Things to keep in mind after refinancing

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Topic Author
RL1013
Posts: 141
Joined: Wed Mar 21, 2018 10:56 pm

Things to keep in mind after refinancing

Post by RL1013 » Mon Aug 12, 2019 4:03 pm

What are some of the things one needs to do after he/she refinance his mortgage. Going from 4% 20 year loan to 3% 15 year. It's my first time refinancing. Is there anything I need to do with my old vendor and old escrow?

Any general tips or pitfalls to keep in mind during or after refinancing?

seawolf21
Posts: 278
Joined: Tue Aug 05, 2014 7:33 am

Re: Things to keep in mind after refinancing

Post by seawolf21 » Mon Aug 12, 2019 4:11 pm

Make sure prior lender record the release for the old lien from county records within timeframe (probably 30 days)

delamer
Posts: 8417
Joined: Tue Feb 08, 2011 6:13 pm

Re: Things to keep in mind after refinancing

Post by delamer » Mon Aug 12, 2019 4:14 pm

You will receive a check from you previous lender for your escrow balance.

I’d give it a month or so, and contact that lender if you haven’t received it.

Topic Author
RL1013
Posts: 141
Joined: Wed Mar 21, 2018 10:56 pm

Re: Things to keep in mind after refinancing

Post by RL1013 » Mon Aug 12, 2019 4:25 pm

seawolf21 wrote:
Mon Aug 12, 2019 4:11 pm
Make sure prior lender record the release for the old lien from county records within timeframe (probably 30 days)
Should I call county office to confirm this?

delamer
Posts: 8417
Joined: Tue Feb 08, 2011 6:13 pm

Re: Things to keep in mind after refinancing

Post by delamer » Mon Aug 12, 2019 4:28 pm

RL1013 wrote:
Mon Aug 12, 2019 4:25 pm
seawolf21 wrote:
Mon Aug 12, 2019 4:11 pm
Make sure prior lender record the release for the old lien from county records within timeframe (probably 30 days)
Should I call county office to confirm this?
My county posts this online.

seawolf21
Posts: 278
Joined: Tue Aug 05, 2014 7:33 am

Re: Things to keep in mind after refinancing

Post by seawolf21 » Mon Aug 12, 2019 4:29 pm

RL1013 wrote:
Mon Aug 12, 2019 4:25 pm
seawolf21 wrote:
Mon Aug 12, 2019 4:11 pm
Make sure prior lender record the release for the old lien from county records within timeframe (probably 30 days)
Should I call county office to confirm this?
Lender should send you a copy of the release but definitely worth confirming with county clerk that it was recorded correctly and to your lot. Many large counties have this online so no need to call or stop by in person.

Topic Author
RL1013
Posts: 141
Joined: Wed Mar 21, 2018 10:56 pm

Re: Things to keep in mind after refinancing

Post by RL1013 » Mon Aug 12, 2019 10:59 pm

Awesome. Thanks.

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