Historic lows on interest rates, changes coming to government programs such as HARP, it's no wonder so many Q&A and advice columns are dedicating space to homeowners' questions about refinancing, from knowing when to refinance to tips on how to avoid a mortgage refinance misstep.
One common question about refinancing relates to the settlement process, particularly title insurance.
Some homeowners are surprised when they hear they have to purchase a new title insurance policy when they refinance their mortgage. They bought a lender's and owner's policy when they purchased the home, and they want to know why they have to purchase a new title insurance policy.
To the lender, a refinance loan is no different than any other home loan. Your lender wants to insure that the new loan is protected by title insurance, just like the original lender required on your previous loan.� Lenders are protecting their investment against title related defects.
When you refinance, you are only buying a new title for the lender (a lender's policy), so your closing costs should still be less than when you purchased your home. And, while you're shopping around for the best refinance rates, be sure to shop around among title companies.
This will ensure you get the best pricing for your refinance.
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Investments are never a sure thing, no matter what type of investments you're talking about. When it comes to the stock market, common belief dictates that the higher the risk, the higher the potential for profit. In a down economy, however, it can be a little daunting to take risks with your money. Even in real estate investing, which is often considered safer than the stock market, investors may be nervous about tying their money up during a down market.
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