Refinance closings

Refinance closings

When you refinance, the new lender will require a lender's title policy, a payoff of the existing loan, and recording of the new mortgage. We handle the title search, payoff coordination, signing and recording.

What to expect

1. Title search. Even though you already own the home, the lender needs current title evidence. New liens, judgments or open permits can show up.
2. Payoff letters. We order payoff figures from the existing lender(s), including any home equity line, which may need a freeze or closure letter.
3. Taxes on the new loan. Florida charges documentary stamp tax on the note or mortgage (35¢ per $100) and a 0.2% nonrecurring intangible tax on obligations secured by Florida real property (§ 201.08, Fla. Stat.; § 199.133, Fla. Stat.). Use the calculator to estimate them.
4. Rescission period. For many refinances of a principal residence, federal law gives the borrower a three-business-day right to rescind before funds are disbursed. Your lender's documents will tell you whether it applies.
5. Recording and release. We record the new mortgage and track the recording of the old loan's satisfaction.