When a refinance, recast or substitution loan is made to the same borrower on the same property, the following rates shall apply to so much of the new policy as represents the face amount of the mortgage or mortgages other than construction loans being refinanced:
| Policy Liability | Rate per $1,000 or Fraction Thereof |
| $0 - $100,000 | $2.75 |
| $100,001 - $500,000 | add $2.50 |
| $500,001 - $2 million | add $2.25 |
| Over $2 million | add $1.75 |
