What to Expect at Refinance Closing
Three business days before closing, you will receive a Closing Disclosure. This document itemizes all of the settlement funds paid at or before closing. This document will show the loan amount, interest rate, loan term, origination fees, title insurance, deposits for property insurance and taxes, homeowner’s insurance and any other fees. Review the Closing Disclosure carefully and compare it to the Loan Estimate you received to make sure there are no last-minute changes.
What to expect at closing
There are just a few more documents to sign before you've got a new loan that will help you achieve your financial goals.
The closing process can vary from state to state and, in some states, will take place in an attorney’s office. At closing, you may meet the last member of your Chase Account Team — a Chase-certified closing agent who will prepare your closing package.
You’ve invested a great deal of time in preparing your loan application. Make sure you review all the documents at this time and be sure you understand them. There’s a lot of information — rest assured your closing agent can answer any questions you might have.
A final closing disclosure
This is the final version of the document you received three business days before closing. Check for any last-minute changes.
Your Deed of Trust or mortgage
The deed of trust or mortgage grants the lender a lien on your property as security for repayment of the loan and gets filed in the public records.
The promissory note
The promissory note is your binding legal agreement to make payments to your lender according to the terms of your mortgage.
Creation of your escrow account
If you're creating an escrow account to pay your property taxes, homeowners insurance, and, if required, flood and hazard insurance, those arrangements will be finalized at this time. Going forward, the balance of your escrow account will be included in your mortgage statement. It will show payments for taxes and insurance. Learn about escrow.
Payment of fees
You should bring a certified check for the closing costs. Your lender or closing agent should give you the exact figure a day or two prior.
Right of rescission
After closing on your refinance, you'll have a three-day right-of-rescission period if the property is your primary residence. This waiting period protects consumers under the Truth-in-Lending Act. It gives you time to review all of the closing documents and to make sure that you want to keep the loan.
After that, your refinance will be complete, and you’ll enjoy the benefits of your new loan for years to come.
Managing your mortgage on Chase.com
It's easy to manage your mortgage and make payments online on Chase.com. You can set up automatic payments and Account Alerts, or check your loan balance at any time. Even after you close, we want you to know we're still on your team and here to help you anytime you have questions.