The Settlement/Closing Process for Refinancers

Refinancing on your property is a great way to help manage your finances and take advantage of favorable changes in interest rates.  A typical closing process for the refinance of a property involves the following steps:

1. Receive the title request.
   • Our closing department will open a file for your refinance and begin to collect pertinent information for the closing.
2. Perform a title search.
   • We perform the title search by reviewing the extensive Registry of Deeds and probate records for the appropriate County to determine who owns the property. We also look for any liens or attachments on the property, as well as any easements, covenants, or restrictions on how the owner can use the property. If our title search reveals any title defect, it is the responsibility of the owner to correct the defect before proceeding with the closing.
3. Schedule the closing for a date and time that is convenient for all parties involved.
4. Prepare the HUD-1 Settlement Statement.
5. Conduct the closing.
   • All pertinent documents, including deeds, mortgages, lender forms, and state forms are signed.  Then we prepare documents to be recorded at the Registry of Deeds.
6. Collect all closing funds for the charges collected on the HUD-1 Settlement Statement.
7. Update the title, and record the aforementioned documents at the Registry of Deeds.
8. Disburse all closing funds for the charges collected on the HUD-1 Settlement Statement.
9. Prepare the title insurance policies.