Can this agreement be signed electronically?

Yes. Electronic signatures generally have the same legal effect as handwritten signatures under the ESIGN Act (15 U.S.C. ch. 96, 2000) and UETA where adopted. Confirm any consumer-facing disclosure requirements and follow state notary or recording rules.

When is notarization or witnessing required?

Notarization is typically required for security instruments (mortgages, deeds of trust) and some acknowledgements; witness requirements vary by state. Verify county recorder and state notary rules before finalizing.

How do I correct a name or data error after signing?

Minor typographical corrections may be handled by an amendment or corrected exhibit with signatures from all parties. Substantive changes usually require a formal amendment signed by the same authorized signatories.

What supporting documents are commonly required?

Typical attachments include payoff statements, title commitment, insurance certificates, borrower financials, UCC searches, and evidence of authority for signing entities.

Who has authority to sign on behalf of an entity?

An authorized officer, manager, or attorney-in-fact may sign. Require a certified resolution or power of attorney showing signing authority to avoid post-closing challenges.

How can a commitment be revoked or canceled?

Revocation usually follows the terms of the agreement (e.g., expiration, failure to meet conditions). Material breach may permit termination under the contract; consult counsel to ensure compliance with notice and cure provisions.

Electronic Signature
Templates
Miscellaneous
Refinancing Commitment Agreement

Refinancing Commitment Agreement

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

Refinancing Commitment Agreement

Agreement Date:

Parties

Lender Name: Lender Address: Borrower Name: Borrower Address:

Recitals

WHEREAS, Borrower is the borrower under an existing obligation secured by the property located at ;

WHEREAS, Lender is willing to commit to provide refinancing loan proceeds on the terms set forth in this Agreement for the purpose of refinancing the existing indebtedness in the principal amount of ;

WHEREAS, the parties desire to set forth the terms and conditions of Lender's commitment and the obligations of Borrower in connection with the refinance transaction.

Scope of Work

The Lender agrees to commit to refinance Borrower's indebtedness subject to the conditions and schedule set forth herein. The refinance shall provide funds to (i) pay off the outstanding balance of the existing loan, (ii) satisfy related closing costs, and (iii) provide any approved cash-out to Borrower as set forth in this Agreement. Specific deliverables, milestones and lender obligations are described below and in the Scope of Work field.

Scope of Work:

Payment Terms

Committed Refinancing Amount:

Commitment Fee (payable at execution unless otherwise agreed): or % of committed amount

Payment Schedule / Disbursement Conditions:

Late Fee for Failure to Pay Fees or Amounts Due: % per month on overdue amounts, calculated from the due date until paid in full.

Conditions Precedent

Lender's obligation to fund the refinancing is subject to Borrower's delivery of customary and reasonable documentation, including but not limited to corporate or individual authority, updated title evidence, insurance, payoff statements, financial statements, and such other documents as Lender may reasonably require. Borrower agrees to cooperate in the prompt delivery of all conditions precedent.

Term and Termination

Commencement Date: . Expiration Date: .

Either party may terminate this Agreement for convenience upon written notice to the other party delivered at least days prior to the intended termination date. Termination shall not relieve Borrower of obligations to pay fees earned or costs incurred prior to termination.

Termination for Cause: Lender may terminate immediately upon written notice if Borrower materially breaches any covenant, representation or warranty under this Agreement and fails to cure within ten (10) days after receiving written notice of such breach.

Confidentiality

Each party acknowledges that confidential information disclosed by one party to the other in connection with this Agreement shall be kept strictly confidential and used solely for the purposes of evaluating and effectuating the refinancing transaction. Confidential information excludes information that is or becomes publicly available other than through a breach of this Agreement or that is rightfully obtained from a third party not subject to a confidentiality obligation. Disclosure required by applicable law, regulation or court order is permitted provided the disclosing party gives prompt written notice to the other party to allow for the seeking of protective relief.

Representations and Warranties

Borrower represents and warrants to Lender that all information provided to Lender in connection with the refinancing is true, complete and correct in all material respects as of the date provided, and that no material adverse change in Borrower’s financial condition or in the condition of the collateral has occurred since such date. Lender represents that it has the authority to enter into this Agreement and to fund the committed amounts subject to the terms hereof.

