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Our human approach to underwriting allows us to reach a fairer outcome for a broad range of customers. If you do not refinance your mortgage, the extra principal payment is likely to reduce your interest expense over the life of the loan, but it will not make you a wealthy person. It is not uncommon for overpaid benefits to be paid out of the employees or employers account. You should receive a refund of the remaining balance of an escrow account if it has been closed and there is no remaining funds in it. When a borrower overpays on their mortgage, the mortgage lender is required to refund the overage to the borrower within a certain time frame. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, The Big Dig: Germany reopens its mines in quest for mineral self-sufficiency, Singapore deepens US defence ties despite Chinese financial inflows, Chinas local governments stuck with bill for neighbourhood surveillance, Long-lived rivals: actuaries say Biden and Trump are not too old for office, Inflations legacy hits European households even as price growth ebbs, Charlie Munger: US banks are full of bad commercial property loans, JPMorgan to acquire First Republics deposits as US regulators step in, Disney uses Ron DeSantiss own words against him in free speech lawsuit, JPMorgan, Citizens and PNC submit bids for First Republic, Deutsche Bank plans to beef up investment bank advisory team, Totals chief tells investors European listing to blame for oil groups trading discount, Investors bet on shrinking pool of tech stocks as rally narrows, S&P criticised by pension funds over dual-class shares decision, US approach to financial regulation is set up to fail, China, America and why not all growth is equal, China could play a crucial role in ending the war in Ukraine, Labour has leverage to carry out private equity tax reform, The costs of entrenched high inflation cannot be ignored, Inside the elite British college for the worlds best nannies.