Save on Title Insurance
When Refinancing, Consider a Reissue Rate from the Title Company.
When refinancing or purchasing a home most people are required to get title insurance from a title company. This type of insurance secures the property from what is called “title liens” or “claims of title” as well as borderline disputes and other things. It is wise to search around for the best title insurance for your particular situation. One of the best ways to save on title insurance is to ask about the concept: Reissue Rate!
Reissue rates are common discounts offered lower than the normal standard premiums charge on title insurance policies. Although these rates are different in each state, it does hold true that you can save between 40and 60% off the normal rates charged. The re-issue rates are normally offered on homes where the owner is refinancing again and therefore can benefit from a lower title insurance rate. The obvious reason is that the home owner might have already refinance within 5 years from the time they want to do it, now and hence can get a new policy at a reduced rate.
The title company saves money because they have already done the heavy lifting in the searching of data to obtain the information they needed to give you the title insurance, previously. Because of this previous action, they don’t have to pay someone to do it again and can pass on the savings to you in a lower title insurance premium.
Take the time to contact your loan officer and have them get the information needed to make an informed decision and see if you qualify for this type of benefit. After all, in these times.. every little money we save can matter.