Refinancing with the same lender requires title insurance ?

[Peter Morgan]

Hello,

I have a general question on title insurance while refinancing with the same lender

Since the existing lender already holds a title insurance at the time of purchase, is it still required to get title insurance one more time since it’s a new note again during refinance?

Thanks

[Kyle J.]

@Peter Morgan  You won't need to purchase a new Owner's title policy (since you're still the owner), but you will need to obtain a new Lender's title policy.  

The original Lender's title policy doesn’t insure the new mortgage created for you when you refinance, and it also doesn’t provide protection against events that may have transpired between the original purchase and this refinance (e.g. liens, legal judgments, etc).

Having said all that, just because you'll need to obtain a new Lender's title policy, doesn't mean YOU need to pay for it.  When you get a new (original) mortgage, you almost always have to pay for the Lender's title policy.  However, when you refi, it's fairly easy to find a lender willing to pay for that cost for you.  In fact, I just recently refinanced a mortgage and the lender paid for all of my closing costs, Lender title insurance, and they would have been willing to pay for my appraisal too except they ended up waiving the requirement for it.  And I'm not talking about a situation where they roll these costs into the loan and I'm just not coming out of pocket for them.  I'm talking about where they actually paid them.  

You might just have to shop around until you find a lender willing to do this.  But regardless of who pays for it, you will need a new Lender's title policy.