Posted on: 22nd Dec, 2008 10:40 am
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?
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
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