Affordable Dallas area escrow?

Question

I am considering buying a 3/2 SFR using a typical house hack approach with VA loan in Dallas. Shopping around for cheap escrow services. I don't need the title insurance, just a company to handle the settlement paperwork/escrow etc. $400 per transaction side is what I've found so far ($800 total). Anyone got a recommendation on dirt cheap escrow services?? Thank you!   (also accepting recommendations on VA lenders who dont pack their loans with BS fees). Thanks again.

Megan King · Answer

Regarding your VA lender, I recommend Tyler Hodgson with NXT Mortgage. I’m an agent and one of my recent clients got a VA loan with NXT Mortgage- Tyler was very responsive at all hours and did the VA loan in our tight 3 week timeframe. I always recommend my clients get fee sheets from a few different lenders to compare. If you are doing this, I encourage to get a fee sheet from Tyler! You should be able to look him up here on BP to contact him.

Bart H. · Answer

May I ask why you dont need title insurance?  Is there something with a VA loan that doesnt require it?

Also if you skip title insurance now, wouldnt that run the risk of impacting of a buyer getting a warrant-able deed when you sell?  Honest question, I dont know the answer.

Ryan Harris · Answer

@Tyler Hodgson   I know i have to have the title insurance, but that can be bought from anyone, and can be separated out from the escrow services. I was just looking for affordable escrow services so i could get the best prices on every line item on the closing sheet.  I just got an updated good faith estimate from navy Federal. If you want to see if you can do better, I'm open to it.  I'm not as concerned with interest rate as I am not seeing a closing sheet packed with bullshit fees. I find that infuriating and insulting.  :)

Tyler Hodgson · Answer

Thanks for the recommendation @Megan King.

@Ryan Harris all VA Loans will require title insurance, in fact, I don't know a single lender (besides hard money) who will lend without purchasing a lenders title insurance policy. The owners title insurance policy is optional, so maybe that is what you are referring too. Megan is right about me helping with VA Loan, I'm a Marine Corps veteran myself...and no lender fees (or other BS fees) packed in my loans.

@Bruce Lynn I don't think anyone can do better than a VA loan at any level. What fees do a VA loan have that another loan does not? (VA Funding Fee is exempt if VA disability compensation is receive)

@Bart H. hit the nail on the head!

Bruce Lynn · Answer

@Tyler Hodgson  Just saw a loan recently with almost no fees, no down, and $4500 in closing cost credit, no MI.  That beats VA in my eyes...but there are restrictions to neighborhoods or income, so doesn't work for everyone.

Bart H. · Answer

Ryan, I could be mistaken, but I believe that the actual title insurance is regulated by the state.

Yes there are additional fees, and yes you can get bids on some of those, but honestly, we personally have found that finding a team around us more than pays for itself.  Including the title agent.

Our title agent has helped us get thru a few tough closes where the deal might have fallen thru without her expertise. In fact I did have at least one deal that wouldn't have happened without her.

Just this weekend, and I mean Saturday/Sunday I was on the phone with our mortgage broker getting rates and a letter of conditional approval so that we could get an offer in on a property.  Now, we might not get the deal, but I know our odds are better with her help.

having a team imo is a LOT more important that trying to beat someone up for a couple hundred dollars.

Bruce Lynn · Answer

You may do better than VA loan depending on your income and where you buy.   Sometimes the fees are killer there.

If you're getting a loan, likely they will require title insurance.  I can't imagine any VA type lender without it.   Good question about escrow fee.  What I see mostly is $400-$450 per side.  Might be an interesting exercise for someone here to call around and find out who is cheapest.  Not sure that is the right way to go, but might be interesting.  Never seen a list.   I'm wondering if any of the online services can do it cheaper.

Affordable Dallas area escrow?

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