Why You Need a Title Company When You Refinance Your Home in Florida
If you're a homeowner in Florida who is considering refinancing your home, you may be wondering if you need to use a title company. The answer is yes - in Florida, you are required to use a licensed title company when refinancing your home. Here's a closer look at why this is the case.
What the lender will require to refinance your home in Florida
When you refinance your home, the lender will require a new title search to be conducted. The title company will search for any liens or encumbrances against the property that could impact the lender's interest in the property. In addition, the title company will also issue a new title insurance policy.
The title insurance policy when refinancing your home
The title insurance policy protects the lender from any financial losses that could occur as a result of problems with the property's title. For example, if it turns out that there are unpaid taxes owed on the property, or if there are errors in the public record, the lender would be protected from having to absorb those costs.
Using a title licensed company when refinancing
The bottom line is that using a licensed title company when refinancing your home in Florida is required by law and protects both you and your lender from potential financial losses.
If you're refinancing your home in Florida, be sure to use a licensed title company to help protect your interests. A title company will conduct a thorough search of the property's history and issue a new title insurance policy, which will protect you and your lender in case of any unforeseen problems with the property's title.