The 10-Item Refinance Verification Checklist
10-item refinance closing verification checklist
| Item | When to Verify | What to Check |
|---|---|---|
| 1. Rate matches quote | Loan Estimate receipt | APR and rate match what was quoted |
| 2. Loan term confirmed | Loan Estimate | 30-year? 15-year? Same as agreed |
| 3. Closing costs accurate | Loan Estimate + Closing Disclosure comparison | Fees shouldn’t increase >10% from LE to CD |
| 4. No prepayment penalty | Loan docs review | None on conventional conforming loans |
| 5. Break-even verified | Before applying | Calculator run with actual LE numbers |
| 6. PMI status correct | Loan docs | Removed if LTV <80%? Added if >80%? |
| 7. Escrow setup confirmed | Closing Disclosure | Property tax and insurance amounts correct |
| 8. Payoff amount accurate | Week of closing | Get fresh payoff quote within 5 days of close |
| 9. New payment matches expectation | Closing Disclosure | First payment due date and amount confirmed |
| 10. Three-day right to cancel understood | Day of signing | Can rescind within 3 business days |
Federal law requires lenders to provide the Closing Disclosure at least 3 business days before closing. Read it carefully and compare every line to your Loan Estimate. Fees cannot increase beyond tolerances — origination charges can’t increase at all; third-party fees may increase up to 10%. Find discrepancies before closing, not after.
The Most Commonly Missed Check
Payoff amount accuracy: the payoff amount changes daily as interest accrues. Getting a payoff quote from your current servicer within 5 days of closing ensures the numbers are accurate. A stale payoff quote from 3 weeks earlier may be $200–$500 off — which affects your closing costs.
Start With the Numbers Verification
The calculator is item zero on the checklist. Verify the break-even before anything else.