What happens to your old escrow when you refinance?

When you refinance your house or business, the previous escrow (which held your insurance money) is replaced with a new escrow. This is known as full pay escrows. While the two forms of escrows differ, let's take a moment to discuss what occurs when you refinance.

Refinancing a home can reduce monthly mortgage payments or interest rates, potentially saving you tens of thousands of dollars over the loan's term. Some lenders, however, require you to enter into escrow as part of the transaction.

What happens to your old escrow when you refinance?

Most refinancing alternatives are available only once a homeowner has paid off a certain amount of their mortgage. You can borrow less money and spread it out over a longer period of time with more equity in your home, lowering your payments.

If you want to better understand title insurance refinance, it's better to get in touch with a professional title insurance company like ours. Metro Title Insurance will help you understand all of the different aspects of refinancing and get you the best deal possible.
Location: Salt Lake City, UT, USA

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