A refinance requires paying off an existing mortgage with the proceeds of a new loan, typically to get a lower interest rate, a lower mortgage payment, or better loan terms. A refinance is similar to a home purchase in many ways. While there are no home inspections, escrow is still necessary and the process is similar. As a full-service escrow company, New Era Escrow has the experience and skill necessary to handle all types of refinance transactions.
The parties involved in a refinance include the homeowner, the original lender, the new lender, and the escrow company which oversees the entire process. The escrow officer overseeing the refinance transaction will make sure the new lender provides the funds that will pay off the original mortgage, while the homeowner pays the closing costs. The escrow process will also require a verification that the property is free of any liens, unpaid loans, or back taxes that may have accumulated since the original mortgage was issued.
Because a refinance can turn up a number of hurdles and delays, it is very important to work with an escrow company that has experience with refinance transactions with a proactive strategy to address problems before they can delay closing.
At New Era Escrow, our escrow officers have decades of experience handling complex refinance escrow accounts with the dedication and knowledge necessary to avoid hurdles and complications that could delay your closing. We handle all aspects of your refinance escrow including:
We look forward to serving you with professional refinance escrow services to make your loan refinance as easy as possible. New Era Escrow has an expert team of escrow officers who can effectively manage your refinance escrow and take it to a successful closing.