Save a few dollars
Refinances are not at the level that they were a few years ago. Back in 2003 and 2004, many people took advantage of the 40-year low rates and did a new loan. However, even when refinances slow down, they never completely go away. This is because there are still the "cause-driven" refinances. Those are done because of the need to get equity to fund some event (college, vacation, etc) or to get out of an adjustable rate that is about to reset to a much higher rate.If you are considering refinancing, a good way to save a few dollars is to use the same title company or attorney you used for the last loan. Title insurance is one of the largest single line items that the attorney or title company charges. However, if they are simply redoing a loan from a few years ago, they only need to update the information. You can get what is called a "re-issue" rate on the title insurance. This rate can save as much as 50% of the full title insurance charge. In addition, many attorneys or title companies will reduce the search fee and closing fee. They are feeling the pinch of slower business right now, just like everyone else, and will likely reduce their fees a little just to get some business.
I hope this helps.
posted by jkballentine @ 6:33 AM
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