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paying taxes when you refinance?
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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paying taxes when you refinance?
do you have to pay your taxes for the year upfront when you close on a refinance? if so thats going to be a huge chunk of change.... so just was wondering for those that have gone through the process... TIA!
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Posted 2/16/12 9:08 AM  |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: paying taxes when you refinance?
Yes I had to make an escrow deposit..I think my bank required 3-4 months of taxes upfront.
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| Posted 2/16/12 9:11 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: paying taxes when you refinance?
Posted by seeinstarz
Yes I had to make an escrow deposit..I think my bank required 3-4 months of taxes upfront.
oh wow... do they refund this to you at the end of the year?
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| Posted 2/16/12 9:14 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: paying taxes when you refinance?
Probably not because they always hold a certain % over in escrow for increases on taxes and ins. but I did get a refund from my old escrow account.
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| Posted 2/16/12 9:43 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: paying taxes when you refinance?
Do you not have money in eskrow now?
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| Posted 2/17/12 11:53 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: paying taxes when you refinance?
If you are refinancing with the company that currently holds your mortgage you shouldn't have to. However, if you are refinancing with a new company, yes you probably have to.
It's really a timing issue, because in a month or so your old company will refund anything still in your escrow account.
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| Posted 2/17/12 12:23 PM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: paying taxes when you refinance?
My bank had just paid my taxes that were due (6 months). I still had to put 3-4 months in escrow for my new mortgage when I refied. I did get a refund back from my old bank about a month after closing but it wasn't enough to cover what I had put down to refinance.
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| Posted 2/17/12 2:59 PM |
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