Borrowers, ask for refinance rate not reissue rate
As part of our ongoing effort to place clients first and to provide the best service at the best price, Federal Title always applies the “refinance rate” on all residential refinances.
Whenever a client refinances, the lender requires a new loan policy. The loan policy protects the bank against title claims or challenges in the same way that an owner’s title insurance policy protects the homebuyer. Even if the loan is with the same lender, a new loan policy is required since the loan policy is specific to the loan amount and date.
Now some good news: As part of our ongoing effort to place clients first and to provide the best service at the best price, Federal Title always applies the “refinance rate” on all residential refinances.
This rate is a discounted rate that is the equivalent of the reissue rate on the loan policy. So, when you refinance with Federal Title, you do not need to request a reissue discount or provide a prior owner’s title insurance policy to get that discount. Federal Title ALWAYS gives that discounted rate.
Many title companies do not provide the refinance rate but instead charge the full, higher loan policy rate and only provide the discount if you ask for the reissue discount. That is a 40% markup! For a $750,000 refinance in DC, it could cost you as much as $1200 more!
This is one reason we always encourage shopping for title costs and not relying blindly on the company that was referred to you in a transaction.
There are significant savings that can be obtained if you compare costs and the best place to start your search is by using our quick quote tool from our website to obtain a guaranteed quote.