Handing Over Keys

Refinance Real Estate Transactions

When you want to refinance a home in Tennessee, Carney Title will search the public records to confirm ownership. Usually, you will not be issued a new title at the end of the process. An owner’s policy is only brought at the original closing. If you are confirmed as the current property owner, you can submit your owner’s title policy to Carney Title to acquire a reissue credit.

WHY DO I HAVE TO PAY TITLE INSURANCE ON A REFINANCE?

It is important to understand that title insurance is significantly less costly than many other types of insurance policies you might buy, such as auto or homeowners insurance. That’s because you typically don’t pay a monthly premium. Instead, you pay a one-time fee at closing. In exchange, you get proof that you are the legal owner of your property. This ensures past events that you and others may not be aware of can’t result in loss of ownership. Additionally, both lenders and owners usually purchase title insurance at the closing, so both parties are protected.

It’s also worth noting that mortgages are backed by securities. That means it’s important that investors be confident they’re safe. Title insurance provides this confidence. Without it, it would be difficult to back mortgages with the necessary assets. Investors would be too wary of the risk. That’s not a problem when you have title insurance.

Finally, Carney Title may also serve as a sort of liaison between the various parties involved in a refinancing. These can include not only borrowers and lenders, but attorneys, surveyors, government employees, and more. Because a refinancing can involve many steps, with many issues to resolve before closing can occur, it helps to have an intermediary who works with everyone to move the process along smoothly.