Question by Bob K: In PA I am refinancing 2,000 mortgage to buy out my home in a divorce settlement…?
I am being charged $ 1883 for title services and insurance. Does that sound like a fair amount for title services?
Best answer:
Answer by amal
Take a second opinion with an estate agent or broker on a small fee to sort out your anxiety.
Know better? Leave your own answer in the comments!
Hi Bob,
I think $ 1883 is kind of high, you can probably do better. How long ago did you take out your current loan? If it was in the last 5-7 years, you should get a discount on the owner’s title insurance premium.
What are the other terms of your loan?
Depends on what is included. Deed of the x out of title?
Recording fees and transfer taxes?
take the Good Faith Estimate to a local lawyer for review.
Contact Entitle Direct for a quote. We use them for all of our refinances in PA and they are always a lot cheaper. You are the one that gets to choose the title company that’s used, not the lender. If you decide to go with Entitle, provide this information to your loan officer and they can order it through them.
In Tennessee it would be 1497.30 just for title insurance & another $ 290.00 for closing- so it sounds about right. If you have your old owners policy though you can get a discount of about 30% on the title insurance.. Ask the title company about that.
You may question any item on your closing documents. You might also change the companies providing services in this transaction. Normally the title insurance is a based on the value of the property and the title company will provide you easy to read charts as to the cost. Not all title companies charge the same fees, therefore, shopping for the most economical title insurance company might be of some value.
There are other escrow fees that might bring the cost of closing to the $ 1,883.00 you are being charged.
You would need to speak with the escrow closing agent, have this person explain each item you have to pay on the HUD-1 or the preliminary escrow closing document. Once you have this document explained to you see if there are negotiable items on the list and do such.
I hope this has been of some benefit to you, good luck
“FIGHT ON”
That sounds reasonable and I agree with the other answerer that you should review your HUD-1 statement carefully and question any items on it that don’t seem right (or you don’t understand).
If you’re working with a reputable lender and a reputable title company (remember, you can choose both separately – you are not bound to work with anyone), you should be fine. No reputable title company that has thousands of clients is going to risk losing credibility (and government fines) over some inflated costs. Hopefully you choose a mortgage lender and title company you can trust. If not, start over.
I included a link below with some general guidelines on closing costs. These can vary by state, but this should give you an idea. It also will show you that you’re paying what seems to be a reasonable amount.
Good luck with your refinance. You’re smart to take advantage of today’s low rates.