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The policy purchased on refinance covers the new lender, not you. Your title insurance (assuming you got an owners policy when you purchased) remains intact unless you have done something to end the coverage. Two types of Policies are typically issued on residential properties: Mortgage Policy and Owner's Policy. Mortgage Policy covers the lender for the life of the loan. If a new loan number is issued and the current mortgage is paid off, then a new Policy is required. The life of the loan is for as long as the LOAN is in effect. Any time a new loan is obtained and the current loan is paid off, a new Mortgage Policy will be issued. However, the refinance rate is typically lower than the basic rate you may have paid at closing. Owner's Policy protects your interest in the property for as long as you own the property, be that 1 year or 100. It is a one-time fee. However, typically a mortgage policy can be assigned to another lender if the mortgage is sold or assigned on the secondary market. (Note: the loan number would be the same, only the "owner" of the mortgage has changed.)

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2007-11-21 16:54:06
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Q: Why do you need title insurance when you are refinancing?
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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.

Do you need a lawyer when refinancing a home?

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.

What is the cost of title insurance in the state of Missouri?

It depends on the purchase price of the home, and if you are refinancing, the loan amount.

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.

Does refinancing transfer title?


Do you had to have a title to be able to by title insurance?

No, you need to own a house.

Where can one learn about title insurance?

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.

What is the cost of title insurance on a 100000 sale?

== == 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.

Do you need to have insurance on a car when transferring the title?


Is title insurance transferred in a conveyance of real property?

No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.

The most extensive title coverage would be?

Title insurance costs are regional. You need to contact a title insurance company in your area. You will need to have a professional title examination done to get an owner's policy. The title insurance company can refer you to an agent. There aren't any other options that I know of.

What if you don't have insurance on a car but need to get a replacement title in WV?

You will have to buy auto insurance on the care before you can transfer the title.

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