You've decided to take advantage of today's lower interest rates by refinancing your mortgage. Now you can expect your mortgage payments to be substantially reduced, but you can also expect to pay the lender the typical closing costs associated with any mortgage loan.

That's because, from the lender's standpoint, a refinanced loan is no different than any other mortgage loan. So be prepared for service fees or points and other expenses - including a new charge for title insurance.

You may wonder why you need to buy title insurance again even though you purchased a policy when you first bought your home and there is no change in ownership.

It's because your lender needs its own policy insuring the validity of your mortgage when it is made. Your owner's policy is good for as long as you own the property, but it doesn't insure the new mortgage created when you refinance, and it doesn't provide protection against events that may have transpired between the time you purchased the property and when it is refinanced.

For example, there could be legal judgments against you or a mechanic's lien against the property by a supplier who wasn't paid for home improvements. Or you may have taken out a second mortgage on the home that could threaten the priority of the new lender's mortgage.

Another reason lenders insist on a new title policy is that many mortgages are packaged as securities and sold to investors in the secondary mortgage market. Investors demand assurances that the mortgages backing these securities are valid and enforceable. Title insurance is the only practical basis for giving this assurance.

For your refinance transaction with TICOR Title, you may qualify for a special title insurance rate based on the loan amount. There may be additional charges for recording fees, closing fees and endorsements. Your lender can provide you with an estimate of these costs.

• Bring a Cashier's or Certified Check to the closing for the amounts you must pay, not a personal check.
• Bring an original Homeowners Insurance Policy to the closing along with a paid receipt for the first year's premium. If you're refinancing a condo, bring a Certificate of Insurance instead. A Certificate of Insurance can b e obtained from your condo association or property management company.
• Before the closing, contact your lender regarding any additional requirements that must be satisfied PRIOR to closing.
• Bring to the closing two forms of personal identification that include your picture and signature....
• If you have an existing mortgage(s), a current pay off letter(s) must be presented at closing. Contact your lender for instructions on how to obtain a current pay off statement(s).
• If you are going to be paying off credit card balances at the closing, the most current statements must be brought to the closing.
• If your property is a condo, bring to the closing an assessment letter from your condo association or property management company.