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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.
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What is a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
If you refinance your mortgage do you need to get hazard insurance if you already have homeowners insurance?
hazard insurance is another way to say homeowners insurance - they should be referring to the same thing
What are home refinance options for one's mortgage?
There are many different home refinance options for one's mortgage. Some of the home refinance options for one's mortgage are: refinancing one's home through a bank, and doing the same online.
Does refinancing the mortgage with the same bank but with a larger loan need a new title insurance?
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.
Will title companies charge you for title insurance on a refinance when you already have title of insurance proof?
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.
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 a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
Does auto insurance policy have to be in the same name as on the title?
does the name on the insurance policy have to be the same as the title in anderson south carolina
If you refinance your mortgage do you need to get hazard insurance if you already have homeowners insurance?
hazard insurance is another way to say homeowners insurance - they should be referring to the same thing
What are home refinance options for one's mortgage?
There are many different home refinance options for one's mortgage. Some of the home refinance options for one's mortgage are: refinancing one's home through a bank, and doing the same online.
Does refinancing the mortgage with the same bank but with a larger loan need a new title insurance?
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.
Is the presence of title insurance recorded on the deed?
No it is not. The same way that your homeowner's insurance is not recited into the deed either. Title insurance is non-transferrable between owners.
How do you start a title insurance company in Arkansas?
If you are starting a title insurance COMPANY, the actual entity that is an insurance carrier (think 1st American, Chicago, etc.), you will need to contact the Arkansas Department of Insurance as to what their guidelines, reserves, etc. are for becoming a carrier in the state of Arkansas. If you are starting a title insurance AGENCY, the local entity that has a agency agreement with a title insurance COMPANY to sell their insurance products. Please note that a title AGENCY is not the same as a title COMPANY or title UNDERWRITING COMPANY. See the Related Links for more information.
Will title companies charge you for title insurance on a refinance when you already have title of insurance proof?
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.
Does auto insurance policy have to be in the same name as the title owner in Michigan?
Not typically. The insurance is typically in the name of the person to whom the car is registered and this is not always the name shown on the title.
How do you refinance a home?
You can refinance your home by seeking for a new bank to get your home refinanced or getting it through the same bank where you had your home. If you have good credit scores, then you have a big chance of getting approved for a home refinance. Online Real Estate school also teaches this kind of aspect so that they may also lead their clients to right decisions when it comes to house refinancing.
If you were just added to the title and want to refinance to get a friend off the title and remain in the house how soon can this be done?
If you are simply looking to change title then you do not need to refinance, a lawyer can help you do this. If you are looking to possibly lower your rate, get cash out from the property or to change the term of the mortgage, then you can do a refinance and at the same time remove your friend from title. If you need any further help or information please feel free to contact me, I am a Mortgage Loan Officer and service over 20 states. Thank You, Edward David Sr. Loan Officer 347-254-8311 EdwardDavidNY@Yahoo.com
