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.
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