Скачать или смотреть Why do most lenders advertise an escrow refund when you refinance?

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Video Description:

Setting up an escrow account is an important part of getting a new home loan, whether that's through a purchase or a refinance. This account is then used by your lender to store the money they need to pay your property taxes and homeowners insurance premium whenever they become due.

If you happen to refinance and switch lenders, then you may qualify for what is called an escrow refund. When trying to convince you to refinance, a lot of lenders like to advertise this refund, even though they don't really have any control over it. Instead, the lender of your original loan is the one who issues it.

Because they don't have control, it's important for you to take these advertisements with a grain of salt. A new lender is never able to guarantee that you'll get an escrow refund. Basically, it's just a bonus aspect of refinancing and should never serve as the primary reason you want to do a refinance.

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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.