Many borrowers don’t pay much attention to the title insurance premium that the mortgage lender in New York requires. It is only once they see the substantial charge for the premium on the itemized list of what makes up the closing costs that they begin questioning it. That premium is indicative of the cost of guaranteeing that the borrower will have clear property ownership. A title agent will go through and perform a detailed search for any tax liens or outstanding debts that have to be resolved. The lender and the borrower are insured against any claims that might otherwise have gone unnoticed.
The title insurance premium varies significantly from one state to another. In New York, insurers all belong to a specific type of rating bureau that will then submit the rate schedule for approval from the state. Based upon the value of the property, the cost can be thousands of dollars. For example, if you purchase a $500,000 home and have a mortgage on it for $400,000, your premium in New York City would be around $2,666. When you think about the long-term benefits, this is actually a bargain for the level of protection you receive on the home.
If you are unsure whether you are getting the best possible deal, you can rely on our team of professionals at Centex Capital to provide you with an excellent title company. We understand that you are looking to save as much money as you can. Our goal is to make the whole package work together in your benefit. Instead of worrying about whether you can get the home of your dreams or not, let us step in and answer any questions or concerns you might have about the process. We can help you secure the best premiums for your new home today.
Contact us for more information about Title Insurance Premium in New York. Email us or call now (800)842-2910.