In order to lower the monthly payments, many homeowners are refinancing their homes. Whether purchasing a new home or refinancing, title insurance probably isn’t the first thing you think about. Here are some things you should know about title and refinancing your home.

  • I Thought I paid for a Lender’s Title Policy Before? Refinancing a house is the same as obtaining any other new home loan. The lender’s title insurance you acquired when you initially financed your home is no longer valid because you now have a new loan with new risks and starting and ending dates. As a result, your new lender will require a lender’s title insurance policy.
  • What about My Owner’s Title Insurance Policy? You should have purchased an owner’s title policy when initially purchasing your home. Your Owner’s Policy stays in effect regardless if you refinance or not! Here is the good news…you can qualify for a Reissue Discount when refinancing if you purchased an Owner’s Policy previously. Call Real Estate Closing Solutions, Orlando closing agents, to get your discounted amount and to handle your refinance closing.

Understanding the purpose and process of title insurance can get tricky when it comes to refinancing your home. Stay protected and save money! For questions on title insurances, contact one of our Central Florida title insurance experts at Real Estate Closing Solutions at one of our two locations.