Frequently Asked Re- Finance Questions

If a loan of yours was paid off at closing, chances are your bank was paid slightly more than your actual loan payoff. This is done so that the lender has what it needs to satisfy the loan and there is no danger of the payoff being short. To the extent the funds delivered to the lender exceed the loan payoff on the day of posting, the overage will be refunded to you by the bank. Typically, this takes approximately four (4) weeks.

If a loan of yours was paid off at closing and if that loan had an escrow account associated with it, you may be entitled to a refund of your escrow account balance. When we request a copy of your loan payoff from your lender, the lender may either provide a straight loan payoff (without reference to the escrow account) or your lender may apply the escrow balance to the loan balance thereby reducing the loan balance by the amount held in escrow. If your lender provided a payoff without applying the escrow balance, you will automatically receive a refund of your escrow balance approximately four (4) weeks after closing.

It is your responsibility to terminate your automatic draft instructions with your lender in order to eliminate the risk of the bank accidentally continuing to draft payments. If you wish to set up your new loan with automatic payments, you should contact your bank for this service.

Horry County generally sends out property tax bills in the first week of October. If your taxes are escrowed with your new lender, you will receive only a copy of your property tax bill in that the original property tax bill will be sent to and paid by your lender. In that you have changed lenders through your re-finance, we recommend you calendar a reminder for sometime in November to make sure you’ve received your tax bill (or the copy if your taxes are escrowed). If you do not have your tax bill (or the copy if your taxes are escrowed) by that time, you should contact the Horry County Treasurer at 843-915-5470 to inquire.

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