Escrow Closing Chart

home loan payment

The Chart above is for Refinance transactions.

Refinance Closing and Escrows: Since you are going to have a new loan the lender must collect the correct amount of funds to place in your escrow account for both your property taxes and insurance at time of closing. This is to ensure the lender has enough funds in your escrow account to pay the bill when it is due. In Florida the property taxes are due in November and depending which month your insurance policy is renewed will determine the amount of months needed for your insurance escrows “Click Here” to see Escrow Closing Chart. Keep in mind, if you are currently escrowing on your current mortgage you will receive all your escrow funds back in the mail once your current loan is paid off (usually about 3-4 weeks after you close). Plus you will have one, possibly two months with out any mortgage payments at all. The end result is that no additional out of pocket expenses accrue concerning escrows. I understand this may sound confusing. Please contact me for further explanation.

Escrows for property taxes and insurance are optional if you have a minimum of 20% equity in your home. 

 

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