How does a refinance closing work?
The refinance closing will be conducted the same way that your loan was closed when you first purchased the property. Soon after your loan is approved your loan consultant will send a list of documents youll need to bring to the closing. Youll also be sent an Estimated Settlement Statement that tells you the amount, if any, youll need to bring to closing in the form of a cashiers check, as well as an outline of how the funds from your new loan will be disbursed. If this is a refinance of a primary residence, the loan wont actually fund until three business days after signing the loan documents, due to the borrowers right of rescission. To find out more, see in our Glossary.
