It is once you and the new lender have finished setting up the terms of the new mortgage that the escrow process comes into play. To be more specific, the new lender will use escrow in order to distribute funds to the previous lender to pay off the prior mortgage. Before this escrow starts, however, keep in mind that once you have completed the refinance documentation you do have three days to change your mind and stop the new mortgage from coming into effect.
With our refinancing escrow services in Montclair, we first submit an official funding request to the new mortgage lender. The lender is then responsible for wiring the required funds to the escrow account itself. At that point, we work alongside the title company to provide required payment to the financial institution involved with the old mortgage.
Our goal is to get this process completed as efficiently as possible as you will be responsible for paying interest on the new and old mortgages until the old loan has been completely paid. Once the old lender has confirmed receipt of payment, we can officially conclude the transaction by informing the county recorder’s office of the replacement mortgage.
Top Refinancing Escrow – Inspire Escrow Services
As indicated above, time is of the essence when it comes to refinancing escrow. With our team’s professionalism, skill, and careful attention to detail, we are typically able to handle the process from start to finish in a bit over a week’s time. The absolute last thing you want is to have to spend a ton of money on the old and new mortgages because the refinancing process is dragging on for an extended period of time. Our Montclair refinancing escrow company is here to assist you in getting the top deal available while ensuring that everything proceeds smoothly. We will help you manage all of the necessary paperwork, and handle any technicalities or other issues that may arise.
Our services are comprehensive, and we take great care not to leave anything out. Clear communication is also essential to our operations, and we make certain to respond promptly to all client correspondence while also conveying easy to follow instructions to all involved parties. Inspire Escrow Services operates in full accordance with all applicable laws and regulations, and meticulously document all actions that are taken. We take your needs seriously, and are committed to providing you with the effective services you deserve. To learn more about how we can assist you with refinancing escrow in Montclair, please give us a call today at (909) 698-4805 or contact us online.