Home Refinancing Services
Northern Virginia Home Refinancing
When you want to refinance a home, District Title has the expertise to assist throughout the entire process.
Importance of a Title Search During a Refinance
Whether it has been 5 months or 20 years since you purchased your home, if you want your refinance to go through, your lender is likely going to require a new title search. But, why?
District Title will research the title to the property since the lender wants assurance that the loan applicant is the legal owner of the property. The lender also wants to know whether there are any problems with the title. Even if the title was researched for the initial mortgage, the lender wants to know if any changes have occurred in the title since that time. Remember, a title search looks for any defects in the title that could raise red flags for the lender. They want to feel confident that the loan they provide to you is in the first lienholder position. That way, should something happen, they feel confident that their loan is protected and their risk is reduced. This title search looks to ensure that there are no liens or judgments that have been attached to the property or anything that can cloud up the title.
All of this is an important part of protection for the lender.
Title Clearance and the Settlement Statement
Any outstanding debt that is found attached to the property will need to be addressed before the title can be cleared and the closing can happen. This includes the current mortgage, outstanding taxes, judgments, liens, and so forth. The title to the property needs to be clear of any encumbrances for the refinance to move forward.
To make the process move smoothly, the closing agents at District Title will contact lenders to determine the amount required to pay off existing mortgages. The closer might also communicate with the property owner, attorneys, or creditors who are working to resolve title issues before the refinancing occurs.
Finally, our closing agents will prepare a settlement statement that lists all of the bills that will be paid from the loan proceeds and the amount that will be disbursed to the borrower. At the closing, the borrower signs the settlement statement and refinancing documents, including a new promissory note and mortgage. Our closer then delivers the mortgage to the county recorder’s office.
Why District Title?
At District Title, you get professionals who have decades of experience providing exceptional title services to clients. With our title services, you benefit from:
One of the top-ranked title companies in the DC area
A diverse group of real estate experts
Streamlined processes for a quick response
Commitment to providing a smooth closing experience
Safe, secure communication
A convenient, innovative solution to your title needs