Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
refinancing home bought 4yrs ago, why am i required ...

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 155
US
State
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:

refinancing home bought 4yrs ago, why am i required to pay$875. title ins to the same title Co.

charchard
Contributions: 2

charchard

Contributions: 2

Q&A

:2

View full profile

Flag content

June 19 - US

RSS

Answers (5)

Martin Wareing, "Martin Wareing"
Contributions: 3632

Martin Wareing, "Martin Wareing"

Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 3632

Q&A

:434
Disc

:3024
Photos

:174

View full profile

char,

The others are correct. LC... nice job :). We have a tendency to "justify" the product and that is true. The new policy is for the Lender. The new REFI "killed" or paid off the old loan and as it was/gets satisfied, the 1st lender's title policy went with it, but remember, there are people working to handle the closing and disbursement of the new loan items, etc. and they do not work for fre. Yes. there are other "junk fees" listed, but the bottom line is that they get bits and pieces of all the fees as the office's gross revenue and employ/pay people from it. So, Yes, it is a Tiel policy on name, but it is the entire service package and employment of those people.

Flag content

June 21

Ray R. Stevens, "My Faith First"
Contributions: 379

Ray R. Stevens, "My Faith First"

Miramar, FL

Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 379

Q&A

:266
Disc

:113

Zillow All-Star

Since August 2009

View full profile

Consistantly great advice Lewis. Thumbs up!

Flag content

June 21

Lew Corcoran, "Lew Corcoran"
Contributions: 905

Lew Corcoran, "Lew Corcoran"

Contributions: 905

Q&A

:531
Disc

:362
Photos

:12

Zillow All-Star

Since November 2009

View full profile

Yes, you do have to pay for title insurance again. However, you won't have to pay as much as when you first bought the house. You have to pay only for the lender, not for yourself.

Line 1101 is the closing/escrow fee. Line 1105 is a document preparation fee. Line 1108 is for title insurance for the title policy you have to pay for the lender. Line 1111 apparently is an add on as I don't know what that is for. Some companies may choose to waive charges for abstract or title search. Others may not charge it at all. However, most likely you will have to pay for the title search and/or abstract as well as the title insurance. It's best to double check to be sure.

You have the right to use whatever title company you so choose. No one can force you into using any particular title company. If they do, then it's a violation of the Real Estate Settlement Procedures Act (RESPA). The required service provider form is mandated by law. Lenders have to disclose who they typically use in a transaction. You are not bound to use any of those that are listed.

Generally, it's best to use the same title company that you used last time for a refinance. Usually, they will waive or reduce certain fees becuase 1) you are a repeat customer; and 2) they have less work to do as they already have done the bulk of the work previously. Typically, they have to go back only to their last title search on your property, thus making it less costly for you.

Flag content

June 21

charchard
Contributions: 2

charchard

Contributions: 2

Q&A

:2

View full profile

thank you for that reply, if i under stand you correctly the amount $875 listed on the good faith est. sect. 1100 line 1108 is just for the insurance which i shouldn't have to buy again. There are no charges listed on 1102 for abstract or title search?, the only other line items filled in are 1101, 1105, and 1111 which i understand. Can i request to use my previous title co. or, do i have to use one of the 3 they list on the required service provider form?

Flag content

June 20

Lew Corcoran, "Lew Corcoran"
Contributions: 905

Lew Corcoran, "Lew Corcoran"

Contributions: 905

Q&A

:531
Disc

:362
Photos

:12

Zillow All-Star

Since November 2009

View full profile

When you are refinancing a mortgage, the new lender has to be sure that your home is free and clear of any encumberances (excepting your present mortgage of course). You're paying for a title search and for title insurance for the new lender. This would be true even if you are using the same lender. Sometimes you can get a break in fees by using the same title insurance company as they did the previous title search. Be sure to ask for it - it won't automatically be given to you. You already have title insurance from when you bought your home, and do not need to purchase another policy for yourself.