Home Warranty Education

Get a Home Warranty When You Refinance Your House

Written by Whitney Bennett

Why you should get a home warranty when you refinance your home.

If you are considering a re-fi, or refinance, of your home’s mortgage, it’s the perfect time to purchase a home warranty plan to protect your home’s systems and appliances. Refinancing your home means you’re taking your original mortgage on your home and paying it off using a different mortgage… hopefully costing you less money on interest in the long run! Take a look at how to refinance your home with our home refinancing guide. This can be a complicated process, but if you determine that it is right for you, your finances, and your home, purchasing a home warranty plan while refinancing is a great way to save even more money on home ownership.

What is a Home Warranty Plan?

A home warranty protects your home's systems and appliances.

Click to download.

Home warranties protect your home’s systems and appliances when they break down from normal wear and tear. When a covered system or appliance breaks down, you call the home warranty company and open a service request. The home warranty sends a qualified contractor to your home to diagnose the problem of your failed system or appliance. You pay a small $60-$100 service call fee for this diagnosis. Then, the contractor will either repair the problem or order a replacement as long as the repair is covered under the home warranty contract. You end up saving hundreds by using a home warranty plan to protect your home’s systems and appliances when they break down.

Why Should You Purchase a Home Warranty When You Refinance?

A home refinance moves the principle from one mortgage lender to another.

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You may be wondering: “What does a home refinance and a home warranty have anything to do with each other?” A home refinance is a financial decision that (hopefully) helps you save money on your mortgage payment. This process is much like closing on a home, because you are essentially buying your home back from your original mortgage lender and paying for it using a different mortgage, with (hopefully) a smaller interest rate or loan term. Much like closing on a home, you can purchase a home warranty plan while you’re refinancing this new mortgage.

Why you should get a home warranty plan when you refinance your home.

Click to download.

However, unlike a home warranty plan on a home you’ve just purchased, a home warranty on a home you’re refinancing can save you even more money. Although you’d like to think that your home’s systems and appliances could run forever, each one of them has a lifespan. Those lifespans can range from 5 years to 25 years, but on average, most are expected to run for about 10. Usually, this is when homeowners are beginning to look into refinancing their homes! Getting a home warranty protection plan on a home at this stage can help to save hundreds of dollars on repairs and replacements when the home’s systems and appliances begin failing from old age.

When you are refinancing your home, you’re generally looking to save money on your monthly plan and on your overall interest payments over the course of the loan term. A home warranty can also help you to save money by repairing or replacing those failed systems and appliances when they inevitably break down.

Because a new mortgage means you are essentially “buying” your house again, you can use Landmark’s real estate plans (even if you’ve lived in the home for 10 years!). A home warranty real estate plan from Landmark Home Warranty has discounted rates and increased coverage, and you are eligible for those plans when you buy you home warranty while you refinance your home’s mortgage plan.

Get discounts on your home warranty when you refinance your mortgage. Click to download.

How to Purchase a Home Warranty Plan When Refinancing Your Mortgage

Purchasing your home warranty while you’re refinancing your mortgage is even easier than normally purchasing a home warranty. You can just use money you would have spent up front and factor it into the mortgage and closing costs! You will still pay for the home warranty plan, but it’s included in your brand-new mortgage payment.

To look at the home warranty plans you can choose from when you are refinancing your home, you can go to www.landmarkhw.com/home-buyers-warranty. If you are interested in ordering a home warranty plan from Landmark after refinancing your home, go to www.landmarkhw.com.

Why you should get a home warranty plan when you refinance your home.

Click to download.​​​​​​​

Home Warranty Education

Everything you need to know about what a home warranty is, how it works and what it covers. Real estate professionals: use these articles to help your clients!

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