Lenders Title Insurance
Lenders Title Insurance
Lenders Title insurance is used to insure a bank or lenders loan on your home from any unknown encumbrances. This means there are no outstanding liens, misfiled deeds and mysterious former owners of your property who can file a claim of lien. Mortgage lenders require such a policy to cover themselves and their borrowers are required to pay for such a policy. The Good News is there are way to save money on this cost by obtaining what is called a re-issue rate and shopping for the best possible settlement costs that go along with that.
Complete our Title Insurance Quote for so that you can compare our costs to what you may have been quoted by your lender or another title insurance settlement company
This type of insurance is required if you take out or refinance a mortgage on any type real estate property. This is known as lenders title insurance and if you received a Good Faith Estimate also knows as a GFE you would see a lined called Title Services and Lenders Title Insurance which is what you would want t compare our quote too. Assure America Title Insurance Company will provide your potential lender with this insurance. This insurance will protect them from any sort of legal issues with the title to your property before the date of policy. A long with Lenders Title Insurance when buying a home you’ll also obtain an Owners Title Insurance policy which will protect your property and your personal interest in it.
What is Re-issue rate?
When you provide the title company with the prior owners title insurance policy, you are charged this rate during issuing of title insurance.
How can you get a lender’s title insurance policy?
The best way to do is to get a lenders title insurance quote and compare it with other closing costs associated with your closing. It is true that you also need to pay fees for the title search and final settlement including costs of closing and notary who notarizes the mortgage package.
Having knowledge of comparison of lenders title insurance quote is very essential. Make sure you are comparing the right line items. With the new regulations in the lending industry, they often lump these charges in two different line items. So, if you know it well how to compare, you can be saved.
Where should you compare:
For a Refinance: while looking at your GFE provided by the mortgage person, compare title insurance quote to section A line 4 of the GFE.
For Purchase: here title insurance is compared in two parts. If you are paying the fees for title insurance, it should be in Section A line 5. Secondly, you will compare the other closing fees like lenders title costs, closing fees to section A line 4.