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Why do I have to pay for title service insurance if I'm refinancing my own home?

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January 22 2013 - El Paso
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Answers (5)

In TX the insurance commission requires title co give discount on reissuing title ins up to 7 yrs from initial issue date. It is a sliding scale and goes from 40% first 2 yrs, 35% next 2 yrs, down to zero after 7 yrs. It is cumulative so if you buy refinance 2 yrs later and again 4 yrs later discount is based on yr 6.
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January 23 2013
If you select the same title company where you closed the first time you purchased the home, you should be able to negotiate a pretty good discount on it.

The policy itself only costs a couple hundred, the rest goes to the attorney  and title company.

Naima
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January 23 2013
Tom is 100% correct, it protects the lenders position on your title. No one will give you a loan without a clean title and title insurance guarantees the lender to a certain amount that their position is what it is.
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January 22 2013
Let's say that you go get a roof put on.... Then don't pay the contractor....
Then you refinance....
That contractor comes back and puts a $10,000 lien against your property.
Is that fair to the new lender?

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January 22 2013
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If you have an owner's title policy it's good for as long you own the home; however, the current lender's policy is only good for the life of the loan.  If the current loan is paid off, the policy is no longer needed on the CURRENT loan being paid off. The new lender will require a policy on the new loan.
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January 22 2013
 
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