Notices

Lender Notice Contact: Lender Notice Address: Borrower Notice Contact: Borrower Notice Address:

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to its conflict of laws principles.

Entire Agreement; Amendments

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and negotiations, whether written or oral. No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.

Miscellaneous

Execution in Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Electronic signatures shall be deemed originals for all purposes.

Lender Name:

By:

Date:

Borrower Name:

By:

Date:

What a Refinancing Commitment Agreement Is

A Refinancing Commitment Agreement is a legally binding contract in which a lender agrees to provide financing to replace or restructure an existing loan once specified conditions are satisfied. The agreement typically sets the loan amount, interest rate or rate formula, term, closing deadline, conditions precedent (underwriting, title, payoff of prior liens), and any required collateral or covenants. It allocates responsibilities for closing, identifies required supporting documents, and establishes remedies for failure to close. Where executed electronically, it is generally enforceable under the ESIGN Act (15 U.S.C. ch. 96, 2000) and state UETA laws.

Why a Clear Commitment Agreement Matters

A clear Refinancing Commitment Agreement reduces closing risk by setting firm timelines, defining underwriting conditions, and protecting both borrower and lender with explicit remedies and escrow instructions.

Who Typically Prepares and Signs This Agreement

The agreement is used by financial professionals, borrowers, counsel, and closing agents involved in loan restructures or property refinancing.

Lenders and loan officers — prepare terms, conditions, and funding conditions prior to underwriting completion.
Borrowers and guarantors — confirm identity, review conditions, and provide required documents for underwriting and closing.
Title/closing agents — verify title, prepare payoff statements, and handle recording and disbursement at closing.

Each party’s role should be stated in the document to avoid delays at closing and to enable accurate routing for signatures and notarization.

Core Elements to Include in a Professional Agreement

A comprehensive agreement organizes parties, loan economics, closing timelines, and conditions so the refinance can proceed predictably and enforceably.

Parties

Full legal names and entity types for lender, borrower, guarantors, and servicer; include contact and notice addresses.

Loan Terms

Principal amount, interest rate (fixed or formula), amortization, prepayment terms, fees, and payment schedule.

Conditions Precedent

List underwriting, title, insurance, appraisal, payoff, and documentation requirements that must be satisfied before funding.

Closing Mechanics

Define closing date, delivery method for funds and documents, escrow/settlement agent, and instructions for recording.

Security and Priority

Describe collateral, lien priority, UCC filings, mortgage language, and requirements for subordination or releases.

Default Remedies

State remedies for failure to close, rate lock losses, liquidated damages (if any), and the procedure for dispute resolution.

Step-by-Step: From Draft to Funding

Follow these core steps to prepare, execute, and complete a refinance commitment efficiently.

01

Draft Terms: Lender drafts commitment with defined conditions and closing timeline.
02

Underwriting Review: Borrower provides documents; lender completes underwriting and clears conditions.
03

Execution: Parties sign; notarization or witnessing if required, and electronic signatures recorded.
04

Closing & Funding: Escrow closes, funds disbursed, and security instruments recorded as required.

Setting Up an Online Signing Workflow

Standardize fields and authentication to reduce errors and streamline remote execution.

Field	Recommended Setting
Authentication	Email plus SMS code for signer verification
Signing Order	Sequential routing: lender, borrower, closing agent
Conditional Fields	Use conditional visibility for subject-to clauses
Notifications	Enable reminders and completion receipts

Technical and Compliance Needs for eSigning

Ensure the platform supports required authentication, audit trails, and secure storage before e-signing legal finance documents.

File Formats: PDF and DOCX accepted for final signed records
Integrations: CRM and storage connectors such as Salesforce and Box
Security: TLS in transit and AES-256 at rest

Where to Send the Signed Agreement

Routing depends on party roles; confirm the destination for originals, recorded documents, and servicer copies.

Lender Records: Final signed copy retained by lender or loan servicer
Borrower Copy: Provide borrower with executed PDF and completion certificate
Closing Agent: Deliver originals and title instructions for recording
Recording Office: Submit mortgage or deed to county recorder if required

Common Deadlines and Time-Sensitive Items

Refinancing commitments have fixed expirations and cure periods; track these dates to avoid losing rate locks or funding windows.

