Ukiah Daily Journal from Ukiah, California on March 20, 1998 · Page 22
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Ukiah Daily Journal from Ukiah, California · Page 22

Ukiah, California
Issue Date:
Friday, March 20, 1998
Page 22
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6—FRIDAY, MARCH 20, 1998 TITLE INSURANCE ON THE MARKET Why lenders require title insurance when refinancing your loan Lower interest rates have motivated you to refinance you 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. Q. Why do I need to purchase a new title insurance policy on a refinanced loan? A. 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. 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 or legal judgments recorded against you - events that could result in serious financial losses to an unprotected lender. Q. What about my original title insurance policy? A.. When you bought your home, you purchased separate homeowners' and lenders' title policies. The homeowners' policy stays in force as long as you or your heirs own the home. The lenders' policy, however, 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 that loan expires) and a new loan is issued for which the lender will require a new title insurance policy. Q. It has been a short period of time since I purchased my home and there is no second trust deed on the house. Will my lender still require a title insurance policy? A. Yes. In addition to protecting the value of their own home loan portfolios, title insurance helps lenders package loans for sale to investors. Title insurance policies assure these investors that the value of the loans that they purchase both original and refinanced - will be fully protected. Q. Are there any discounts available for title insurance on a refinance transaction? A. 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 you refinance loan and your original loan. Be sure to ask your title company how they can save you money. Build Vour Own Home OPEN HOUSE! Sunday, March. 22,1-3 PM 2040 Road 'G' ; Redwood Valley CONTRACTORS CUSTOM HOME/END OF CUL-DE-SAC Fabulous +2400 sq.ft. home located on +1 level acre with redwood sidings, 9' ceiling throughout this 3 bedroom, 2 1/2 ba., formal dining room, French doors, covered porch, loft storage area, detached garage, loft office, detached redwood shed, floors of tile, pergo & carpet. Too many extras to list. COME SEEI Call 485-5190 for more info. Shopping For A Home? Get Pre-Qualified FIRST! •It's fast & easy • Pre qualify over the phone no cost • Extremely competitive rates • Local, Experienced lender «••«• Tl mm D«lH«iAbOT»llBr ••;•; AMERICA'S #1 mmmm S m MORTQAQE ••^••LENDER 462-0290 (800)480-0290 245 E. Perkins St., Ukiah OPEN HOUSE/ Sunday, March. 22,1-3 PM 48 Rancho Grande (Lake Mendocino Estates Senior Park) Hostess: Elma Hart How Nice Is it? Even the inspector was impressed with this comfortable home. Offers a GENEROUS layout of 2 bedrooms, each with its own bath, living/dining room combo, built in hutch, brightened kitchen by skylight, fam. room, lots ol storage. "H)WELL BANKER-MENDO REALTY, INC. 444 N. State St., Ukiah • 462-5400 OPEN HOUSEJ Sunday, March. 22,1-4 PM 1220 Vista Verde Drive Hostess: Betty Bullard [ Absolutely Beautiful Custom Home in El Dorado • 3 470 W- so. II. Private peaceful selling on 1.30 acre lot - 4 bd. 2 \K ba Has everything you could want including pool & private hoi tub I'cc JfffiSlfJ 1 ! ? xlras lo lisl ' Musl see lhis P'opertyll COME | act oUINUAY l-4pm. ICOLDWELL BANKER-MENDO REALTY, INC. 444 N. State St., Ukiah • 462-5400 OWN HOUSE. 1 Sunday, March. 22,1:30-3:30 PM 475 Zinfandel Drive w. . , ^ ~ Hoat: Mlka Jacobs anri ?il e Co " v « nl «>Ml Close to schools! Shopping bS?h S?h w ? y t om a low lrafflo streel ' 3 bedroom, 2 B«W,I!I y raom ' Rear y ard 8CC88S for to*" 1 or Ownpr ri^F-' or use your oversized double car garage. Owner retiring -make an offer. $177,900. COLDWELL BANKER-MENDO REALTY, INC. 444 N. State St., Ukiah-462-5400 "Carefully selected real estate will always be a sound investment because people will always need shelter a beautiful place to call home," Andrew Carnegie. OPEN HOUSE! Sunday, March 22,1-3 PM 417 No, Oak St, Ukiah , bandra Molcilo • (707) 744 8610

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