Refinancing
During a refinance transaction, there may be documents and information needed to help keep the process organized and moving toward closing. The following resources are available for your convenience.
Refinance Process Overview
1. Borrower Applies for Refinancing
The borrower works with their lender to begin the refinance process and submit the financial information and documentation needed for loan approval.
The Lender:
- Reviews income, assets, and credit information
- Collects required loan documentation
- Begins processing the refinance request
2. Capital Reserve Title Opens the Title & Escrow Process
Once the refinance order is received, Capital Reserve Title begins coordinating the title and closing process.
Capital Reserve Title:
- Orders and reviews the title search
- Identifies existing liens or title issues
- Orders mortgage payoff figures
- Coordinates title requirements with the lender
- Prepares preliminary title and escrow documentation
3. Lender Completes Underwriting & Approval
The lender finalizes the underwriting process and prepares the loan for closing.
The Lender:
- Verifies employment, assets, and financial information
- Reviews appraisal and property value
- Completes underwriting review
- Issues final loan approval and Clear to Close
4. Closing Documents & Final Figures Are Prepared
Capital Reserve Title and the lender work together to prepare the transaction for closing.
Capital Reserve Title:
- Coordinates signing appointments
- Confirms final closing figures
- Prepares closing and escrow documents
- Provides final wiring instructions when applicable
The Lender:
- Sends Closing Disclosure to borrower
- Delivers closing package to Capital Reserve Title
5. Closing, Funding & Recording
Once closing documents are signed, the refinance transaction moves into final funding and recording.
Capital Reserve Title:
- Facilitates signing of final documents
- Returns signed documents to the lender
- Confirms no new liens have been filed
- Receives and disburses lender funds
- Pays off existing mortgage(s)
- Records mortgage documents with the county