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Fidelity Land Title Agency

Ohio Refinance Guide: What Homeowners Need to Know Before Closing

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By David Kennedy, CEO, Fidelity Land Title Agency

Refinancing your home in Ohio can lower your rate, reduce your payment, or give you access to equity.

But a refinance is not just a banking transaction. It is a legal transaction that must be recorded correctly to protect your property rights.

As CEO of Fidelity Land Title Agency, I want Ohio homeowners to understand what actually happens between loan approval and funding.

When you understand the process, you avoid delays.

What Is a Refinance?

A refinance replaces your existing mortgage with a new one.

It does not transfer ownership.
It does not create a new deed (unless you request one).

It:

  • Pays off your current loan

  • Records a new mortgage

  • Establishes a new lien for your lender

Step-by-Step: How an Ohio Refinance Works

1. You Apply With a Lender

Once you apply and lock your rate, the lender orders:

  • A title search

  • Settlement services

  • A lender’s title insurance policy

This is when the title company begins its work.

2. Title Search Is Completed

We examine:

  • Ownership on the deed

  • Existing mortgages

  • HELOCs (even if unused)

  • Judgments and liens

  • Property tax status

  • Easements and restrictions

Our goal is simple:

  1. Confirm you legally own the property

  2. Ensure the new lender receives first lien position

  3. Make sure existing loans can be paid off correctly

3. Existing Loans Are Verified

This is the most common delay point in Ohio refinances.

If you have:

  • A second mortgage

  • A HELOC

  • A paid-off loan that was never released

We must resolve it before funding.

Tip: Tell your lender about every loan secured by the property. Even a zero-balance HELOC often must be formally closed.

4. Title Commitment Is Issued

A title commitment outlines:

  • Who owns the property

  • What must be paid at closing

  • Any requirements before signing

  • Recorded restrictions or easements

It acts as the legal roadmap for your refinance.

5. Clear to Close

Once underwriting approves your loan, the lender issues a Closing Disclosure.

Before scheduling signing, we verify:

  • Names match exactly as shown on the deed

  • Legal description is correct

  • Payoff figures are accurate

  • Taxes are properly handled

Small mismatches can delay funding.

6. Signing Appointment

At closing, you sign:

  • The new mortgage

  • The promissory note

  • Settlement documents

  • Required affidavits

Bring valid government-issued ID.

All owners on title must sign.

Proper notarization is essential in Ohio. If documents are not notarized correctly, they cannot be recorded.

7. Three-Business-Day Right to Cancel

If this is your primary residence, federal law usually provides a three-business-day cancellation period.

Funding happens after that period expires.

This is normal.

8. Funding and Recording

After the lender releases funds:

  1. We record the new mortgage

  2. We pay off your existing loan

  3. We process lien releases

  4. We issue the lender’s title policy

Recording protects the lender’s lien position and completes the transaction.

FAQ

How long does a refinance take in Ohio?

Most Ohio refinances take 2 to 4 weeks. The timeline depends on underwriting, appraisal timing, and payoff coordination. Title work is often completed early in the process.

Do I need title insurance when refinancing in Ohio?

Yes. Most lenders require a lender’s title insurance policy. It protects the lender against unknown liens, recording errors, or title defects.

Why is my refinance delayed?

Common reasons include:

  • Undisclosed HELOCs

  • Name mismatches on the deed

  • Old mortgages not properly released

  • Probate or trust ownership issues

  • Last-minute loan changes

Most delays can be avoided by disclosing all existing loans early.

Will I get a new deed when I refinance?

No. A refinance replaces your mortgage, not your ownership. The deed remains the same unless you request a transfer.

Why does my spouse need to sign?

Ohio property rights and lender requirements may require spousal signatures even if only one spouse is on the loan.

What happens after I sign refinance documents?

If it is your primary residence, there is typically a three-business-day cancellation period. After that, funds are released, your old loan is paid off, and the new mortgage is recorded.

Final Word From David Kennedy

Refinancing should reduce stress, not create it.

When lien priority is clean, payoffs are accurate, and documents are recordable, refinances close smoothly.

At Fidelity Land Title Agency, we focus on getting those details right the first time.