Refinancing your home is a major decision. You’re essentially choosing to take out a new loan in order to pay off your old one. This can be a great way to get a lower interest rate, reduce your monthly payments, or even shorten the length of your mortgage. But whenever refinancing, you can be sure title insurance will be required as well. CoreTitle offers the best title insurance services in Florida, New Jersey, Pennsylvania, and Michigan. Our team is happy to answer all of your title insurance & refinancing questions and guide you every step of the way.
Why work with CoreTitle? What is refinancing and what does the process look like? Find out now.
Refinancing is the process of taking out a new loan to pay off your old mortgage. This new loan will typically have a lower interest rate than your old one, which can save you money over time. Additionally, refinancing can also help you change the length of your mortgage or reduce your monthly payments.
Refinancing can provide some much-needed relief to those struggling to make their monthly mortgage payments. If your credit score has improved since you first took out your mortgage, refinancing may be a good option for you. Your improved credit score might qualify you for a lower interest rate. If you’re planning on selling your home in the near future, refinancing may not be the best option for you. The fees and costs of refinancing can add up quickly. So if you’re not planning on staying in your home for long, you may not reap the financial savings of your new mortgage. Additionally, if your home’s value has decreased since you first took out your mortgage, refinancing may not be the best option for you.
If you’ve decided refinancing may be financially advantageous for you and found a lender you trust, you’ll need a title insurance company to complete the process.
Why? Refinance loans are just that: loans. Lenders require protection in the form of title insurance whenever they agree to loan you money. That’s where we come in.
Even if you’re refinancing with the same property and the same lender, your lender is still going to require title insurance. This type of title insurance is called a “lender’s policy” and it’s there to protect their money. Say you’ve owned the property for 5 years. So much can happen in that time! A lender’s policy ensures your lender that no new liens or other legal issues have arisen against your property since then.
If you weren’t planning for the costs of title insurance when considering refinancing, don’t let that discourage you. Remember: you’re refinancing to save yourself money in the long run. If the addition of a lender’s policy makes a refi no longer financially beneficial, then it’s probably not the right time for it anyway.
Refinancing is an exciting opportunity to save yourself money and lower your monthly mortgage payments. Our team at Core is happy to make this process as smooth and seamless as possible. We offer services for everyone in every stage of property ownership. Get started with your refi today!
“I’ve worked with hundreds of title companies. There are none that remotely touch the competence and hospitality that Core does its clients. There is a difference in title, and Core proves that.”
– Bobby Daddis, Founder at Entourage Elite Real Estate