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Answers (8)
Best Answer
- shapiroamg
- Contributions:3058
Rita- The borrower/homeowner needs a new Lenders Title Insurance Policy. Loan cant close or be sold without it.
Lenders is required and it covers the loan amount. On a refinance the rate is discounted. It will be referred as a reissue rate.
Owners Title Inusrance is a one time cost and the insurance is valid as long as the owner or heirs own the property.
Now lets get to the $64k question about your fees...
Lenders is required and it covers the loan amount. On a refinance the rate is discounted. It will be referred as a reissue rate.
Owners Title Inusrance is a one time cost and the insurance is valid as long as the owner or heirs own the property.
Now lets get to the $64k question about your fees...
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Most lenders will require you to purchase it.
- wayne lancaster, "funds2"
- Contributions:1177
You will be charged for a lenders policy of $825 approx. Any title co in TX is required to give discount of 40% with in first 2 yrs initial policy was issued, and discount increments yrs. 3-4, 5,6, and 7. Lender will coordinate obtaining the title policy coverage with the title co.selected and fee is part of your closing cost and needs to be itemized on your Good Faith Estimate.
- Rita A. Walker, "Rita Walker"
- Contributions:277
Okay, I am curious about all of the replies given to this question.
Why is it this person needs to buy title insurance a second time for a home he/she already owns? Title insurance is a one time fee on a home and that was paid when it was originally bought by this person.
The home is not being bought for a second time, just refinanced.
Why is it this person needs to buy title insurance a second time for a home he/she already owns? Title insurance is a one time fee on a home and that was paid when it was originally bought by this person.
The home is not being bought for a second time, just refinanced.
- Kile Properties, "KileProperties"
- Contributions:43
Yes, you should pay a cheaper title fee especially if you use the same title company. Have your lender explain these charges to you on your good faith estimate (GFE).
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
end up paying only 20% of what your original one.
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good luck with that. 20% off maybe, but not 80% off.
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good luck with that. 20% off maybe, but not 80% off.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
You would need title insurance. However, if you use the same title company where you closed your loan in 2011, they should be able to give you a huge discount and end up paying only 20% of what your original one.
On 195K, the insurance would be $1350 before any discount.
Naima
On 195K, the insurance would be $1350 before any discount.
Naima
- Geofrey Merino, "GMerino"
- Contributions:445
You would have to get title insurance for lender; the owner is an option. The lender your working with should have provided you with a Good Faith Estimate? that would have shown the title insurance . . . bad lender :(
Title Insurance on ReFi
I'm in the process of refinancing my current loan. (home in Texas). We bought the home in January 2011.
I originally had title insurance for the lender and owner (myself). Do i need to get title insurance again for both lender and owner? How much will it cost?
My House is valued at 250,000 and the refinance amount is 195,000
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