At least in Ohio, the answer is yes. A new loan policy of title insurance is needed by the lender because they want to be insured up to the new loan amount. If this refinance is within 10 years of the date you initially took out the loan, your title company may be willing to give you a "re-issue rate", which is about a 30% discount.
You need to ask your lender. If they are re-writing the existing loan, they may simply ask for upgraded Mortgage policy and have you pay the difference for the new loan amount based on the local rates/fees.
If you are paying off the existing loan, then they will require a new Mortgage Policy. You must remember that a Mortgage Policy is only good for the life of the loan, so once it is paid in full (even from a refinance with the same bank) the mortgage title policy ceases to exist.
Most states offer a refinance rate which is calculated on the new loan vs the original amount of the current loan.
The above answer is pretty thorough - just check with your lender/local title agency to find out what the fees are for your state.
The disadvantages of refinancing a second mortgage may be that the original fees, such as appraisal fees, closing costs, attorney fees, recording fees and title insurance may have to be paid once again. It is worth remembering that the interest fees saved may far exceed the small cost of repaying refinancing fees.
Not without refinancing the existing loan and changing the names on the title to the property..
When purchasing or refinancing a home, you will have settlement conducted by a Title Company, the title company is also the licensed title insurance provider. Up to two policies will be issued. Maryland Specific: If you are purchasing a property and taking out a loan, the lender will require a Lenders Title Insurance Policy. And you will have the option of purchasing an owners title insurance policy for your protection. If you are refinancing your current home then the lender will only require the lender's policy. In both instances the title insurance policies will be issued at the time of closing.
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
It depends on the purchase price of the home, and if you are refinancing, the loan amount.
A purchase money or first mortgage is the mortgage granted in order to purchase the property. It usually indicates that the title was examined, a certification of title was issued by an attorney and a title insurance policy was written.
I think you are asking two different questions here. (1) Mortgage Insurance insures your life in order to pay off your mortgage if you die. (2) Title Insurance ensures that the company guarantees and will defend your title and deed to your house that it will stand a test in court if someone should ever challenge your ownership of the property. I do NOT recommend getting mortgage insurance. You could just as easily buy term life insurance for less money to do the same thing. I DO recommend getting title inusrance.
You can learn about Title Insurance through your bank, if you are taking a loan out for a mortgage on your house, then you will need to make sure you have Title Insurance. You can also learn about whether you need it or want it through Title Insurance agencies that offer information about this specifically.
Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, attorneys offer title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a title insurance company or title agent directly provides the title insurance. A Lender's Title Insurance policy is usually required when you are refinancing. If you have an Owner's Title policy already (you probably received it with your recorded deed) and can provide the title agent with a copy of it, you can very often get a reissue credit that will greatly reduce the amount of money this lenders title insurance policy will cost you. To save money on title insurance, compare rates among various title insurance companies. Ask what services and limitations on coverage are provided under each policy. In many states, title insurance premium rates are established by the state and may not be negotiable. Even if the premium rates are not negotiable, many of the title-related fees can vary from company to company and should be compared as well.
Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.
Closing costs vary based mostly on the amount of the mortgage and amount that the loan originator or mortgage broker is going to charge for their services. Standard closing costs include document stamps and intangible taxes on the mortgage and deed certain other mandated costs. Ask your loan originator or mortgage broker what their yield spread premium is going to be. They may tell you that you do not pay for that, however, it is actually a commission paid to them for selling you a particular interest rate or loan program. Ask them what their mortgage broker fees are and what the bank or underwriter fees will be on the loan. When it comes to title insurance, if you are refinancing, make sure you get re-issue credit. If you are selling/purchasing, make sure you compare title insurance companies and agents since many fees related to title insurance can vary depending on the mandates of your state.
If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.
That is the decision of the lending institution, but it would be very unusual for a lender to not insist on all title holders being a party of the refinancing. Complications can arise when there is a difference in the persons who are named on the property deed and those on the mortgage, most lenders will require all those on the title bear the responsibility of any financial issues in some manner. The way it is handled would likely depend upon the relationship of the parties involved, such as being married, an adult child of the mortgage holder(s), and/or how the title of the property is held.
Title insurance is regulated in NY by their Department of Banking and Insurance. Check out their website at: ins.state.ny.us Go on the website of any of the larger title companies or their local agents. They usually have an FAQ section explaining title insurance and what it covers.
== == Title insurance cost differ from state to state, and the full question to be evaluated should be, what is the title insurance and title-related closing costs on a sale. Shop for your title company, compare the title insurance rate and fees. Find out every item they plan to charge you for, and compare them to several title companies. Be sure to do at the beginning of the transaction and don't let your realtor or broker pick the title insurance company for you. Its your choice, not theirs. Be sure to to remember that you may be entitled to certain credits depending on when you intially purchased the property, and even more of when you are refinancing. Don't forget to take control of your own transaction and compare title companies if you are refinancing too! There is usually a cost to both the seller and the buyer, and it varies from title company to title company. You have to have it. Occasionally, if the title search was done by the title company for the previous transaction, there may be a price break.
