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What is an escrow refund?

My mortgage lender just emailed me about an escrow refund. I’m a bit lost here—am I missing something? What is an escrow refund?

avatar
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you’re paying a mortgage, you’ll often have an escrow account that holds funds to pay for your
homeowners insurance
 and property taxes when they’re due. 
If your escrow account has excess funds (more than two months’ worth of future payments) exceeding $50, you can have that money refunded to you on behalf of your loan servicer. 
You could also receive an escrow refund in the following situations:  
  • You have refinanced your mortgage.
  • You have completely paid off your mortgage.
  • Your tax bills have been lowered.
MORE:
Home insurance terms you need to know
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