Purchasing a home is one of the biggest financial decisions that you’ll make. A decision that important may require a review of your financial situation. Using the help of a title agency for the purpose of home refinancing can help put you and your family in a better position to make major financial decisions. Here’s how a title agency can help with your home refinancing.
Choosing The Right Title Agency
The most important step in the home refinancing process is selecting a title company that is reliable and trustworthy, and of course within your budget. A title insurance company is separate from your lender and provides insurance for both homeowners and their lenders. A typical scenario will include two distinctly different insurance policies. One will be for the buyer of the house, which will verify the purchase of that property. The other will be held by the lender, whoever that may be, and protect their investments in the property.
Understanding The Owner’s Individual Policies
An owner’s title insurance policy lasts for as long as you own that property. The policy will be eliminated once you’ve completed all your mortgage payments. Once that’s accomplished, you’ll be the only one with interest in the property. When you refinance your mortgage, you’re essentially applying for a new mortgage. If you choose to refinance, you’ll need to purchase a new lender’s title insurance policy. Your title agency will check the proper documentation to ensure you’ll still be protected with the new policy.
Addressing Closing Costs
Home refinancing costs can range based on factors such as the new loan amount, as well as the property insurance. You should be wary of claims of “no closing cost refinance.” In these situations, the lender may help out with some of the costs to help ensure that your flat fee is less than it otherwise would be. However, your long-term mortgage payment would likely be much higher. It is in your best interest to set aside some funds to cover closing costs early on, instead of paying later.
A Title Agency You Can Trust
At Venture Title Agency, our team of insurance experts are dedicated to protecting you and your property with an insurance policy that covers everything. We’re here to ensure that the final steps of closing the deal go smoothly whether you’re purchasing a new home, or are in need of a home refinancing. You’re guaranteed high quality and trustworthy service when you sign with Venture Title Agency. Contact us today!