Home Buying in New York>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

Why am I required to purchase lender's title insurance again when I refinance my mortgage loan?

Asked by NYCBrowser, Brooklyn, NY Tue Feb 12, 2013

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Michael Richman’s answer

Whenever you change the terms of your of your mortgage, you are affecting other lienholders. When a change in your mortgage terms has negative effects on another lienholder, that lienholder moves ahead of your lender in terms of their legal rights, This is not acceptable to your lender, Therefore, the lender requires title insurance guarantying them there are no lienholders ahead of them.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
1 vote Thank Flag Link Tue Feb 12, 2013
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