Yes. You still need to protect your investment.
Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance, per se, because upon death of the insured, the LOAN is paid off. The survivor RECEIVED NO CHECK.Life insurance, on the other hand, has nothing to do with mortgage insurance. Upon death of the insured, the SURVIVOR, not the title company, receives a check for the amount of the death benefit. You cannot find the word mortgage on what is euphemistically called by the agent "MORTAGE LIFE INSURANCE".The same answer applies, in general, to the question what is term life insurance.Mortgage life insuranceMortgage life insurance is a form of decreasing term life insurance. It pays off your mortgage if you die. Mortgage life insurance is often confused with Private Mortgage Insurance (PMI). You buy mortgage life voluntarily to protect your survivors from having to make the monthly payments. But with Private Mortgage Insurance, lenders require you to buy a policy in order to protect them (the lenders) against the possibility that you will default on the debt.Mortgage life insurance is a life insurance policy that one would take out on themselves or another person involved in a mortgage take out on a home or business so that if they should die the mortgage can be paid off. As the amount of the mortgage is paid down the amount of life insurance received is lowered. This type of life insurance will never pay more than the amount of the remaining mortgage.Given the relatively low cost of term life insurance on a healthy person, one might consider buying a decreasing term life insurance policy at the inception of the mortgage, rather than as part of the real estate transaction. The trick is to correlate the period of the decreasing term with the amortization of the mortgage.
You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.
Refinancing is simply obtaining a new loan, and should not change the names on the title. If someone is trying to take your name off the title during refinancing, they are trying to cheat you out of your share in the home. Refinancing has no effect on the title of a real property. The changing of title to real property is controlled by the laws of the state in which the property is located. It is extremely important to discuss the way property is to be held before the title is issued to avoid future legal complications. Tenancy-in-Common, Joint Tenancy, Joint Tenancy With Rights of Survivorship or Tenancy-By-The-Entirety (for married couples only). Refinancing can be used to change the names on both the mortgage and the title. That said, there are scams out there where the person who originally owned the house is told they can't be on the mortgage loan and so can't be on the title. THAT IS NOT SO. Look for another lender and question the morality of the person who wants to do this "for" you. In the case of a divorce or other split, one person can sign a quitclaim and a warranty deed and then the names on the title can be changed. == ==
Yes, but you must take your name off the title to the property at the same time by conveying your interest to the co-owner who will refinance in their sole name. All the owners of real property must sign the mortgage.
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Title Insurance Producer - somebody who sells the Title Insurance. $$$ per year - depends on the market and quantity of contacts, whom they getting business from - mortgage/loan officers, real estate lawyers and etc. It can be from 20K to 500K or even higher.
Title Insurance When RefinancingYes, it's a standard requirement and closing cost. No matter how many times you refinance you will have to pay title insurance everytime and a title search. It protects you and your home ownership rights as well as protecting the bank and letting them know that you actually own the home and if there are any other liens on the home that may need to be paid off or that may interfere with their lien position. I explain it to my clients as simple as this... you pay for car insurance every year and in most cases your car insurance is more than the title insurance... but which is worth more to you, your home or your car?Addendum to : ;Actually, the reason you are required to buy a Mortgage Policy when you refi is because you are buying new coverage for the new lender.When you bought your home, you took out 2 policies: 1 covering you for as long as you own the property (Owner/Fee Policy) and 1 covering the lender doing the initial purchase mortgage (Mortgage Policy).The Mortgage Policy is only good for the life of the loan. So once a loan is paid off, the coverage expires since it covered the LENDER'S interest and the loan amt.When a new loan is obtained, a new policy is issued covering that loan only.So, when you refinance a home, the reason you are required to buy a new Mortgage Policy is because you are getting a new loan and the lender requires the insurance as part of their underwriting conditions to make sure their interests are protected.The loan policy does not cover you in any way, only the lender. Your OWNER'S POLICY, a one time fee when you purchased your home, covers you for as long as you own the property.Hope that makes the issue a little clearer.:When refinancing, you most likely already have in your possession an owners title insurance policy from when you purchased your home. Now you are refinancing and you should not have to pay the full premium on the new lenders policy if you present the title company handling the refinance a copy of that owners title policy. They are obligated, depending on the department of insurance rules pertaining to reissue credit in that state and the amount of time you owned the home to give you what is call a reinsurance or reissue rate on this new lenders policy. Don't get ripped off, make sure you ask about reissue credit! Also, if you are refinancing with the same lender on the same property for which you already have a mortgage, you may be able to obtain an even bigger credit. After all, they are basically copying most of the existing title policy and all but recent history on the property has already been insured. You also do not have to use the same title company that issued your owners title policy in order to get a reissue credit.This is the another very good reason to compare companies, title insurance rates, and title insurance related fees before you go to closing and another reason to pick your own title insurance agent long before you incur any fees whatsoever!