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Fri May 23, 2014
Regulatory Change To Lower Home Refinance Costs
A state regulator's decision can save New Mexico homeowners money when refinancing their homes.
Superintendent of Insurance John Franchini ordered Wednesday that government rules provide for larger title insurance discounts that are in a state law enacted in 2009 to foster more price competition in rates. Regulations had allowed for smaller discounts.
An independent think tank called Think New Mexico asked for the regulatory change because most homeowners weren't qualifying for the greater discounts when refinancing a mortgage.
Franchini's decision ensures all homeowners will get the larger discounts when they refinance starting this summer.
A person obtaining a new loan on a $200,000 house nine years after its purchase could save about $500 on title insurance, which is part of mortgage closing costs.
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