Curious about escrow for refinancing? If you’re refinancing your loan, Golden State Escrow can assist in taking care of the transfer of the transaction to the new lender or new terms from the same lender. The process works a little differently than the initial transaction. With a refinanced loan we work with both lenders to make sure the transaction goes smoothly. Our professionals can answer all your questions about this type of escrow process.
The Escrow Process During Refinancing
When you think of refinancing, you typically don’t think of escrow. But refinancing often requires an escrow officer to make sure all require steps are completed and recorded.
First, the escrow officer requesting funding from the new lender be deposited into the escrow account.
Second, the escrow agent and title company work together to pay the lender on your old mortgage. This is typically done via wire transfer. After that, interest will stop on the old loan.
Lastly, the escrow agent records the new mortgage with the county recorder’s office. At this point the escrow is complete. This process typically takes a little over a week. This timeline depends on a reliable escrow company to make sure all is in order and the process goes smoothly. For that, you want Golden State Escrow.