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Why do title insurance company's ask if a new title insurance request ask if it is a refinance?
Wiki User
∙ 14y ago
Title insurance rates vary depending on if the transaction is a purchase or a refinance
Wiki User
∙ 14y ago
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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.
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 refinance your 1st mortgage if you have a home equity loan?
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you.
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.
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.
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.
Can someone get car insurance on your car without the title?
Typically insurance companys do not request to see the title when insuring a vehicle, however you could run into trouble if an accident, specifically a total loss occurs, because they will not be able to make (final) payment on the claim without this. Why not file for a lost title now?
You lost the title to your old car and need it to get insurance?
Goto your local DMV and request a duplicate title.
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.
How much is title insurance for New York City?
All title insurance is calculated by a per $1000 rate based on sales price or refinance rate. The State of New York has regulated fees and are determined by geographic zone.
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
Can you refinance your 1st mortgage if you have a home equity loan?
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you.
Can a cosigner request half of the insurance check if his name is on the title but he didn't have to make any payments or buy insurance?
Cosigner just means someone who guaranteed the note. What's on the title? If the cosigner is on the title, he/she is entitled to half of the proceeds of a sale or insurance liquidation because it's the TITLE that determines the ownership, not who paid for it.
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.
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.
Do you need a car title to buy insurance?
Most insurance companies will not need a copy of the title. That's because we generally have our own means of verifying the title and ownership. If the company does request a copy of your title it is usually because when they went to verify the vehicle information with the state, it came back as a mismatch or a no hit.
Can a husband refinance a house in California without his wife being involved in the payment of the loan but still stay on the title?
She will have to "quit-claim", come off the title of the home. An attorney will do this for you. But as soon as you refinance, she can be placed back on the title.
