When you purchased your property you most likely received an owner’s policy of title insurance that covers you against title defects for as long as you own the property.  If you obtained a mortgage at the time of your purchase your lender also received a lender policy to protect their lien priority.  The cost of the lender policy at the time of your purchase under New Jersey’s regulated rating system was only $25 since the same searches were conducted for both policies and both policies have the same effective date.   

When you refinance with a different lender or the same lender they will require a new lender policy to cover such items as judgments that become liens on your property after your purchase date.  Such judgment liens can affect your property the very day after you close on your property or years later.  This is the reason that your refinance lender requires a new policy.  You do not need a new owner’s policy since your coverage remains in effect covering defects through the date of your purchase.  The cost of a refinance lender policy is a discounted rate as deteremined by the New Jersey Insurance Commission which regulates all title companies in the state.  We will provide you with a free accurate estimate so that there are no surprises at closing. 

Since you as the borrower pay for the cost of this policy you have the right to choose the title company and agent.  If you choose Foundation Tilte we will guide you throughout the process and answer all of your questions and accomodate all of your lender’s tilte insurance requirements.  Your closing can take place at a time and place convenient to you including your own home and even after businsess hours if you (or your attorney if you have one)  so choose.  It is not surprising then that so many refinance borrowers have chosen Foundation Title.  Our professional staff is dedicated to making certain that your transaction is flawlessly handled and closes on schedule.