How Long After Refinance Do You Get Escrow Refund?

The answer is within 20 days. According to a federal regulation, your mortgage servicer must provide you with a check for the remaining amount in your escrow account no later than 20 days after you close the account.

However there are a few things to keep in mind:

• The timing of the refund may vary depending on the lender. Some lenders may issue the refund sooner than 20 days, while others may take the full 20 days.
• You may need to request the refund. In some cases, the lender may not automatically issue the refund. You may need to contact them and request it.
• The amount of the refund may be less than you expect. This is because the lender may deduct any outstanding fees or charges from the refund amount.

Here are some additional details about escrow refunds after refinancing:

• If you refinance with the same lender, your existing escrow account is typically reassigned to the new loan. However, if you refinance with a different lender, your old escrow account will be closed and you will receive a refund check.
• The amount of the refund will depend on the amount of money that was in your escrow account at the time of the refinance. This amount will be reduced by any outstanding fees or charges that are owed to the lender.
• You should receive a statement from your lender explaining the details of the escrow refund. This statement will show the amount of the refund, any deductions that were made, and the date that the check was mailed.

If you have any questions about your escrow refund, you should contact your lender. They will be able to provide you with more specific information about your situation.

Here are some additional resources that you may find helpful:

• Rocket Mortgage: What To Expect With An Escrow Refund
• The Mortgage Reports: I refinanced, and my previous lender owes me an escrow refund