Now that you’ve completed all the paperwork and closed, you can start enjoying the benefits of your refinanced mortgage.
Managing Your Monthly Payments
Now that you’ve completed all the paperwork and closed, you can start enjoying the benefits of your refinanced mortgage. Whether you now have lower payments, a shorter term, or cash to spend on other expenses, this is what to expect after closing.
What Happens to Your Old Escrow Account?
If you had an escrow account for your old mortgage, there are a couple of ways that money will be returned to you.
- You may be sent a check for the funds in your old escrow account from the lender on your previous loan. In this case, you should expect to receive them within thirty days.
- The funds from your old escrow account may be used as part of the payoff of your previous mortgage. This can mean a couple of things. First, the total amount of the old loan that needs to be paid off will be reduced. Second, if your new loan requires an escrow account, the funds from your old escrow account will be transferred to the new one.
Typically your lender will give you the option to choose either of these. We recommend allowing your escrow funds to be put towards the payoff of your old loan. This can help speed up the processing of your refinance, and reduce the total amount of money that you’ll need to pay at closing.
Making Additional Payments
If your budget allows for it, making additional payments or paying extra on your monthly payments is a great idea. It will mean you pay your mortgage off faster and pay less total interest. Just one extra payment per year will save you a substantial amount in interest over the life of your mortgage.
How much can one extra payment really save you? Exactly how much you’ll save by making an extra payment every year depends on the specifics of you loan. Your interest rate, the remaining balance on the loan, and how many years are left on the mortgage will all influence it. A tool called an amortization calculator will help you determine exactly how much extra payments can save.
Why Choose Us?
Our coordinated team can get your loan processed faster than the competition – guaranteed.
Our personable and extremely knowledgeable loan officers will walk you through your first home buying experience so smoothly, your worries will be left behind.
Licensing and Approvals
247HomeLoans.net holds a Florida Mortgage Brokers license number MBR1749, in the State of Florida. NMLSR ID #1082016. 247HomeLoans.net is a full-service Mortgage Broker. We are committed to providing the highest level of customer service with an emphasis on offering our customers the best advice to save on their monthly expenditures. We are set up with over 20 wholesale lenders and banks, so we can offer both traditional and nontraditional mortgage products. Even if you have been denied by traditional banks we may be able to help you secure financing.
Corporate Office is located at:
11256 Winthrop Main St.
Riverview, FL 33578
**DISCLAIMER: Please note that interest rates, APR’s, closing cost, and monthly payment examples on this page are for illustrative purposes so that borrowers can better understand how programs work. Consumers should note that mortgage rates, APR’s, and payments will likely vary from what is listed in the examples given. Mortgage rates change frequently and not all borrowers will be eligible. Additional restrictions may apply. Please call and speak with a 247 Home Loans mortgage representative for the most up-to-date information.
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