Washington, DC Good news for homeowners. According to the American Land Title Association, consumers in many parts of the country can save money the next time they refinance their home or property by asking for a special "refinance" or "reissue" rate on their title insurance.

When a house or property is purchased, the mortgage lender usually requires lenders title insurance to protect its investment. When the homeowner refinances that loan, the lender requires an additional title search to ensure the title is clear, and a new lender's title insurance policy to insure its loan. Refinance or reissue rates are discounts off of the rates that would otherwise be charged to insure the transaction. The size of the discounts vary, but they can be substantial. Consumers should ask the person handling their closing if refinance or reissue rates are available. ALTA also recommends consumers purchase owner's title insurance to protect their investment when purchasing a home or property. Owner's title insurance protects the consumer's use and enjoyment of the property. However, owner's title insurance does not need to be reissued during a refinance.

To find a title agent in your city, go to www.alta.org/mmbrship/serchmem/index.htm. For a free brochure on title insurance, contact the American Land Title Association at 1-800-787-2582 or send an e-mail to: service@alta.org.