When you first purchase your home, obtaining a reliable title insurance policy is essential to ensure that you have all legal rights to your new property. However, what about when you decide to refinance your home? Refinancing is often the smart decision for a homeowner to make, but it does mean making some changes. You’ll find that when you refinance, you will need to revisit your title insurance policy.
The new loan that you receive to refinance your property comes with strings attached. Mainly, the lender, whether it is an entirely new lender or the one you initially went to when first buying your home, will want to do another title search to ensure there are no risks involved in investing in your property. This typically only means that the title search will be done; so long as you have your title insurance from when you first bought the property, you will not need to repurchase one.
If the new title search brings up new issues, then purchasing another title insurance policy may be necessary. Building and maintaining trust between you and your lender is important, and the legal security provided by a legitimate title insurance policy can help foster that in your relationship.
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.
Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.