What Title Fees Will You Pay at Your Closing
When closing on a mortgage you can anticipate closing costs to be about 3 – 6% of the purchase price. It would be slightly less on a refinance mortgage. Within this are services provided by the title company. This article will go deeper into what these are.
When purchasing or refinancing a mortgage a title company is always involved to ensure proper ownership is reflected and liens are paid off or placed on the property. Accompanying this is the actual insurance policy the title company issues ensuring everything is in order.
Common title fees include a title search fee in order to search public records to determine the property owner and any liens on the property. Typically, this fee ranges from $75 – $175. The second fee is the settlement or closing fee. This is for all the service the title company provides to physically close the mortgage, disburse monies and facilitate the process. This is typically $250 – $500. Lastly, the title insurance premium is the last and typically most expensive fee. This fee protects the owner/borrower from any claims or liens the title company may have missed. It can range from $300 – $1500 and is dependent on the purchase price when buying home and/or the mortgage amount.
These title fees will be disclosed to you on your initial Loan Estimate and your Final Closing Disclosure.
As always, please use a reputable and knowledgeable company such as Hall Financial who can explain and detail out these fees and all of your closing costs.