Refinancing Closing Services Northern Virginia
Northern Virginia Refinancing Closing Services
In most cases, a refinancing closing is nearly identical to the initial closing on a property. When homeowners refinance their property, it is often with a different lender. There are some limited circumstances when a lender will not require a traditional closing process for a refinance, such as when the original lender retained the mortgage.
The more prevalent case is for lenders to sell mortgages to investors, and continue to service the loan (that is, collect payments for principal, interest and escrow funds for taxes and insurance, make tax payments, etc.). So the strict requirements for the settlement process remain during the refinancing with the same lender if they are simply servicing your loan.
Under current real estate settlement law (which is largely controlled by the Real Estate Settlement & Procedures Act, or RESPA), the lender has the right to direct which title company/settlement company is used at closing. In practice, lenders are fairly ambivalent and leave that choice up to the seller and the buyer (most often through their agents) to determine where closing will be held.
During a refinance, the refinancing homeowner has more flexibility in choosing their settlement company. Because there is no third-party seller in the mix, the homeowner can research title companies and their settlement agents.
Residential and Commercial Refinancing Settlements
As stated above, the refinancing homeowner has a lot more leeway in determining who will conduct their settlement, unless the lender directs a specific company or settlement attorney be used for the closing process.
The question then arises — what selection criteria should a homeowner use when looking to select a real estate settlement company/settlement agent? Speaking from both sides of the settlement table (as an individual homeowner and an experienced real estate attorney), these are the items that make a difference in the settlement process. I urge you to research a few different companies to help you in your decision-making process with these important considerations:
- Quality and speed of service
While standard qualifications like being professional, knowledgeable and reliable are important, so is choosing a company that values customer service. Since last-minute alterations are common in the real estate settlement process, your settlement company must be efficient and responsive, and be attentive to your needs and concerns.
Determine what you are paying for before committing. Ask what specific services are included in the initial fee. Does the quoted price include all the necessary services or will there be additional costs later on? Compile this information to evaluate your options.
For a process that requires in-person meetings, choosing a company within the vicinity is key. Not to mention, having local expertise and knowledge of the community is an added bonus.
Do your research! With the combined power of the internet and recommendations from trusted sources, you should be able to find a company that offers the services you need at the right price with the most convenience.
- Mobile Settlement Capabilities
Does the settlement company you are considering offer the flexibility of mobile closings, conducting the settlement at a place of their client’s choosing? Not all companies can offer to bring the settlement to you at your convenience.
Adam Engel, Managing Partner at Prime Title & Escrow, LLC
When you’re ready to refinance your home, you want to be sure that all steps are managed flawlessly. Title searches conducted, fees and closing estimates calculated, monies escrowed and disbursed, the list goes on. Similar to a first-time closing, the lender and the property owner are all dependent on the resources of the settlement company.
Adam Engel is proud to act as a real estate settlement attorney for Prime Title & Escrow, LLC, a leading title and settlement company in the Washington, D.C. region. As a principal and settlement agent, Adam is able to leverage Prime’s mobile settlement capabilities to bring the settlement table to you and your clients. Prime Title & Escrow operates on the principles of neutrality, transparency and professionalism. Learn more about Prime Title & Escrow.
Adam Engel offers significant real-world real estate title and settlement expertise and vast experience. His single goal is to provide a flawless, stress-free settlement transaction that leaves everyone — buyer, seller, real estate agents and loan officers — feeling confident and happy. He focuses on being a dependable, valuable and flexible partner to his real estate agent and individual clients, and will be sure to listen to your concerns and ensure all questions are researched and answered in a time-sensitive fashion.