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What is title insurance and do you need it when refinancing your home?


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2007-11-20 00:18:48
2007-11-20 00:18:48

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.

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No you do not need a lawyer, Title Companies represent the sale/refinancing of property and are non-partial to seller and/or buyer. Title Companies represent the law of the transaction.

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Yes, you need/should keep paying for the insurance until you are not on the title anymore.

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Yes. You still need to protect your investment.

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The benefits to refinancing your home is to eliminate the risk and lower the leverage. Yes, you can take out a loan as a way to do home remodeling or revonations


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