Financial Fitness with Alan Akina - Refinancing Your Mortgage Part 2

19 Oct 2011 · 2 min

Watch on YouTube

1:38

In this segment of the Financial Fitness Report, Alan Akina expands on his previous discussion about refinancing a mortgage by focusing on how homeowners can reduce costs associated with title insurance when refinancing. He explains that title insurance protects both the borrower and lender from title defects and is required for most refinances. Akina outlines two primary discount strategies: (1) requesting a short‑term rate discount of up to 50% if the mortgage being refinanced is less than a year old, and (2) negotiating a reissue or revamp rate, often undisclosed to the public, which can shave 50‑60% off the cost. He illustrates the logic with an example of a homeowner who bought a house five years ago and now wants to refinance at lower interest rates, arguing that a new full title search is unnecessary if the same title company is used. He encourages viewers to actively ask for these discounts and directs them to the Wake Up Today webpage on khon2.com for more details. The segment ends with a reminder to tune in next Thursday.

Let's find out more ways to save money.
That's exactly what Alan Akina has to offer in this morning's Financial Fitness Report.
Good morning, gang. Last week I talked about refinancing your mortgage. If you completed your evaluation I recommended and the numbers show that your best option is to refinance, then today's financial fitness tip will help you to save even more money on title insurance. Now title insurance is a must and helps to protect you and your lender against loss from problems connected to the title of your property. Now here are a couple ways to save. First, if you are refinancing a mortgage that is less than a year old, then ask for a short-term rate. Most title companies will give you up to a 50% discount. Another discount that is kept a secret from the general public is what most companies call a reissue rate or revamp. Each company may have different names for this, so be sure to keep asking. The discounts on this could be between 50% and 60%. Now here's how it works. Say you bought a home 5 years ago. Now you see the mortgage interest rates in the mid-4% range and you decide to refinance. Why should you pay full price for another title search and insurance policy when a full search was just paid for 5 years ago? This is especially true if you are using the same title company. Don't be afraid to ask for discounts, as there are many available to you. These tips are on the Wake Up Today webpage at khon2.com. I'm Alan Akina. See you on Thursday.
Thank you so much, Alan.