According to RealtyTrac approximately 25% of homeowners in Miami-Dade County have mortgages keeping them underwater. However, many other homeowners have seen increases in their property value and now find themselves with equity. Many experts believe that homeowners with equity will most certainly be interested in refinancing their home to take advantage of historically low mortgage rates.
If you decide to refinance, remember you may be entitled to a re-issuance credit on the lender’s title insurance policy if you purchased your home within the last three years. If you financed the purchase of your home you also purchase title insurance that consist of two separate policies. One for you (Owner’s Policy) and one for the bank that lent you the money (Lender’s Policy). When you refinance don’t need to purchase a new owner’s policy but you do need to purchase a new Lender’s Policy.
If you are thinking of refinancing or have any questions please feel free to contact out office and we will more than happy to answer any questions or concerns you may have.