WHAT IS A REFINANCE? 

In the typical refinance escrow, the principals to the real estate transaction that requires an escrow (borrower and lender) cause escrow instructions to be created, signed, and delivered to the escrow officer. In the case of a real estate sale/purchase, escrow usually opens when the lender confirms a new refinance with the escrow holder. Take a look at the diagram below to see what happens during the course of your refinance transaction:

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