What is an escrow refund, and do all VA loans get one?

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When you refinance your VA home loan, you may be eligible to receive an escrow refund. That's because a portion of your mortgage payment usually gets set aside each month to help you save up for your property taxes and homeowners insurance payments.

When you refinance, you'll set up a NEW escrow account, which means that any money left over in your OLD account will get refunded to you. This usually happens about 30 days AFTER your refinance closes and most of the time will come as a check in the mail.

However, it's important to be aware that you're never guaranteed an escrow refund. Whether or not you get one—and how much it's for—depends on the timing of your refinance and the due dates for your property taxes and homeowners insurance.

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This video is not intended for residents or homeowners in the states of WA, NY, or MA.

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This video is not intended for residents or homeowners in the states of NY or MA.