When you refinance your property, you repay a debt from the proceeds of a new loan using the same property as collateral.  Although the existing owner’s policy purchased at the original closing remains in effect as long as you and your heirs own the property, the existing lender’s policy is null and void and you must purchase a new policy.
 
Your lender will typically require a new title search and loan policy because when  you refinance, you obtain a new loan even if you refinance through your original lender.  Some problems, such as liens or judgments, could arise with the title to your home even if you recently purchased or refinanced it.  In order to finance your loan, the lender will need reassurance that the title is free from all defects.
 
Rates
Some situations may allow for a discounted rate for the new loan policy, including if your owner’s policy is less than 10 years old.  Ask your MAXIMUM Settlement Specialist if a refinance, or reissue, rate is available in your state and if you qualify.

For more information, please contact your local branch office.