Don’t Overpay for Title Insurance, Part 2.
Refinancing and Resale Rates. When refinancing your existing mortgage or selling your home, you may be entitled to a title insurance and escrow fee discount. The applicable discount when refinancing is called a “reissue rate.” A reissue is an extension of a current policy at a reduced premium. Obviously you must use the same title insurance company in order to qualify. When selling a home, if you bought it recently and use the same title company, a discounted, “short-term rate” may apply. You will need to provide the escrow officer the escrow number of the prior transaction (it’s on the settlement statement and the copy of the previous policy). There are restrictions on the eligibility period of reissue and short term rate discounts (for example, within the last 2-5 years). Next: Identity Rates.