Title Insurance Rate Calculator
In response to the new federal regulations requiring better estimates of closing costs for borrowers and purchasers, we have implemented an easy-to-use rate calculator on our website, www.fryerclosings.com.
Here’s how it works:
Loan officers completing a Good Faith Estimate (GFE) for a refinance closing will select Loan Policy, enter the loan amount and click “Calculate” to determine the Lender’s Title Insurance Policy rate.
For Lender’s and Owner’s policy rates on a purchase in which the purchaser is obtaining a loan, choose either Basic Simultaneous (for a lender’s policy plus basic owner’s coverage) or Enhanced Simultaneous (for lender’s policy with enhanced owner’s coverage), enter the loan amount and purchase price (Property Value) and click “Calculate”. This will give you the total premium amount, as well as a breakdown of premiums for the lender’s and owner’s policies.
Realtors seeking to determine the price of an Owner’s Title Insurance policy for an all-cash closing, will select either Basic Owner Policy (for a basic rate) or Enhanced Owner for an enhanced policy; enter the sales price in the space provided (Property Value), and click “Calculate”.
Click on the following link and give it a try:
Title Insurance Rate Calculator
Ultimately, the decision whether to purchase a basic or an enhanced owner’s policy rests with the purchaser. When you (the borrower) are shopping for title insurance quotes, please make sure you are receiving pricing on the same/comparable product; a lower quote based on a basic policy rate may seem like a good deal, but will not offer the same protection as an enhanced policy, should the need arise. Based on claims history in the metro-Atlanta area, most informed consumers and attorneys request enhanced coverage, especially when a new survey is not obtained. Please read, and direct your clients to read, our comparison of Basic and Enhanced Owner’s Title Policies and why we believe that Enhanced policies offer them the best protection for the money. For a more detailed explanation and comparison of the two types of Owner’s policies, please feel free to contact one of the attorneys at Fryer Law Firm.
