Here’s some good news we’d like to pass along to you and your clients regarding refinance costs for properties in the District of Columbia and Virginia: Reissue Rates Automatically Apply.
What does this mean for your borrower?
It means the borrower is no longer required to provide a copy of an existing owner’s title insurance policy to obtain the full reissue rate.
It means that a 40% discount is automatically applied against the lender’s title insurance premium.
It means that, previously, without an existing owner’s title insurance policy, a DC refinance for $500,000 would have cost $2,100 for the lender’s title insurance premium. As of April 1, 2011, the same transaction will cost only $1,260 in premium — a savings of $840!
All online quotes from Federal Title now reflect these new changes so please feel free to share the news with your colleagues.
In the meantime, if you have any questions about the new reissue rate policy, please feel free to contact the team at Federal Title.