Refinancing Mortgages
Should I use escrow when refinancing my mortgage?
I am refinancing my loan officer says that I have to pay $ 2,000 for through escrow. Is there a way around it? I thought the depot was unnecessary when refinancing. Is not only necessary when buying or selling real estate?
Yes, you have to go through the escrow process. New trust deeds must be prepared and the old are paid off and released. Other paperwork must be care of as well – information, assessments, title insurance, surveys, etc. and these usually need an escrow agent or attorney. You do not need to use preferred lender escrow company, however. Shop around and tell the loan officer as an agent will make the loan closing. Do not confuse it with seizing Account with a mortgage servicing company, sometimes referred to as escrow in some parts of the country. Two entirely different issues. Not all lenders require seize records especially if the borrower has a long and strong credit history. I was able to derogate from confiscate account when I refinanced three years ago but still have to close the loan through an escrow company.