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08-12-2008, 06:19 AM
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Should Title Insurance info be included on the...
...GFE from the mortgage lender? I received my GFE a few weeks ago and now I have received the "Borrowers Estimated Closing Statement" which includes close to $1400 worth of Title fees. I bought my house new, have been the only owner and have lived there less than 5 years. Is this legit? I have heard if you have lived in your house less than 5 years that the title company can reissue the title saving me all those costs. Any info is appreciated!
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08-12-2008, 07:37 AM
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Depends on the Company, sometimes they will give you a re-issue rate, but they dont have to. Your estimate is exactly that...an estimate of what they will charge. I would call the company that insured it last, see if they will give you the re-issue rate, and if they dont, you can take the policy to as many companies as you like to inquire about a reissue rate. That reduced fee will not effect your closing costs though, the discount is usually only the risk (premium) and exam/search fees. Also, dont let your lender tell you that you must go to whatever title company they use, you are free to take your business anywhere you like. That is why they only give an estimate.
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