Consumers First Title Offers Substitution Rate
Refinances for Referred Refinance Clients
Better Than Reissue Rates
Provided a previous OWNER'S POLICY was issued insuring the seller or mortgagor in the current transaction and that both the re-issuing agent and the re-issuing underwriter retain their respective file copies of the prior owner's policy(ies), substitution loan rates can be given and are almost always better than reissue credit.
Substitution Rate Loans
When the SAME BORROWER and the SAME LENDER make a substitution loan on the SAME PROPERTY, the title to which was INSURED BY AN ISSUER in connection with the previous loan, the substitution loan premium rates for the substitution loans may apply.
Premium Rates for Substitution Loans
3 years or under 30% of the original rates
From 3 to 4 years 40% of the original rates
From 4 to 5 years 50% of the original rates
From 5 to 10 years 60% of the original rates
Over 10 years 100% of the original rates