Commitment Expiration:

Deadline by which conditions must be satisfied and the loan must close.

Rate Lock Expiration:

Date when the quoted rate and points expire if funding is delayed.

Conditions Cure Period:

Time allowed to correct title, insurance, or underwriting deficiencies.

Closing Date:

Scheduled date for signing, fund transfer, and recording.

Recording Deadline:

County-specific window to record security instruments after funding.

Key Processing Stages from Offer to Funding

A sequential view of major milestones helps manage expectations and coordinate participants.

01

Term Sheet

Preliminary agreement on price and structure before underwriting.

02

Commitment Issued

Lender issues formal refinancing commitment with conditions.

03

Underwriting Complete

All conditions cleared and documentation assembled for closing.

04

Funding & Recording

Loan funded, payoffs made, and security instruments recorded.

Common Mistakes That Delay or Void Commitments

Using imprecise party names or entity formats that do not match title or organizational filings, causing funding holds.
Leaving conditions open-ended (e.g., 'reasonable evidence') rather than listing specific deliverables for underwriting approval.
Failing to attach required supporting documents such as payoffs, title endorsements, or insurance certificates at execution.
Neglecting to confirm notarization or witness rules where state law or recording requirements demand them.

Risks and Contractual Consequences to Watch For

Breach of Contract: May trigger damages or termination of commitment

Rate Lock Loss: Borrower could face higher interest or fees

Recording Defect: Clouded title or priority disputes may arise

Regulatory Risk: Noncompliance with lending rules can incur fines

Tax Consequences: Payoff and release timing may affect tax reporting

Reputational Harm: Failed closings can damage lender-borrower relations

Security and Compliance Features to Require

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest

Audit Trail: Timestamped logs with IP and action history

Certifications: SOC 2 Type II and ISO 27001 available

Regulatory Support: ESIGN and UETA legal compliance

Healthcare BAA: HIPAA-compliant workflows with BAA option

FDA / 21 CFR: 21 CFR Part 11 controls available

eSignature Vendor Pricing and Feature Snapshot

Basic pricing and key feature availability for common eSignature providers. Place vendor selection alongside compliance and integration needs.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day trial	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

How This Agreement Differs from a General Loan Commitment

A concise comparison highlights differences in purpose, timing, and common conditions between refinancing commitments and general loan commitments.

Criteria	Refinancing Commitment	Loan Commitment
Typical Purpose	replace existing debt	new financing arrangement
Common Conditions	payoff and title clearances	underwriting and collateral
Timing	often tied to payoff schedule	varies with project milestones
Use Case	refinance secured loan	originate new loan

Frequently Asked Questions About Refinancing Commitments

Answers to common execution, enforceability, and practical questions frequently raised during refinance transactions.

Need help? Contact support

Can this agreement be signed electronically?
Yes. Electronic signatures generally have the same legal effect as handwritten signatures under the ESIGN Act (15 U.S.C. ch. 96, 2000) and UETA where adopted. Confirm any consumer-facing disclosure requirements and follow state notary or recording rules.
When is notarization or witnessing required?
Notarization is typically required for security instruments (mortgages, deeds of trust) and some acknowledgements; witness requirements vary by state. Verify county recorder and state notary rules before finalizing.
How do I correct a name or data error after signing?
Minor typographical corrections may be handled by an amendment or corrected exhibit with signatures from all parties. Substantive changes usually require a formal amendment signed by the same authorized signatories.
What supporting documents are commonly required?
Typical attachments include payoff statements, title commitment, insurance certificates, borrower financials, UCC searches, and evidence of authority for signing entities.
Who has authority to sign on behalf of an entity?
An authorized officer, manager, or attorney-in-fact may sign. Require a certified resolution or power of attorney showing signing authority to avoid post-closing challenges.
How can a commitment be revoked or canceled?
Revocation usually follows the terms of the agreement (e.g., expiration, failure to meet conditions). Material breach may permit termination under the contract; consult counsel to ensure compliance with notice and cure provisions.

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