Tips for a Smooth Refinance Escrow

Refinancing your home loan involves a similar, albeit simpler, escrow process as a purchase. To ensure it goes smoothly, start by gathering your financial documents early. This includes recent pay stubs, W-2s or tax returns, and statements for your bank accounts and other debts.

Be responsive to requests from your lender and escrow officer. The faster you provide the necessary information, the faster your loan can be processed. Avoid making any large purchases or opening new lines of credit during the process, as this can affect your credit score and jeopardize your loan approval. Finally, be prepared to sign the final loan documents with a notary. With a little preparation, your refinance can be a straightforward and beneficial experience.