If your current mortgage utilizes an escrow account to collect and pay the property taxes, that money could come back to you in a few ways:
- You could receive a check for your escrow funds from your old lender.
You can expect to receive the escrow funds within 30 days.
- Your escrow funds will be used as part of the payoff of your old loan.
This will reduce the total amount that needs to be paid off, allowing you to finance an overall smaller sum of money.
Your lender will typically ask which of these options you prefer.: