(PRWEB) May 07, 2013
The Homeowners Consumer Center is now urging any homeowner in the United States who is about to refinance their home to reuse their existing title insurance company, because most states require what is called a discounted reissue rate, for title insurance policies. The Homeowners Consumer Center says, "Your bank, or mortgage lender typically will never mention it, but if you are about to refinance your home, we are urging homeowners to request what is called a reissue rate from their existing title company as opposed to going to a new title insurance company. The discounted reissue rate on title insurance is available in most states, and we strongly encourage any homeowner to call their existing title insurance company, and ask to see what the reissue rate is. It should be hundreds of dollars less, than what you paid the first time, and if it is not, contact us, and we will get involved."
Important note from the Homeowners Consumer Center: "We want any homeowner about to refinance their home to check their closing statement from the last time they financed their home. This information will be on a document called a HUD 1. Settlement Statement (second page). Before the homeowner begins the refinance process, we want the homeowner to call their existing title insurance company to see what the reissue rate on their home will be. If it is more than you paid the last time you closed on the home, you are welcome to contact us, with the only proviso being the home has not dramatically appreciated since the last time you financed the home. Title insurance costs are predicated on a homes value."
The Homeowners Consumer Center is urging all mortgage brokers, or mortgage bankers to remind their clients, who are about to refinance to reuse their existing title insurance company, as opposed to getting a new title insurance policy, at a cost of hundreds, or thousands more in costs. Why would a bank, or mortgage banker want to see a valued homeowner client-pay more on a refinance than absolutely necessary? http://HomeownersConsumerCenter.Com