Refinancing - Title Insurance

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RMO87
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Joined: Fri Jan 18, 2008 8:11 am
Location: Kansas City, MO

Refinancing - Title Insurance

Post by RMO87 »

We are doing a HARP refinance and have received a GFE with Citi. It includes a steep $1095 for title insurance. It mentions that this is something that can be shopped around. Has anyone had some recent success doing so? Might easytitlequote.com be a reputable place to start?

Thanks in advance for any advice,
Ryan
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neurosphere
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Re: Refinancing - Title Insurance

Post by neurosphere »

I have heard that you can get title insurance from the same firm which originally provided the insurance on your home purchase. This should be much cheaper than going with a new firm. So I would start there. I think it's called a "reissue" rate.

I found this article from the trade group REALTORS: http://www.realtor.com/home-finance/ref ... source=web
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes" (even in taxable accounts).
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NateH
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Re: Refinancing - Title Insurance

Post by NateH »

get more quotes.

have you been to the Mortgage Professor? www.mtgprofessor.com
4X top-twenty S&P 500 prognosticator. I'd start a newsletter, but it would only have one issue per year. | dumb investor during 1999 tech bubble, current slice & dicer.
SurfCityBill
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Re: Refinancing - Title Insurance

Post by SurfCityBill »

I'd give it a shot, but I've re-financed my home 2 or 3X and it's always been the same title insurer at about the same cost. They'd always claim that the last review didn't allow them to shorten the process they had to go through this time. Although I would argue it did because their baseline starting point didn't require them to go back beyond that point. Almost as frustrating as the mandatory flood insurance I have to pay in sun parched California. :annoyed

-B
Nowizard
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Re: Refinancing - Title Insurance

Post by Nowizard »

Using the same company for title insurance will help, particularly if you have had experience with them recently. Coincidentally, we refinanced yesterday. Yes, we talked with a loan broker we had dealt with before and completed it in one day, providing only the past two months checking account statements to verify employment and social security income. No appraisal of the house required due to having it appraised two years ago with a refinancing. We do each have FICO scores that are very high. Title insurance will be approximately $800 and was $1,200 when originally financed four years ago. Rate is 3.5% for 30 years, down from 4.5% two years ago and 5.75% four years ago. It will take seven months to recoup closing costs. I am not certain whether it is allowable to mention the bank but would respond to messages if anyone wants more details.

Tim
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RMO87
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Joined: Fri Jan 18, 2008 8:11 am
Location: Kansas City, MO

Re: Refinancing - Title Insurance

Post by RMO87 »

Thanks. Now I just have to locate my original closing paperwork to find who did our title insurance (I'm fairly certain it was First American Title).

Ryan
maroon
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Re: Refinancing - Title Insurance

Post by maroon »

Hi Ryan! I refinanced with Citibank earlier this year under the HARP program. My GFE estimated title insurance at ~$1,400. I then checked into a reissue rate from my previous title company and was quoted ~$1,200. I ended up with a smaller, local title company and paid $855. Citibank had no problems working with my designated title company.

As an aside, I received multiple GFEs along the way (maybe 1/2 dozen, I don't remember). I'm not sure why. In the end, the costs were exactly as initially quoted. Hope this helps.
rr2
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Re: Refinancing - Title Insurance

Post by rr2 »

RMO87 wrote:We are doing a HARP refinance and have received a GFE with Citi. It includes a steep $1095 for title insurance. It mentions that this is something that can be shopped around. Has anyone had some recent success doing so? Might easytitlequote.com be a reputable place to start?

Thanks in advance for any advice,
Ryan
I have used the First American Title costs estimate and it has turned out to be quite accurate when compared to the actual costs.

http://facc.firstam.com
bungalow10
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Re: Refinancing - Title Insurance

Post by bungalow10 »

I just got a GFE that had a quote on it for Lender's Title Insurance at $1189. I asked if I could shop it, and got a quote from First American Title for $250.

Their closing fee is also $250 ($135 cheaper than my lender), but I don't yet know if my lender will let me choose where to close.
An elephant for a dime is only a good deal if you need an elephant and have a dime.
jmuc85
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Location: Texas

Re: Refinancing - Title Insurance

Post by jmuc85 »

As a lender I can tell you that the estimates on the GFE are always on the high side because if the cost comes in a certain % higher than the estimate, the Bank must pay for it.

Title insurance costs also vary state by state and county by county, sometimes substantially so.

As a borrower you do have the right to choose the title company. However, Banks usually have relationships with a certain few companies that generally offer the borrowers the most competitive prices.

That quote for $250 + $250 closing fee almost certainly does not include everything, but I guess ya never know.
bungalow10
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Re: Refinancing - Title Insurance

Post by bungalow10 »

jmuc85 wrote:As a lender I can tell you that the estimates on the GFE are always on the high side because if the cost comes in a certain % higher than the estimate, the Bank must pay for it.

Title insurance costs also vary state by state and county by county, sometimes substantially so.

As a borrower you do have the right to choose the title company. However, Banks usually have relationships with a certain few companies that generally offer the borrowers the most competitive prices.

That quote for $250 + $250 closing fee almost certainly does not include everything, but I guess ya never know.
The quote for $250 + $250 is exactly what I paid on my last refi (with a different bank) for Lender's Title Insurance and the fee for the closing. I called that same title company back and got the same price.

The bank I'm refi'ing with this time gave me exact numbers off of recent closings in my county. That's where they got $1189 for JUST the lender's title insurance, plus $385 for the closing. They won't let me change who I'm closing with, but they will let me change the lender's title insurance company and pocket the difference.
An elephant for a dime is only a good deal if you need an elephant and have a dime.
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