Title Insurance and Closing Services Since 1954
Thinking of refinancing? We can help you with that process! Remember, you have the right to choose the title agency that furnishes your title work. Sometimes a prior issuance of an Owners Policy or a Prior Loan Policy that was issued when you purchased the home or previously refinanced can save you money with your current refinance if it has been issued within the last 10 years.
If you purchased within the last 10 years: look for the closing statement (also called a HUD-1 Settlement Statement) prepared when you purchased your home, OR a copy of your Owner’s Title Policy. If your purchase was within the last 10 years, premium discounts may apply to the policy being issued to your lender as part of the refinance.
Even if you have owned your home for more than 10 years, if you refinanced within the last 10 years look for the closing statement from signing up your current loan as there may be other premium discounts that may apply.
We need to see a copy of either of these documents to calculate the discounts. If our office handled your closing, we can access those copies from our own records and save you the time of looking it up.
SURVEY COVERAGE DISCOUNTS
Many lenders will require that title work provided as part of your new loan will not have any exceptions from coverage for survey matters. Generally, a mortgage location survey will be required. But if a mortgage location survey was done within the last 10 years, and there have been no changes to the structures (additions or removals), the drive access, and no abutting neighbors have added construction since the date of the survey, a copy of that survey along with the borrower's signature on an Affidavit may eliminate the need for a new survey to be performed. Look through your records for a copy of the survey so that we can review it with you for possible reuse.
*Prior policy (owners or loan) must be for identical land and identical title holder(s). To calculate discounts the policy amount (in the case of a prior Owner’s policy) or payoff balance (for a prior Loan Policy) must be determined.
Please be aware that most residential refinancing transactions require a three day waiting period before the the tranaction is deemed complete, and the closing can be funded. During this three day Recission Period, the Borrower may be able to cancel the transaction by following the instructions provided by the Lender. After the recission period passes, and the Lender authorizes disbursement of the funds, Wayne County Title Agency, Inc. will issue checks or wires for payment of the items indicated on the Setttlement Statement signed at closing by the Borrower.