Title Insurance
While scrutinizing our mortgage documents before going to closing in a couple of weeks, we are paying for both a title search and title insurance. The title search is a moderate fee but the title insurance is around $1,000. Our mortgage broker told us this is a one time charge. Is this ordinary? Please advise.
Yes.......cost of doing business.....every time you do a loan this is a cost.....
This may be a cost of doing business but consider it money well spent!
-FrankSoprano
Well, it all depends on what kind of transaction it is. If you're doing refinancing and are being charged $1000 for title insurance, it's a RIPOFF! Find a mortgage broker that has better connections with a title company and negotiated discounts. If it's a purchase, $1,000 is not that bad, depending on the transaction amount.
No, it's not a refinance. It is the mortgage to purchase. Thanks everyone.
Quote: $1000 for title insurance, it's a RIPOFF!
not necessarily. in my state, and I'm guessing a lot of states, title insurance rates are set by the insurance commission/board and aren't negotiable. You can get a SMALL discount for a refi under certain circumstances but you must ask for it.
also, not all loans have title insurance, HELOCs many times don't and other times the lenders will pay all costs associated with the loan. But never that I've seen on a purchase.