Title work on a refinance
The search updates the title from your purchase forward, looking for any new liens or judgments. A new lender's policy is issued for the new loan. If your home was insured recently, a reissue or refinance rate may lower the premium.
The three-day right of rescission
On most refinances of a primary home, federal law gives you three business days after signing to cancel. That's why funds, including any cash-out, are usually released after the rescission period ends rather than on signing day.
Payoffs and cash out
The old mortgage and any line of credit being paid are ordered by payoff statement, good through a specific date. Once the new loan funds, those are paid and the old liens are released. Any cash-out is sent to you by wire or check after funding.
Common questions
How long after a refinance closing do I get my money?
On a primary residence, usually after the three-business-day rescission period ends and the loan funds.
Can a refinance be denied after closing?
Funding depends on the lender's final conditions. Once a loan has funded and recorded, it's complete.
Do I need an owner's policy on a refinance?
No. Your original owner's policy keeps protecting you. Only the new lender's policy is issued.