Whether purchasing or refinancing a home, choosing a title insurance company is a significant piece to the closing puzzle.
The fall of the average 30-year fixed mortgage rate below the 4% mark is motivating many homeowners to refinance their mortgage. This, however, can be a costly process. Closing costs include expenses such as loan application and document fees, home appraisal, title search, attorney and recording fees. Don’t forget to add a new lender’s title policy to the bottom line.
When refinancing your home, the old loan is paid off and the original loan title policy expires. As a result, a new policy will be required by your lender to protect their investment in the property. (Owner’s insurance remains in effect as long as you own the property.) Typically, the lender or bank will suggest a particular title insurance company. However, many consumers don’t realize they are at liberty to choose their provider.
So, how do you choose the right one? More than likely, several agencies will appear in a local search. Although most title insurance fees are regulated by your state and consistent across the board, it is important to note that not all title insurance companies are created equal.
Choosing the appropriate title insurance company is crucial for a successful and affordable closing experience. There is always the potential for hiccups in any real estate transaction. Having a title insurance company who is not only experienced in every aspect of the closing process, but also committed to keeping costs at a minimum, is a win-win for any consumer.
With the experience to serve you at a cost you can afford, we are prepared to handle all of the title insurance needs of homebuyers. Contact us today at (610) 579-9141 or email us at Processor@aaa4title.com.