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Title Insurance when Re-Financing your Loan
Lower rates of interest have motivated you to refinance your home loan. The lower rate may save you an brilliant amount of funds over the life of the loan, but you ought to also expect to pay the lender the typical closing costs associated with any new loan, including service fees, points, title insurance protection & other expenses.Why do I need to buy a new title insurance policyowner on a refinanced loan?To the lender, a refinance loan is no different than any other home loan. So, your lender will require to insure that their new loan is protected by title insurance, as the original lender necessary. Therefore, when you refinance you are purchasing a title policyowner to protect your lender.Why does a Lender need title insurance?Most lenders generate loans & then immediately sell those loans to secondary market investors, such as FannieMae.FannieMae, in order to protect its security interest in the loan, requires title insurance coverage. Even those lenders who keep original loans in their portfolio are wise to receive a lenders policyowner to protect their investment against title related defects.When I bought my home, didn't I also buy a lender's policy?Perhaps. Who pays for the lender's policyowner on a purchase ... more

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