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Old 06-22-2007, 09:27 PM
 
149 posts, read 773,931 times
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We have a pretty big balance in our escrow account. When we close on our house in NC, do they factor in what is owed back to us from escrow or do we get a separate check?
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Old 06-22-2007, 09:47 PM
 
Location: Raleigh, NC
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It seems to make sense that they'd credit you at closing for the money in your escrow account.

If you are the seller of the house, you'll still be responsible for paying taxes on the time you've owned the house, so consider that may be why your balance is high, at this time.

However, it seems that most companies just mail you a check after closing. In NC, they have a set period of time to refund this...I think its 30 days but you may want to check on that. Its late and the brain has gone to sleep!

Vicki
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Old 06-23-2007, 12:33 AM
 
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This is one of the reasons I do not escrow. My money works better for me in my account. Next time find a mortgage without escrow. You can pay your own taxes and insurance.
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Old 06-23-2007, 06:04 AM
 
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Quote:
Originally Posted by Wanna Leave Penciltucky View Post
This is one of the reasons I do not escrow. My money works better for me in my account. Next time find a mortgage without escrow. You can pay your own taxes and insurance.
Better be putting 20% or more down or you will be paying escrow for taxes and insurance.
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Old 06-23-2007, 07:06 AM
 
149 posts, read 773,931 times
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with three kids and the unexpected expenses that come with them, I want to escrow as much as possible. I need to know my home/taxes is the first thing paid every month! I dont mind the escrow at all. Just curious to find out how it all settles in the end!

Quote:
Originally Posted by Wanna Leave Penciltucky View Post
This is one of the reasons I do not escrow. My money works better for me in my account. Next time find a mortgage without escrow. You can pay your own taxes and insurance.
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Old 06-23-2007, 07:20 AM
 
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luvmyguys - whenever I have sold a house I have gotten a separate check from the old escrow account for the balance a few weeks after that closing, after all the other funding has gone through and the mortgage has been paid off. Good luck on it all!
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Old 06-23-2007, 07:45 AM
 
Location: Wake Forest
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Generally attorneys will tell you (at closing) that the escrow check will show up in 45 days, often it is before that point.

Leigh
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Old 06-23-2007, 08:44 AM
 
Location: NC
1,268 posts, read 2,331,278 times
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agreed... it takes time to cancel out the escrow and refund the money owed. only when you are refinancing an FHA, have I seen the escrow refund calculate directly onto the settlement statement at closing.
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