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Is my existing (Texas) title policy asignable to the replacement lender?

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joworthsr Joined: 22 Dec 2008 Posts: 1 1.37 Dollars($)	Posted: Mon Dec 22, 2008 11:40 am    Post subject: Is my existing (Texas) title policy asignable to the replace Like 0 Dislike 0 I have a 14-month-old mortgage - $180,000 balance at 6.25% fixed over 30 years. Property's appraised value exceeds $350,000. I want to refinance my mortgage loan with the same lender (Wells Fargo) - the new loan will be at 4.875% over 30 years. Must I purchase a new title policy? Of is there another, less expensive option? I seem to recall that in Texas, if I am refinancing, the lender can take an anasignment of the existing title policy (particlalry in this case as I have the same lender and the title policy was issued 14 months ago.) Am I wrong? If so, is thsi because the law changed? I know I did this with another lender about 5 years ago on another home refi. If I am right, is there a state code cite that you can give to me?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Dec 22, 2008 9:58 pm    Post subject: Like 0 Dislike 0 Hi joworthsr, As far as I know, the laws haven't changed and the lender will require a new title policy when you try to refinance in Texas. As far as your second question is concerned, I did not understand the "state code cite". Can you please explain it? It will be easier for me to answer. Thanks

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