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Ask The Experts: The Refund Your Lender Doesn't Want You to Know About

What is the name of the specific closing cost that I can ask my lender to "not charge" or "refund" to me when refinancing my mortgage. Could amount to up to $500+ dollars. My lender is not required to tell me about it, but I can ask for it.... but can't remember what it is called. –Peggy S.

I was watching your show last week and you said something about when you are re-financing your home you should ask for this. It was some type of money return. I would appreciate it if you could let me know what to ask for. This was my first time watching your show but it won't be the last. Keep up the good work. –Jan B.

Peggy & Jan – The ‘discount’ you’re referring to is the re-issue rate on the lender’s title insurance policy. Lenders charge you the cost of title insurance when you first close on your home. However, when you refinance, you can get a discount for reissuing title insurance of up to 50% or more. So if the regular cost of a policy charge is $1,000 at closing, it can go down $500 when you refinance. This discount is not advertised however, and many mortgage brokers and lenders won’t bring it up themselves, so it’s up to you to ask and make sure that you get

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the discount you deserve. This is definitely a case of how one question can pay off big! - CWU

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