Ellen was a wonderful realtor to work with. Refreshing approach to selling homes. She believes the home will sell itself. No fluff no stuff. She is honest and straight forward. We appreciated this about her. She made herself available to us from the start and never let up all the way through closing. She was informative about the area since we were moving from out of state and this was a big help. Our daughter recommended her because she had been her buyer's agent. I appreciated how she had helped my daughter with the purchase of her 1st home. So Ellen thank you on two counts!.Happy Home Owner for Ellen Hough
Our experience with Ellen Hough as our realtor was wonderful. Moving can be a stressful time especially if you are moving from another state. Ellen was very helpful and very knowledgeable about this area. She went above and beyond our expectations. She was always there for us if we had any questions or concerns and made us feel like we were her only clients! Ellen Hough did a outstanding job and I would recommend you to use her as your Realtor.Noi L. for Ellen Hough
Ellen is without a doubt the BEST agent we've ever had the pleasure of doing business with. Not only did she take us around to numerous (14+) houses in the Jacksonville, NC area, she was extremely honest. Ellen was straight forward with her opinions of the places she was showing and we were so happy to have someone so open and helpful. She stuck with us through six weeks of a battle to buy a "short sale" and then put up no fight when we backed out of the short sale and moved on to the home we did eventually buy.
I look forward to all of our future business with Ellen and her wonderful team at EXIT Independence Realty. She's not only our buying agent but her company is also our property manager for our rental property. She's amazing. You'll love her...happy home buying!Nikki L. for Ellen Hough
Lower interest rates have motivated you to refinance your home loan. The lower rate may save you a tremendous amount of money over the life of the loan, but you should also expect to pay the lender the typical closing costs associated with any new loan, including service fees, points, title insurance protection and other expenses.
Why do I need to purchase a new title insurance policy on a refinanced loan?
To the lender, a refinance loan is no different than any other home loan. So, your lender will want to insure that their new loan is protected by title insurance, just as the original lender required. Therefore, when you refinance you are buying a title policy to protect your lender.
Why does a Lender need title insurance?
Most lenders generate loans and then immediately sell those loans to secondary market investors, such as FannieMae.
FannieMae, in order to protect its security interest in the loan, requires title insurance coverage. Even those lenders who keep original loans in their portfolio are wise to get a lenders policy to protect their investment against title related defects.
When I purchased my home, didn’t I also buy a lender’s policy?
Perhaps. Who pays for the lender’s policy on a purchase loan varies regionally and by the terms of individual contracts.
However, even if you did buy a lender’s policy when you purchased your home, the lender’s policy remains in force only during the life of the loan that was insured. If you refinance, the old loan is paid off (the “life” of the loan expires) and a new loan is issued for which the lender will require a new title insurance policy.
What about my original title insurance policy?
When you bought your home, you purchased a Homeowners title policy. The Homeowners’ policy stays in force as long as you or your heirs own the home. When you refinance, your lender will often require that you purchase a new lender’s policy to protect their new security interest in the property. Thus, you are buying a policy to protect your lender, not a new Homeowner’s policy.
What could possibly have happened since I purchased my home which warrants a new lender’s policy?
Since the time that the original loan was made, you may have taken out a second trust deed on the house or had mechanic’s liens, child support liens or legal judgments recorded against you - events that could result in serious financial losses to an unprotected lender. Regardless if it has been only 6 months or less since you purchased or refinanced your home, a myriad of title defects could have occurred. While you may not have any title defects, many Homeowners do. The only way for a lender to adequately protect itself is to get a new lender’s policy each time you purchase or refinance your home.
Are there any discounts available for title insurance on a refinance transaction?
Yes. Title companies offer a refinance transaction discount or a short-term rate. Discounts may also be available if you use the same lender for your refinance loan and your original loan. Be sure to ask your title company how they can save you money.