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Will title companies charge you for title insurance on a refinance when you already have title of insurance proof?
Wiki User
∙ 11y ago
The refinancing of property is a new loan, unless you are getting a mortgage modification.
When the old loan is paid off, the MORTGAGE Policy on the title expires. The lender, regardless of whether is it the same lender or not, will require new coverage on the new loan.
If you are doing a modifcation, then the rate would be figured on the difference of the new loan to the old loan amount + all related costs to update the information on the property in order to insure the lender's interests.
The OWNER's policy you may have received when you bought the property does not change because of a new mortgage. You are still covered by the Owner's policy until (a) you no longer own the property (b) you modify the property by subdivision.
Original Answer:
In a nutshell, yes. The charge may be reduced if you provide your prior evidence of title. You may also request a "reissue rate" for the title insurance premium. However, the title company must still search the public records from the time you acquired the property up to the time of the refinance, and there is a charge for that service, as well as for the closing, title insurance premium, etc.
Wiki User
∙ 11y ago
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