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Question for Sunny or brokers

Started by nyues
over 15 years ago
Posts: 38
Member since: May 2010
Discussion about
I am in the process of refinancing my coop and every bank has a different estimate for title insurance (re-issue). I googled but don't seem to be able to find rates. Do they use different title companies that give them different rebates? Thanks.
Response by shong
over 15 years ago
Posts: 616
Member since: Apr 2008

nyues - There is no title insurance on coops. You have to pay for a lien search and file the UCC. Its about $300 for the lien search and $75 for the UCC. sunny.hong@bankofamerica.com

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Response by nyues
over 15 years ago
Posts: 38
Member since: May 2010

Sorry, Sunny, meant condo. Thanks!

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Response by shong
over 15 years ago
Posts: 616
Member since: Apr 2008

The title insurance is a set calculated fee. Based on the mortgage amount, the final number should be the same. Lenders may be using different loan amounts or over estimating. Most lenders over estimate closing costs now because of the new regulation X policy. You can search for title calculators online. Thanks.

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