Refinancing

 ABOUT TITLE INSURANCE

 If you purchased an Owners Title Policy when you bought your home, you are entitled to a “REISSUE RATE”.

 WHAT IS A REISSUE RATE AND HOW DO I GET IT? What you would need to do is bring us a signed copy of your Owners Policy from when you purchased your home. Once reviewed, you will receive a discount on the Lenders Policy that your lender will require. 

 If you did not purchase title insurance when you bought the property, it isn’t to late.

 WHAT IS AND DO I NEED TITLE INSURANCE? Title Insurance secures your ownership of the property. A Title policy indemnifies you against most loss or damage that you might incur to title defects on the property.  If by chance a lawsuit questions your interest, the title insurance provides a defense for the policyholder, and if the case is lost , will pay any valid claims or losses up to the face amount of the policy that was purchased. EVEN the most thorough search cannot assure that there are no title defects.  Title problems may be there that can not be disclosed in the search, despite the knowledge and experience of professional title examiners. Some of those items are: 

• Forgery of legal documents, such as Deeds, Deeds of Trust, releases and wills

• Fraud

• Instruments executed and recorded under either an invalid or expired Power of Attorney

• Liens for unpaid taxes

• Missing or undisclosed heirs

• Deeds by person supposed single, but in fact married or minors

 Survey - The survey confirms the boundaries of the property that you own. A survey will reveal if there are any encroachments onto your property (like a neighbors fence that is built too close or vice versa.) In most cases, your lender will accept a survey if it has been done in the past 10 years and there have not been any changes to the property since that survey.  If there has never been a survey, then our underwriter, Stewart Title, will require a new survey to insure that there are no encroachments on your property.

 Homeowners Insurance- You will need to check with the company that handles your insurance to inform them of your new lender and if coverage’s need to be increased. You will be required to provide a copy of the insurance policy and/or paid receipt at or before closing.

  Payoff Information- Normally you will get a letter from us once we have scheduled your closing with your lender that has a payoff authorization form enclosed. This information is pertinent to get your loan closed. You will need to fill that form in with your Lenders name, phone number, your loan number and your social security number.  If there are more than one mortgage, please just fill the second loan information out to the right side of the form.  Most Lenders require written authorization due to the Privacy Laws, so you will need to fax that authorization form to us at (540) 636-0036, you also can mail or drop it off to us at 233 S. Royal Avenue, Front Royal, VA  22630.