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Refinancing your home in Massachusetts may feel more straightforward than buying for the first time, but it still requires coordination among several professionals. Each plays a critical role in ensuring your refinance is completed smoothly, legally, and on time. Here are the key players in a Massachusetts refinance and what you need to know about their responsibilities.
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1. The Homeowner (Borrower)
You are the central figure in the refinance process. As the borrower, you are responsible for:
• Submitting the refinance application.
• Providing required financial documentation (income, tax returns, bank statements).
• Signing all final documents at the closing.
Tip: Many refinance delays happen because documents aren’t provided quickly. Being proactive helps keep your refinance on track.
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2. The Lender (Bank, Credit Union or Mortgage Company)
Your lender provides the new mortgage loan. Their responsibilities include:
• Reviewing your credit, income, and assets.
• Ordering a property appraisal (in most cases).
• Issuing a mortgage commitment letter once you are approved.
Pro Tip: Compare rates and fees from multiple lenders — even a small difference can save thousands over the life of your loan.
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3. The Appraiser
Most lenders require an appraisal to confirm your home’s market value.
• The appraisal ensures the property is sufficient collateral for the loan.
• In some streamlined refinance programs, the appraisal may be waived.
Tip: Home value questions are common in refinances — knowing an appraisal may be required prepares you for this step.
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4. The Closing Attorney
In Massachusetts, a licensed attorney is legally required to conduct real estate closings — including refinances. The Law Offices of Scott M. Syat, P.C. serve as the closing attorney, ensuring that your refinance is legally sound and efficiently handled. The closing attorney:
• Reviews the property title to confirm there are no liens or encumbrances.
• Prepares the closing documents and ensures compliance with state law.
• Coordinates the payoff of the old mortgage.
• Oversees the closing and disburses funds.
Key Point: Having the Law Offices of Scott M. Syat, P.C. on your side provides peace of mind, knowing your refinance is handled with precision and care.
📞 Contact our office today at (617) 773-3500
to discuss your refinance.
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5. The Title Company
A title search is conducted to confirm clear ownership and to identify any liens or defects. The title company also issues lender’s title insurance, protecting the lender’s investment. In some cases, borrowers also purchase owner’s title insurance for added protection.
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6. The Registry of Deeds
After the refinance, the new mortgage and related legal documents are recorded with the local Registry of Deeds. Recording ensures the transaction is official and becomes part of the public record.
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7. The Insurance Agent
Lenders require proof of active homeowners insurance before approving a refinance. Sometimes, policy limits must be updated to reflect the new loan amount.
Pro Tip: Notify your insurance agent early in the process to avoid last-minute delays.
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Final Thoughts
A refinance involves far more than just signing a few forms. Between the lender, appraiser, attorney, title company, and insurance provider, there are many moving parts behind the scenes. Understanding who is involved and what role each professional plays will help you navigate the refinance process with confidence.
When you’re ready to refinance, trust the Law Offices of Scott M. Syat, P.C. to guide you through every step. With decades of experience handling Massachusetts real estate transactions, our office ensures your refinance is seamless, legally sound, and stress-free.
📞 Call us today at (617) 773-3500 to schedule a consultation and take the next step in your refinance with confidence.