Refinance and Loan Escrow Services in Sacramento, CA
Refinancing involves paying off an existing loan with the proceeds of a new loan. Many homeowners use refinancing to lower the term of their mortgage, or to lower monthly costs through lower interest rates. Refinancing is much like a home purchase, with the exception of inspection instructions, and many processes are similar to that of securing financing for the home.
In a refinance, the parties are the bank and the homeowner, and escrow ensures the bank provides funds to pay off the original loan and the homeowner pays closing costs, both of which are necessary to close escrow. Bayside Escrow in Sacramento, CA will also order a report on the title to ensure the property is free of liens, back taxes or unpaid loans.
In many cases, lenders will deny refinancing if escrow is not used.
Refinancing can be a difficult process, and it typically requires a very proactive strategy to resolve any issues and hurdles that may delay closing.
Bayside Escrow in Sacramento, CA manages every detail of refinance escrow by:
- Providing full management and action as a neutral third-party to close the real estate transaction within the guidelines set forth in the contract while serving as the depository of funds and closing costs
- Responding to all communications in a timely manner
- Keeping all involved parties informed of the escrow progress every step of the way
- Following mutual instructions expeditiously
- Preparing escrow instructions and ensuring all documents are executed properly
- Issuing receipts for deposits of funds in the trust account
- Handling of loan documents and instructions from the new lender
- Coordinating the services of a notary public
- Ensuring proper proration and adjustment of taxes, HOA dues, etc.
- Preparing and sending out the estimated and final settlement statements and HUD-1
- Instructing the Title Company to record documents, such as the Grant Deed and Deed of Trust
- Disbursing funds to proper parties and closing escrow, as authorized
- Maintaining security and accountability of funds due to principals by providing several disbursement options
- Closing escrow in accordance with mutually agreed written terms
- Ordering all applicable reports and disclosures, such as the preliminary title report and HOA documents
- Complying with city, state, and federal guidelines as applicable to the subject property
- Obtaining approval of documents and reports from all parties
- Securing payoff demands or beneficiary statements from existing lenders
- Acquiring necessary documentation to clear outstanding liens attached to the property
- Requesting demands conveyances of mortgages or the deed of trust to be paid off in escrow
Refinancing can be an arduous task and it requires an experienced escrow officer to handle the transaction from start to finish. Count on the team of professionals at Bayside Escrow in Sacramento, CA to understand the importance of meeting a strict deadline and handle the escrow process in a customer-focused manner to ensure all parties remain confident.