the policy’s terms and exceptions
Review the New Loan Carefully
Loan Estimate and Closing Disclosure
These forms help you compare the proposed refinance with the final mortgage terms and closing costs.
Early Loan Information
Loan Estimate
The Loan Estimate summarizes the loan the lender expects to offer if you move forward with the application.
Review items including:
- Loan amount
- Interest rate and rate-lock status
- Monthly principal and interest payment
- Estimated taxes and insurance
- Projected closing costs
- Prepayment penalties or balloon payments
- Estimated cash to or from the borrower
Final Loan Information
Closing Disclosure
The Closing Disclosure presents the final terms, payments, and costs of the refinance transaction.
Compare it with the Loan Estimate:
- Confirm the loan amount and loan type
- Review the interest rate
- Confirm the projected payment
- Compare lender and third-party charges
- Review the existing mortgage payoff
- Confirm cash needed or cash to borrower
- Ask about unexpected differences
Do Not Focus Only on the Monthly Payment
Also review the loan term, interest rate, total closing costs, amount financed, cash received, cash required, prepayment features, and how long you expect to keep the new mortgage.
Property-Related Requirements
The Refinance Involves More Than the Mortgage Balance
Property Valuation
The lender may require an appraisal, automated valuation, inspection, or other method of evaluating the property.
Homeowner’s Insurance
The lender may require proof that acceptable property insurance is in effect and that the mortgagee information is correct.
Property Taxes
Tax status, upcoming payments, escrow requirements, and adjustments may affect the final refinance figures.
Association Information
Condominium or homeowners-association documents, insurance, balances, or approvals may be required.
Ownership Changes
Trusts, estates, divorces, marriages, business ownership, or proposed deed changes should be disclosed early.
Subordinate Financing
Home-equity loans, credit lines, assistance liens, or other mortgages may require payoff or subordination.
Stay Prepared
Your Refinance Closing Checklist
Prompt responses and accurate information can help prevent title, payoff, underwriting, or signing delays.
During the Loan Process
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Review your Loan Estimate.
Confirm the loan type, rate, term, estimated payment, and costs.
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Respond to lender requests.
Provide requested income, asset, insurance, property, and mortgage information promptly.
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Provide all current loan information.
Include mortgages, home-equity loans, credit lines, private loans, and assistance liens.
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Explain ownership circumstances.
Tell us about trusts, estates, businesses, divorce, marriage, or absent owners.
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Continue paying the current mortgage.
Follow the existing servicer’s instructions until the refinance has been completed.
Before Signing
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Review the Closing Disclosure.
Compare the final loan with the Loan Estimate and ask about unexpected changes.
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Confirm the payoff information.
Make sure all loans that should be paid are included in the settlement figures.
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Verify any funds needed for closing.
Do not send money based on an estimate or unverified message.
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Gather identification.
Review the closing instructions and bring all required identification and documents.
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Confirm who must sign.
Notify us early if an owner cannot attend or a power of attorney may be needed.
At the Signing Table
What Happens at a Refinance Closing?
You remain the property owner, but you are signing a new loan and granting the new lender a new mortgage interest.
Identification Is Confirmed
The identity and authority of each required signer are reviewed.
The Loan Documents Are Reviewed
The general purpose of the documents is explained and you have time to ask questions.
The New Mortgage Is Signed
The promissory note, mortgage, disclosures, affidavits, and related documents are completed.
Final Requirements Are Completed
The signed package is returned for lender review, funding authorization, and any applicable waiting period.
Payoffs and Recording Follow
After authorization, funds are disbursed and the new mortgage is submitted for recording.
An Important Refinance Difference
Does Your Loan Include a Right to Cancel?
Most non-purchase-money mortgages secured by a borrower’s principal dwelling may include a three-business-day right of rescission.
This right may allow the borrower to cancel the new loan after signing. It does not apply in the same way to every refinance, property, borrower, or lender.
You sign the credit agreement.
You receive the required lending disclosure.
You receive the required notice explaining the right to cancel.
Read the notice carefully for the exact deadline, delivery instructions, exceptions, and method required to exercise any cancellation right. A telephone call alone may not be sufficient.
Protect Your Funds and Information
Verify Every Financial Instruction
Criminals may impersonate a lender, title company, mortgage servicer, attorney, or borrower and attempt to redirect closing funds or cash-out proceeds.
Trust an unexpected email changing wiring, payoff, or proceeds-delivery instructions.
Call a previously confirmed telephone number and verify instructions before sending information or funds.
After the Refinance
Keep Your Final Documents and Watch for Follow-Up
Save the Closing Package
Keep the promissory note copy, Closing Disclosure, mortgage documents, settlement statement, and other final records.
Confirm Your New Servicer
Review the lender’s instructions for where and when the first payment must be made.
Watch the Old Loan
Review the prior servicer’s records and statements to confirm that the authorized payoff was processed.
Retain Lien-Release Information
There can be a delay between payoff and the recorded satisfaction or release of the prior mortgage.
Common Refinance Questions
Prepare Before the Signing Date
Every refinance is different. Contact us early when title, payoff, ownership, signing, or closing-fund questions arise.
View All FAQsWhy do I need another title search?
The new lender needs current information about ownership and recorded matters affecting the property. New liens, judgments, mortgages, taxes, or ownership changes may have occurred since the previous closing.
Why is my payoff higher than my mortgage balance?
The payoff amount may include interest through the expected payoff date, unpaid charges, applicable fees, and additional daily interest. It is calculated to fully satisfy the loan, not merely show the current principal balance.
Should I make my next mortgage payment?
Continue following the existing servicer’s payment instructions unless you receive reliable guidance specific to your transaction. A scheduled refinance can be delayed or cancelled.
Will I need to bring money to closing?
It depends on the new loan, payoff amount, closing costs, escrow requirements, lender credits, prepaid items, and loan proceeds. Wait for the final verified amount before sending funds.
When will I receive cash-out proceeds?
Timing depends on lender authorization, applicable waiting or rescission periods, satisfaction of closing conditions, and the approved delivery method.
Does every refinance have a three-day cancellation period?
No. The right of rescission does not apply in the same way to every loan or property. Review the written notice supplied by your lender and ask the lender or an attorney about your specific rights.
Do all property owners have to sign?
The required signers depend on the property ownership, marital rights, loan documents, title requirements, and applicable law. Tell us early if an owner will be unavailable.
Independent Mortgage Resources
Review the New Loan Before You Sign
The Consumer Financial Protection Bureau provides independent information about mortgage disclosures, payoffs, and cancellation rights.
Review Your Loan Estimate
Understand the proposed loan terms, costs, rate lock, and potential risk features.
Visit Resource → CFPB ResourceClosing Disclosure Explainer
Review the final loan terms, monthly payment, costs, payoffs, and cash-to-close figures.
Visit Resource → CFPB ResourceMortgage Payoff Amount
Learn why the amount needed to satisfy a mortgage can differ from the current statement balance.
Visit Resource → CFPB ResourceRight of Rescission
General information about cancellation rights for certain non-purchase-money mortgage transactions.
Visit Resource →General Information Only: This page provides general educational information and is not legal, tax, lending, financial, insurance, or accounting advice. Loan terms, disclosure rules, cancellation rights, title requirements, and closing procedures vary based on the property, lender, loan program, occupancy, title underwriter, applicable law, and individual circumstances.
Refinancing Your Property?
Start Your Closing with a Conversation
Tell us about the property, current mortgage, and new loan. We will review the information and personally contact you about the next step.