There is no better time to refinance your home mortgage loan with rates still at reduced historical levels, but many consumers are losing out on the ability to save hundreds or even thousands of dollars in closing costs on their refinance closing.
When a consumer provides a prior owner’s title insurance policy from his or her original purchase of the property, the consumer can reduce the premium payment on the new lender’s title insurance policy (issued to the new refinance lender) with what is called reissue credits.
Depending on the loan amount, the reissue credits applicable to the new lender’s title insurance policy can reduce closing costs by hundreds of dollars or more.
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In addition, if a consumer is able to locate the boundary survey from his or her original purchase of the property, the consumer can eliminate the need to have a pay the expense of a new boundary survey that saves them hundreds of dollars.
With the prior owner’s title insurance policy and the prior boundary survey in hand, consumers will be able to save closing costs on their refinance closing.