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Closing Your Refinance

Closing a mortgage refinance is very similar to the closing process when purchasing the home. The key difference being no real estate agents or sellers are involved this time around.

What is the Average Closing Cost to Refinance

Before closing, your mortgage broker will provide you with a line-by-line breakdown of your closing costs associated with your new mortgage. If you are refinancing you won't necessarily need to bring any money to your lawyers office as in most cases your closing cost will be funded by the your equity take out.

What to Bring to Your Lawyer’s Office Closing

These are some of the most common things you will need to bring to closing:

  • Identification; e.g. Government issued driver’s license, ID card, or a passport.

  • If you are bringing in funds to close the loan, you will know beforehand and be advised of the preferred form of payment.

  • A list of key contacts, like your Sunlite Mortgage professional, home insurance representative in case questions come up.

  • If you are receiving equity in the form of cash-out from your mortgage refinance, you will typically receive the funds within one to two business days after closing.

When applying to refinance your mortgage you will receive an estimate of all fees and costs associated with it.

Who Should Attend Closing

Anyone who will be on the mortgage loan will need to attend the closing to sign the mortgage documents. If your spouse will not be going on title he or she will also have to attend to sign a spousal consent. If you grant someone else power of attorney, it is possible for you to not attend the closing.

Once all of the loan paperwork is complete you will begin to see the benefits of your refinanced mortgage loan.

Mortgage Qualifier Calculator

The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

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