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Old 02-01-2008, 06:04 PM
 
9 posts, read 41,474 times
Reputation: 14

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Hi,

What is the average closing cost on the house? My mortgage guy quoted us somewhere 9K, what concerns me most is the Title Insurance cost of $3,750.
on 375K mortgage amount. The property is located in CT.

Please advice!

Thank you
pk1700
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Old 02-01-2008, 07:09 PM
 
69,372 posts, read 53,591,148 times
Reputation: 9357
Quote:
Originally Posted by pk1700 View Post
Hi,

What is the average closing cost on the house? My mortgage guy quoted us somewhere 9K, what concerns me most is the Title Insurance cost of $3,750.
on 375K mortgage amount. The property is located in CT.

Please advice!

Thank you
pk1700
I'm closing on a property now, $125K loan, and the title insurance is $813.00. Not sure what the title insurance is based on.
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Old 02-01-2008, 07:58 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
you can always shop around for a title company just like you would with a lender. Try an attorney....
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Old 02-01-2008, 08:18 PM
 
Location: Virginia
235 posts, read 807,491 times
Reputation: 72
Quote:
Originally Posted by pk1700 View Post
Hi,

What is the average closing cost on the house? My mortgage guy quoted us somewhere 9K, what concerns me most is the Title Insurance cost of $3,750.
on 375K mortgage amount. The property is located in CT.

Please advice!

Thank you
pk1700

looks like 9k is less. I paid $9300 for 320k loan. it includes $3000 towards origination fee and $1000 towards discount points.May be you dont have that.
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Old 02-01-2008, 08:43 PM
 
Location: New York City
1,836 posts, read 2,832,990 times
Reputation: 378
CT is a "filed rate state". you can't shop around for a cheaper title policy. it is what is is. I'm not sure if there is a mortgage tax in CT. In NY its 2.05% of the amount of the mortgage. Thats NOT a title charge per se- the title company picks it up and gives it to the city as a mortgage recording tax.

there are other very small fee's title companies charge but the big ticket charges are title premium, survey (which title companies order when you ask them too), and taxes (which the title company does not keep).
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Old 02-04-2008, 04:01 PM
 
Location: New Jersey
3 posts, read 16,170 times
Reputation: 12
I paid approx. $1,500 for a 180k loan, in New Jersey i used Madison Title Agency they did a real quick job for me
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Old 02-05-2008, 03:25 PM
 
Location: Broward County
2,518 posts, read 9,690,358 times
Reputation: 1333
ur mortgage guy is full of squat. Go to quickenloans.com and talk to John Scott....you can close with as little as 500 dollars, maybe even Zero
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Old 02-05-2008, 03:41 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
I dont know about that.

If they can't post their APR rates correctly on their website..then I wouldn't even think about going with a company like that.
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Old 02-05-2008, 09:59 PM
 
Location: CNJ/NYC
1,240 posts, read 3,641,445 times
Reputation: 408
Quote:
Originally Posted by dealcats View Post
I paid approx. $1,500 for a 180k loan, in New Jersey i used Madison Title Agency they did a real quick job for me
I like Madison Title. They have a very simple to use fee calculator on their site. Tells you right away a good ball pack figure.
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Old 02-05-2008, 10:00 PM
 
Location: CNJ/NYC
1,240 posts, read 3,641,445 times
Reputation: 408
Quote:
Originally Posted by heydade View Post
ur mortgage guy is full of squat. Go to quickenloans.com and talk to John Scott....you can close with as little as 500 dollars, maybe even Zero
And the hit to the rate for that closing cost fabulousness is..... Yes?
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