Can I transfer PMI from an existing mortgage?
I have a question about refinancing. Why do you need to pay title insurance again when you refinance if you paid for it already when you bought the house previously? Can you transfer the insurance from the existing mortgage? by willg244 from Pearl City, Hawaii. Mar 3rd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Yes, you pay title insurance again, because things could have changed since you bought the house. But on a refinance, because you have an existing policy, you do get a "reissue" credit, so while it is there again, it is a bit cheaper. I lend in WI MN IA ND SD. Find me at WiMortgageBroker.com - Cambria Mortgage, NMLS 274132
Daryn Ogino (Daryn_Ogino)
#30 ranked lender in Hawaii - 9 contributions
You do not pay for Owner's Title insurance again, but when you get a new loan through a refinance, you will have to pay for Lender's Title insurance again. I only lend in Hawaii. Smart Money Inc. NMLS 273384.
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