IN CORAL SPRINGS, FL
Much like the purchase of a home, the refinancing closings a property in Florida can be a complicated process. The paperwork your bank or credit union will send you is extensive and may be hard to understand. But it is important, because this is a binding contract between you and your lender.
Your lender may ask you to use their attorney or closing agent to close your refinancing loan. But Florida law allows you to select any closing agent for the mortgage refinance that you desire.
The Refinance Closing Process: How It Works
By the time you get to the refinancing closing you will have already submitted all your paperwork to your lender and gotten approval to refinance. A refinancing is similar to a purchase because you are again agreeing to take on a new mortgage; the only difference is that this time you don’t have to move.
Just like when you first purchased your home, during the refinancing closing you will be asked to review and sign many documents. First, you must give the closing agent a copy of your driver’s license or other identification. You also must provide evidence that you have the required homeowners insurance. The closing agent will then explain the various papers from the bank, which include the closing document (CD) you will have received several days earlier that details all your closing costs and the future monthly payments you will make to your lender. If you are bringing money to the closing–either to pay down some of your principal or to cover closing costs and prepaid interest, taxes and insurance–you will give a certified check to the closing agent at the time of the closing, or you will have wired the money to the office in advance. If instead you are cashing out from your prior loan, closing costs, interest and the like will be taken out of those proceeds. You will sign all of the papers and the closing agent will notarize your signature. After the refinancing closing is completed, the closing agent will pay off your prior lender and issue you a new deed.
Depending on your loan terms, you may be required to set up a new escrow account with your lender, so you can pay your property taxes and homeowners insurance along with your monthly mortgage payment from that account.
TAKE NOTE: Unlike when you buy a home, Federal law gives you three days after the refinancing closing to cancel the loan without penalty. If you feel uncomfortable for any reason with the documents that you signed, be sure to contact an attorney within these three days.
While signing all the documents at a refinancing closing may be as easy as the flick of the wrist, it is of utmost importance that you understand each document that you are signing. An experienced real estate attorney such as The Law Office of Gary M. Landau, located in Coral Springs, Florida, can help. South Florida attorney Gary Landau has been practicing real estate law, including as a refinance closing attorney for banks and individuals, for many years, and will provide the attentive, experienced, and cost-effective representation required for the easiest possible closing process.
Contact us by phone or email for a FREE consultation to learn more about our firm and how we can help you with your refinance closing in Florida.
Schedule a Consultation Today
or fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
Why choose Gary M. Landau?
REAL CLIENT’S, REAL REVIEWS
REAL ESTATE ATTORNEY VS A TITLE COMPANY
When you sell your home in Palm Beach County, Florida, or buy one in Coral Springs, in most cases you get to choose your closing agent. Selecting the Law Office of Gary M. Landau means you’ll have a lawyer representing your legal interests throughout the deal, something a title company does not do, in addition to providing the title insurance and handling the closing. This gives you extra services for no additional money.
Since real estate is the biggest investment most people make, it’s important that you choose the right professional to handle your closing.
STEPS NEEDED TO CLOSE ON A REAL ESTATE DEAL
If you’re looking to buy or sell a home in South Florida, you may wonder about the steps involved. An experienced closing attorney will walk you through the process and carefully explain all the steps leading to a successful closing. These include:
Title insurance is a policy that protects you from legal problems that can arise after a purchase. In Coral Springs, Florida, a new buyer typically pays for title insurance, while in Palm Beach County the seller does. The Law Office of Gary M. Landau, P.A. provides title insurance for all deals we close. Buyers or sellers get the same insurance they get from a title company and also get peace of mind knowing an attorney is looking out for their interests.
Refinancing your home requires a similar type of closing as a new home purchase, with a closing agent overseeing the various legal elements and paperwork. Your lender may ask you to use their closing agent for your refinancing, but under Florida law you can select any closing agent you desire.
Choosing the Law Office of Gary M. Landau, P.A. can save you money on your title insurance premium during refinancing if you have a prior owner’s title policy from when you purchased your home.
Please fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
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