Higher interest rates will increase the total cost
of a home mortgage. If you refinance your home with
a lower interest rate you could save hundreds every
month on your mortgage payment. This means that
over the life of the home loan you could save thousands!
There may also be a tax benefit for refinancing
your home!
Once the refinance loan documents
are received, they are reviewed and the loan is set
to fund. Most refinance loans have a legal waiting
period of three business days before the loan can
fund. The funds are wired to the escrow company and
your escrow officer disburses the funds and completes
a settlement statement. The escrow company then records
the deed and mortgage with the local county clerks
office. After the loan has recorded, you will receive
any funds do to you for a refinance loan or receive
the keys to your home for a refinance loan or receive
the keys to your home for a purchase, depending on
your type of loan. At this point the refinance loan
process is officially over and your loan is closed.
