Title Insurance with a Mortgage ReFi
I'm in the process of refinancing my mortgage through Citizens. It hasn't been as simple a process as I'd hoped, and I'm not getting timely or direct answers to all of my questions.
One direct question clearly answered however was that title insurance to protect the lender's interests was required. This will cost me over a thousand dollars.
What I don't understand is why title insurance is required for a refinance. I bought my home seven years ago through Citizens, and paid for title insurance. Why would that policy lapse and another be required? Nothing happened in the seven years to jeopardize my ownership or the bank's interest. There will be no change in the deed or listed ownership, and the company brochure states that title insurance remains in effect for however long the owner or his heirs own the home.
Anybody ever been able to talk their way out of this requirement?
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