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Question:

6. If I'm refinancing my home, do I need title insurance?

A. Yes
B. No

Answer:

The answer is A. Yes, when you refinance the lender considers it a new loan, even if you are using the same lender. They will require a new title search to look for any problems with the title, and will usually require you to purchase a Lender's Policy to protect their investment. You will not need to purchase an additional Owner's Policy. If you purchased an Owner's Policy at the time of the original closing, it is in effect for as long as you or your heirs have an interest in the property. Ask your title professional if you qualify for a refinance rate.

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