Mortgage Refinance: Save Money on Your New Title Insurance Policy

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Mortgage Refinance: Save Money on Your New Title Insurance Policy
(presented by www.refinance-refinance.net - mortgage lenders)

By Louie Latour

When you refinance your mortgage you will be required to take out a new title insurance policy. Depending on how long you have had the old policy, you may qualify for a reduced rate by having the policy reissued. Here are tips to save money on your title insurance when refinancing your mortgage.

If your title insurance is less than five years old, having the policy reissued will save you money. If your policy is more than five years old, you can still save money by comparison shopping rates provided by title insurance companies. In some States the premiums are regulated and there is no room for negotiation; however, if you do not live in a State that regulates Title Insurance premiums, shopping can save you money.

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Mortgage lenders require title insurance to protect against losses due to disputes over who owns your property. If title has not been properly transferred or there are leans against the home, a third party could claim your property at a later date. Title insurance protects the lender from potential losses by guaranteeing a clear title.

Title insurance does not have monthly premiums like other forms of insurance; you will be required to pay the entire premium amount when you close on the mortgage. Lenders require new title insurance when refinancing to ensure the title is still clear. The title insurance required by the lender does not protect a homeowner at all; if you want title insurance for yourself you will need to purchase personal title insurance in addition to your lender

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and resources visit Mortgage Refinancing.
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This entry was posted on Friday, September 15th, 2006 at 2:59 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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