The other day I attended a CE course at Bonneville Title. While there they brought up a term I wasn’t familiar with, “Reissue Rate.”
The Reissue Rate is essentially the rate for the title insurance, if there has been a different policy issued within the last six years. It is essentially a discount on title insurance, because title searches and such have recently been done for the property.
Reissue comes into play when you are purchasing a house, or just refinancing. On a $200,000 refinance where there was a title insurance policy activated within the last six years, the reissue rate would be $478 less than the full rate loan policy.
Bonneville Titles website has a neat tool where you can actually see what your rate will be: http://help.bonnevillesuperior.com/
When shopping for a Title Company, it’s a good idea to not just consider the closing fee, which may differ by about $50 between the different Logan Utah title companies, but also find out what the rate of the title insurance will really be. That’s where the real savings will come in.