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Refinancing Can Save On Title Insurance

Home-Equity-Loans.org

The most expensive cost associated with home equity loan refinancing are title insurance premiums.  However, there is a chance you can bypass this steep premium - All you have to do is take up a reissue rate.  These lifesavers give discounts up to 60% on title insurance premiums when refinancing.  And in some cases, they can be used for the resale of homes. 

Let's hypothetically say you obtained your home equity loan five years ago.  Since then, home equity loan rates have dropped drastically and you want to refinance.  In order to refinance, a search of the public records on your property must be done - and this results in a costly fee.  However, because a title search was done on your property five years ago (relatively recent) you do not necessarily have to pay full price for another title search and insurance policy.

The alternative is to take advantage of a reissue rate, which the title industry offers in cases like the hypothetical one we mentioned above. 

It almost seems too good to be true. Well, that is simply because it is not heavily promoted by title insurance companies.  Most insurance company representatives do not even disclose that reissue rates are available or even exist.  In other words, if you don't ask, they won't tell (Sound familiar).  The good news is that if you ask - which you will since you know now - they are obligated to tell.

Each title insurance policy will handle reissue rates differently.  Some will only allow for narrow time periods on obtaining reissue rates, while others require documentation of the previous title.  There are also state laws involved with the regulation of reissue rates.  The best thing to do is ask your mortgage lender questions, and have them provide the answers in writing. 

During refinancing, your mortgage lender will be able to establish a reissue rate if it applies to your specific situation.  But, you must ask!  Although some brokers will tell you about them, in general they won't.  (They won't make as much money because the closing price will be lower) Make sure you read through our entire home equity loan refinancing guide, so that you can assimilate as much knowledge as possible before meeting with a broker or lender.  

Home Equity Loan Refinancing Guide

Home Equity Loan Refinancing Economic Terms & Definitions
Home Equity Loan Refinancing Refinance Mortgage 101
Home Equity Loan Refinancing Refinance Options
Home Equity Loan Refinancing Refinancing? Save $$ On Title Insurance
Home Equity Loan Refinancing Should You Refinance?
Home Equity Loan Refinancing When to Refinance?
Home Equity Loan Refinancing Step 1: Making a Decision
Home Equity Loan Refinancing Step 2: Be Prepared
Home Equity Loan Refinancing Step 3: Loan Choices

 

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