Tip of the Week: Why a New Loan Policy?

Hi, this is Daniela Adams with PM Title and this is your Tip of the Week. A common question we get asked is, why do I need to purchase another loan policy when I go to refinance my home? Reason being is because when you are refinancing, we are paying off your current mortgage. So the new lender or same lender requires a new loan policy for your new loan amount. If you have an owner’s policy, you may be eligible for reissue credit. This could save you money when you go to refinance. If you have any questions regarding your refinance or reissue credit, please give call me at 614-991-0827.