Question by Alicia B: If I refinance with a different mortgage company, what happens with my escrow from my old mortgage company?
I am considering a refinance with a different mortgage company. I was told that my old mortgage company will send me a refund check for my money in escrow…is this true? And I was considering using the refund to pay for my appraisal fee for the refinance. Is this a good idea?
Answer by oh okay
That mafia will take your family away.
Know better? Leave your own answer in the comments!
Yes, the old mortgage processor will refund your escrow balance within 30 days AFTER closing. You need cash flow to complete the process or the new mortgage company needs to agree adding the fees to your mortgage balance.
Rates are very good now. Some companies are offering 4.5% note rate on a 30-year mortgage with no fees or points whatsoever (APR 4.500%). Assumes single-family residence, not a condo, owner-occupied, no secondary/subordinate financing, escrow impounds, loan amount > $ 100K, and FICO >= 740. Good luck.