Question by john: I refinanced my home, when will I get the escrow balance?
I refinanced my home. When will I received my escrow balance from my old mortgage company? Is that something that happens automatically or do I need to call and request it?
Best answer:
Answer by Mac
Once the new lender pays off your old mortgage then your escrow will be mailed to the new lender who is now responsible for paying your property tax and home owner insurance
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If you no longer have escrow and it was not transferred over to that at the new lender, your old lender should send it to you automatically. It may not be immediately until they are sure everything is taken care of. I forget exactly how long it took when I refinanced I think in mid-April 2005, but I had it in time for me to pay the first installment of my property taxes before June 1.
The check has to be dated within 30 days of your old lender receiving their payoff.