REFINANCE ESCROW
Refinance Escrow Process
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
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.
Refinance Escrow Process
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
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.
Escrow Refinance Process
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:
- Full-service escrow management.
- Prompt response to all communications.
- Follow all escrow instructions.
- Keep all parties informed of the progress of escrow.
- Issue receipts for deposits held securely in the trust account.
- Prepare instructions and execute documents.
- Prorate and adjust taxes, utilities, and HOA dues.
- Prepare settlement statements.
- Instruct the title company to record necessary documents.
- Maintain the accountability and security of the funds held in trust.
- Comply with all local, state, and federal guidelines.
- Order and approve disclosures, reports, and documents.
- Secure pay-off demands from the original lender.
- Order documentation to clear any outstanding liens.
- Disperse funds and close escrow based on escrow instructions.
Professional Refinance Escrow Services
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.
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