Owner Vs Lender Title Insurance Scenario

[Farah A.]

Hi all,

I am in the process of getting a mortgage loan and I have a question about Title insurance.

In the executed contract the seller agreed to buy the Owner’s title insurance. The title company released that it would cost of $2,387.

I am working with a lender and see that they are charging me $2,229 for the Lender’s Title Insurance on the Loan Estimate.

Can I somehow take advantage of the “simultaneous issue rate” to decrease the price of the Lender’s Title Insurance even though the seller is the one paying of the owner’s title policy?

Thanks is advance!

Farah

[Caroline Gerardo]

Seller usually picks title company unless you wrote it in your contract otherwise. All title companies price the same, they are regulated.  Owner's policy is one time fee based on sale price covers you as long as you stay on title (owners title policy is higher). Lender's policy is based on loan amount, it covers the lender. These are different policies. Answer no. All the and and ins and outs will cost as well (tie in, notary, endorsements, yadda yadda and a) - the escrow or attorney chosen can vary by thousands of dollars.