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Posted: Sat Feb 27, 2010 2:27 pm Post subject: Title Insurance

We have a lender and have already signed a Loan commitment and the GFE paperwork. The closing is about a month away. I am now learning that it may be possible to save money by purchasing title insurance yourself rather than going with the title company selected by the lender. Is it too late to notify the lender that I will buy the title insurance myself?

tfaulhaber1 · Posted: Sat Feb 27, 2010 2:40 pm Post subject:

If it's a refinance, you can go back to your original Title company and can probably give you a re-issue rate on your insurance which will probably be less than what you will be charged by the new Title.

Posted: Sat Feb 27, 2010 2:41 pm Post subject:

Thanks Ted. It is a purchase of a home.

tfaulhaber1 · Posted: Sat Feb 27, 2010 2:45 pm Post subject:

If it's a purchase. The seller or your attorney should order Title. The lender doesn't order Title on purchase transactions. They can but, the seller or your attorney should handle that.

michaelclark3 · Posted: Sat Feb 27, 2010 4:20 pm Post subject: title fees

Title bills consist of POLICY PREMIUMS, and then fees for endorsements and other Miscelaneous fees

The Premium is based on a cost per thousand borrowed. That is standard.

But other charges can be filled with profit for the title agency. Ex. Copy fees, traveling, simple endorsements can be quadrupled in fee.

If your attorney has a relationship with the title co. then you should be OK.

Good Luck

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