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So you've decided to take advantage of the current low interest rates and refinance your home loan. Did you know that, even though you aren’t purchasing a new home, you will still need to pay closing costs?
The homeowner's title policy you purchased when you originally bought your home is still in force for you and your heirs, and will be for as long as you, or they, own the home. The title policy you must purchase for refinancing your home is a new lender’s policy. You are required to buy this for the lender in order to protect their investment in your property.
The lender’s policy is purchased to cover any issues that may arise from activities since the original purchase of the house. While you may not have any title defects, many homeowners do. The only way for a lender to adequately protect itself is to get a new lender’s policy each time anyone purchases or refinances their home.
You aren’t buying a new house, so your transaction shouldn’t take as long as if you were. Our trained professionals can quickly provide you with a preliminary HUD-1 Settlement Statement and escrow instructions. Plus, Stewart Title’s industry-leading technology allows us to keep your deal moving quickly and enables us to handle electronic closings – or eClosings – for lenders like AmTrust and Flagstar®.
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