When refinancing a mortgage, is the bank supposed to use the money in the escrow account to pay downI am refinancing my mortgage. I currently have an escrow account and am electing to not have an escrow account with my new mortgage. Can the bank use the money that is already in the escrow account to pay down the refinance ammount or should I be getting this refunded back to me? I was told I would not be getting this money back so I can put it towards paying the taxes and insurance myself, eventhough that is what the escrow account is for.March 16 2012 - Houston1YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.