REFINANCING

Whether you are looking to secure a lower interest rate, secure more favorable loan terms or cash out the equity from your home, you can trust that McManamy Jackson has the experience and resources to provide you and your lender with the most professional and efficient closing experience in the industry today.


Our goal is to educate and give our clients the information needed in advance of closing so they can enjoy a stress free refinance.  Knowing the closing process and our Guide to a Successful REFI can help borrowers obtain that goal with ease.  

The Process

Upon Approval of Your Loan

Once you and your lender have decided that refinancing is right for you, be sure to let your lender know you want to close with a law firm that has a proven record in the industry, such as McManamy Jackson.


Now that you have selected your lender and closing attorney, the two will begin to coordinate with each other to ensure your needs and expectations are met.  You are going to begin to hear terms such as pre-closing, closing and post-closing.  What does it all mean for you?  These terms are used by our office to describe the stage in which the closing file is currently in.  Let's briefly break them down.


PRE-CLOSING


This is the initial stage in which a closing file is received in our office, assigned to a team of paralegals and the process of information gathering begins.  In a refinance, this process usually begins with the lender sending the closing attorney a Request for Title.  

Pre-closing paralegals are responsible for:


  • Obtaining contact information (phone number,email address, mailing address, etc.) for all individuals and companies associated with the closing.
  • Coordinating with the borrower and lender to grant access to MJ Live, our secure portal for sending and receiving vital information for closing .

                  

                  Note: A valid email address is required for registering for secure access to the  MJ Live   

                  portal.


  • Orders title examinations.
  • Ensures Title Commitments and other preliminary documents are sent to the lender in a timely fashion.
  • Coordinating with the loan officer and underwriting department to clear any conditions required for closing.
  • Scheduling dates and times for closing.
  • Determining if the parties to closing will be attending closing or require a Power of Attorney or mail out.


CLOSING


The second stage of the process is closing.  Once the majority of the necessary information is obtained from the borrower and lender, closing paralegals are tasked with the following:


  • Preparing & formatting legal documentation for closing.
  • Obtains loan documents from lenders.
  • Prepares and obtains approval of closing statements.
  • Responsible for coordinating the receipt and disbursement of funds.


POST-CLOSING


The final stage of the process is post-closing.  Once the closing attorney has met with all parties and the documents have been fully executed, the file will be given to the post-closing department. Post-closing paralegals will help ensure all terms of the closing have been satisfied before the final closing of the file.  Post-closing tasks include:


  • Ensuring checks and invoices are mailed timely.
  • Wiring of client funds and mortgage payoffs.
  • Recording of documents.
  • Final Issuance of Title Policies.
  • File organization and quality control.
  • Responsible for document retention and destruction in accordance with firm policy.
  • Addresses any client questions or concerns after signing takes place.

Guide to a Successful REFI

Be Prepared

Choose a Trusted Lender that Best Meets your Needs:


  • Complete the loan application.
  • Satisfy all underwriter conditions including timely return all requested items and be prepared with tax returns, pay stubs, bank statements, employment history, etc.
  • Once your application has been submitted, do not make any large purchases or apply for any new loans or credit cards. Changes to your financial situation prior to closing could delay closing and put you at risk for failing the underwriting process.
  • Obtain and review a loan estimate from the lender so you are aware of the fees associated with the new loan.
  • Prepare for the appraisal. 


Prepare for Closing:


    In Advance of Closing:


  • Provide the lender and the closing attorney with the contact information for your homeowners insurance provider.
  • Provide the closing attorney with the payoff lender information on any loans that will be paid off at closing. This should include:

                        ○  Lender Name

                        ○  Telephone Number

                        ○  Account Number

                        ○  Account Holder's Social Security Number

                        ○  For any unsecured loans being paid at closing (credit cards, personal loans, etc.) a 

                            copy of the most recent billing statement is required for proper submitting of the     

                            payment

  • Inform the lender and closing attorney if any of the borrowers or non-borrowers listed on Title will not be able to attend closing.  A mail out or Power of Attorney may be an option, but MUST be approved by the lender and arrangements made in advance.
  • Make arrangements for a wire transfer or obtaining certified funds should they be required for closing.  See funding policy.


Closing Day

  

    What to Bring to Closing:


  • Two forms of identification:

                      ○ 1st Form - a government-issued ID with a photo (Driver's License, Passport, Military ID,  

                          etc.) 

                      ○ 2nd form - no picture required (Insurance Card, Work ID, Social Security Card) 

                      ***credit or debit cards cannot be accepted.

  • Certified funds or proof of wire confirmation. Also, please bring a personal checkbook in the event of any last minute changes requiring additional funds at closing.
  • If an individual is signing as Power of Attorney, that individual must bring the original POA to closing for recording.
  • Any documents required by the lender.

                  NOTE:  When refinancing your primary residence, under federal regulations there is a 3 day 

                 right of cancellation which means the closing does not take effect until the 3 day period has 

                 lapsed.