Mortgage fee guidelines under RESPA — the Real Estate Settlement and Procedures Act — allow the borrower to select her own title company in a refinance. Many lenders don’t offer a choice because they have a relationship with the title company they use most often and most borrowers have no preference.

Should I use the same title company when refinancing?

Yes. Title companies offer a refinance transaction discount or a short-term rate. Discounts may also be available if you use the same lender for your refinance loan and your original loan. Be sure to ask your title company how they can save you money.

Do I need to buy title insurance when refinancing?

When you refinance your home, lenders will generally require you obtain a title insurance policy on their behalf. Every time you refinance – even if it is with the same lender – you need to purchase the lender’s policy – usually for around $160.

What does a title company do in a refinance?

Title companies help people buy, sell, and refinance real estate by examining who has ownership rights to a property. They make sure the seller has the right to transfer the property free and clear to the buyer.

What does title insurance protect against?

Title insurance protects lenders and buyers from financial loss due to defects in a title to a property. The most common claims filed against a title are back taxes, liens, and conflicting wills.

Do I get a new deed when I refinance?

When you refinance a home loan, a completely new loan is created. Your lender provides a new set of loan documents, including a new deed of trust, to be signed at the closing. These actions release the original deed of trust rather than change, alter or replace it.

Why is there title insurance on a refinance?

Even though it could be the same lender, the same property, and the same borrower (you) involved in the refinance as in the original loan, you must have title insurance to protect the lender’s investment. When the original loan is paid off, the original title insurance lender’s policy goes with it.

Do you get a new deed when you refinance?

What happens when you transfer your mortgage to a new company?

Your monthly mortgage payment is paid to what’s called a mortgage servicer. Sometimes it is the company that you originally called to get the mortgage. Other times, it’s a new company that’s taken over since the transfer of your loan. It is common for a loan to be transferred in the mortgage industry.

Do you have to remortgage to Transfer Equity to another person?

You don’t need to remortgage to remove an ex from the mortgage as it is possible to do a Transfer of Equity on your existing product and many lenders also allow capital raising on an equity transfer.

Can a joint mortgage be transferred to a new person?

You may need to seek independent legal advice. It is possible to remove a name from a joint mortgage and add a new wife, husband or partner to the mortgage as part of the same Transfer of Equity.

What to do if you get a letter that your mortgage has been transferred?

If you receive only a letter from the new servicer, be sure to call your original servicer to verify that your loan has been transferred.