- Associated Press - Friday, May 23, 2014

SANTA FE, N.M. (AP) - 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.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide