Is there a way to lower title insurance?
Hi everyone, I am closing a mortgage and I have a question about title insurance. The contract specified that the seller agreed to buy owner’s title insurance. The title company said that the policy would cost $2,487. My lender on the other hand is charging me $2,199 for lender’s title insurance on the loan estimate. Is there a way to decrease the price of lender’s title insurance? by tjensen566 from Alameda, California. Dec 6th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Unfortunately you have no choice when getting a loan. A title insurance policy is required. While you are free to shop, and use any title company you wish, you will find they are all very very close in the cost. Sorry... Also, while the lenders estimate may be lower, your final number at closing will be whatever the actual number is from the actual title company selected. I lend in MN WI IA ND SD. Find me at WI-MortgageBroker.com / Cambria Mortgage NMLS 274132
Wes Hankins (Wes Hankins)
#118 ranked lender in California - 18 contributions
you are in CA, if the box on the RPA is checked seller to pay owners title policy, then you will not pay it. It MAY be on your loan estimate, this is common. But when your CD gets balances, the seller will pay it. You are required to pay your lender policy. Lender policy covers your lender, and the owners policy covers you... should be called "new owners" policy. Wes Hankins - Temecula CA
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