Posted: 4/23/2003 5:13:24 PM EDT
| I recently refinanced my house to a much lower rate. Last year when I bought my house I paid for title insurance. Do I get a portion back since I did not use it for the entire 30 year term? |
| If MI is like NJ, when you bought your house you purchased an owners policy of title insurance and a lenders policy to insure your lenders interests in their mortgage. When you refinanced the lenders policy was replaced with a new one covering the new mortgage loan but your owners policy of title insurance is still effective and still covers you for as long as you own the property. If you ever have a claim against your title you would use the original owners policy of title insurance. Hope this helps. |