Why do I need lender’s title insurance policy if my home is new construction, and how much does the lenders title policy cost?Answer:
You need lenders title insurance policy even if your home is newly built because there might be issues with the land - lot boundary claims, or your neighbor might decide to build a garage in your yard, etc.
Also, the lenders title insurance will pay for any legal fees should any claims arise.
How much does title policy cost?
Try ALTA, CLTA, HUD websites for more specific information on title insurance policy costs and coverage. Also, try a web search if you like to contact local title agencies, insurers and agents in your area.
Also, since title premiums largely depend on the size and price of the property, you may like to use a comprehensive home loan calculator for a lender's title insurance policy estimate. Or, the lender may have a built-in loan calculator to provide some information on title related loan costs.
Lender and owner title policies vary greatly among states; it is recommended you shop for title policy costs in the states where title insurance prices are not set by the state.
|Not at all||Definitely|
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers