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If you refinance with the same lender is title insurance required?
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Do you have to pay Title insurance when you refinance?
Yes, virtually all lenders' underwriting requirements call for lender's title insurance for a refinance.
Why do title insurance company's ask if a new title insurance request ask if it is a refinance?
Title insurance rates vary depending on if the transaction is a purchase or a refinance
What does the term title insurance mean?
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.
New title insurance if you refinance with the same bank?
Yes you will normally be required by your bank or lender to acquire a new lenders title insurance policy when you refinance even if it is with the same bank or lender you previously used. The reason is title insurance is good for claims or defects in title existing prior to or at the time of your settlement. A new policy is required to cover any new risks that may exist as a result of something after your previous settlement to bring the title insurance coverage to date and current with your new transaction. The good news is you can ask for a reissue rate on your policy and save significantly if your last settlement occurred less than 10 years ago and you have the paperwork for the previous insurance policy or can obtain it. Some companies will still offer reissue rates without the prior policy paperwork so make sure you ask for a reissue rate and encourage your title agent to go easy of you with fees if you are a repeat customer.
When you refinance a mortgage can you get a refund on title insurance paid on the existing loan either lender's or owner's policies?
In many states, there is a discounted refinance rates for the premium. Ask the title insurance agent who is doing the new Mortgage Policy if you qualify for a discount. There are no discounts that I know of, on an Owner's Policy, since when a new Owner's Policy issued, it means the property and chain of title, has transferred hands.
Do you have to pay Title insurance when you refinance?
Yes, virtually all lenders' underwriting requirements call for lender's title insurance for a refinance.
Why do title insurance company's ask if a new title insurance request ask if it is a refinance?
Title insurance rates vary depending on if the transaction is a purchase or a refinance
What does the term title insurance mean?
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.
If you own 50 percent of a property can your co-owner refinance without your consent?
NO! That is why they have escrow, title insurance, etc. The lender will not give a dime if all owners are not on the refinance application. A thorough title search will reval your name on the property. Email me through info@usconsumerpros.com
New title insurance if you refinance with the same bank?
Yes you will normally be required by your bank or lender to acquire a new lenders title insurance policy when you refinance even if it is with the same bank or lender you previously used. The reason is title insurance is good for claims or defects in title existing prior to or at the time of your settlement. A new policy is required to cover any new risks that may exist as a result of something after your previous settlement to bring the title insurance coverage to date and current with your new transaction. The good news is you can ask for a reissue rate on your policy and save significantly if your last settlement occurred less than 10 years ago and you have the paperwork for the previous insurance policy or can obtain it. Some companies will still offer reissue rates without the prior policy paperwork so make sure you ask for a reissue rate and encourage your title agent to go easy of you with fees if you are a repeat customer.
When you refinance a mortgage can you get a refund on title insurance paid on the existing loan either lender's or owner's policies?
In many states, there is a discounted refinance rates for the premium. Ask the title insurance agent who is doing the new Mortgage Policy if you qualify for a discount. There are no discounts that I know of, on an Owner's Policy, since when a new Owner's Policy issued, it means the property and chain of title, has transferred hands.
Can you get title insurance on a modified note?
Yes, title companies will insure a Mortgage Modification. Basically, new loan docs will be drawn by the lender, reflecting the new loan amount and terms. The transaction is executed the same as a refinance.
What is title insurance and do you need it when refinancing your home?
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.
Do you have to pay for title insurance again when refinancing?
Yes. You have to buy a lender's title policy for the new lender. Your owner's title policy is good for as long you own the home. If you have an owner's policy, you can very often get a "reissue credit" on any future lenders title policies that you may be required to buy when you refinance. The Mortgage Policy is only good for the life of the loan. If the current loan is paid off, the policy is no longer needed on the CURRENT loan being paid off. However, the new lender will require a Mortgage Policy on the new loan. The ONLY time you may not be required to get new title insurance would be if the current mortgage loan was re-written by the lender, changing terms, interest rates but not the loan amount. Don't confuse this with a Streamline loan offered by your current lender offering a new interest rate on a new loan, but with low cost closing fees.
Can a house be sold without a title?
Title insurance is required in most states. This is not the same as an automobile title. Title insurance is designed to protect the home buyer and the lender. Title companies research public records to determine if a property has liens against it that may put the investor or home buyer at risk.
Who is real estate title insurance paid to?
There are two general types of policies, or combinations: lender's insurance (which pays the lender to cover its loss in security interest) and owner's insurance (which pays the owner in case of defective title).
Where do you purchase title insurance?
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.
