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Old 02-09-2009, 11:42 PM
 
50 posts, read 263,698 times
Reputation: 49

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Finally 2 weeks of construction is over. Just 3 more months to go.
I have a question regarding bank of america GFE. before I ask the loan officer - i would like to clarify here with experts..

Lender’s Title Insurance *
$0.00
Owner’s Title Insurance *
$0.00

* Apportion to buyer and seller as customary to market or as negotiated in purchase offer. Rates vary by title company.

whats that supposed to mean???
DO I need to pay portion of Title insurance ?
Bank of america is asking me (buyer) and my builder (seller) to pay that fees?

their GFE is $2590 - 1% of fee --- rest are Zero.
But this one is confusing me..
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Old 02-09-2009, 11:57 PM
 
Location: Boca Raton, FL
4,856 posts, read 8,333,691 times
Reputation: 5493
Smile Title Fees

What state are you in?

In Florida, title insurance rates are set by the State. In some counties, the seller pays the insurance; in others, the buyer. There are also settlement fees, endorsements, doc stamps, intangible tax, recording fees, survey, etc.

Some banks will try to lure you in with their "no closing cost" fees but there is no such thing. (They include it in the rate).
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Old 02-10-2009, 12:04 AM
 
50 posts, read 263,698 times
Reputation: 49
Houston TX

Escrow Settlement Fee
$0.00
Attorney Fee
$0.00
Lender’s Title Insurance *
$0.00
Owner’s Title Insurance *
$0.00
Other Title/Settlement Charges
$0.00
Recording Fee
$0.00
Tax Stamps – 1st / 2nd
$0.00
Survey
$0.00
Pest Inspection
$0.00
Other Costs
$0.00
Total Title/Settlement/Other Charges
$0.00
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Old 02-10-2009, 12:06 AM
 
Location: Jersey Shore
831 posts, read 2,099,653 times
Reputation: 299
If I were you I would go back and review my original contract with the builder and it should state all fees your required to pay.
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Old 02-10-2009, 07:45 AM
 
50 posts, read 263,698 times
Reputation: 49
ok i will do that first thing today...thanks..i will come back in afternoon..
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Old 02-10-2009, 09:58 AM
 
135 posts, read 635,625 times
Reputation: 45
I checked my documents,,,I couldnt find anything. Then I called Bank of america about the Lenders Title Insurance & Owners Title Insurance - Representative told me that Bank of america will take care of that and I have to find the Title company for them - they will pay for it...

guys...this is what i received back from Bank of america
Total purchase amount is $259,476 - 10% downpayment...
[SIZE=3]5.0 % with 0.125 [/SIZE]
[SIZE=3]4.875% with 0.5%[/SIZE]
[SIZE=3]4.75% with 0.875[/SIZE]
[SIZE=3]4.625% with 1.25%[/SIZE]
[SIZE=3]4.5% with 1.625%[/SIZE]
[SIZE=3]4.375% [/SIZE]
[SIZE=3]4.275 with 3.875%[/SIZE]
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Old 02-10-2009, 12:02 PM
 
Location: WA
5,293 posts, read 20,734,401 times
Reputation: 5627
Looks like market interest rates.

Title insurance is generally mandated and priced (over priced) by the state so you have little choice.

A title company is where you will process the purchase. Look for local recommendations.
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Old 02-10-2009, 12:53 PM
 
135 posts, read 635,625 times
Reputation: 45
Quote:
Originally Posted by cdelena View Post
Looks like market interest rates.

Title insurance is generally mandated and priced (over priced) by the state so you have little choice.

A title company is where you will process the purchase. Look for local recommendations.
really..i thought market rates are lil higher : Ok..this indicates me that I need mortgage broker;

Crazy builder mortgage company gave me couple days ago 5.625% interest - with $4000 on closing costs - no pmi like BOA.

So far - comparing Wells Fargo - Amegy Bank - Builder - Bank of America - BOA beat the deal as of today - my closing will be on April last week.
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Old 02-10-2009, 03:07 PM
SXN
 
350 posts, read 1,087,094 times
Reputation: 280
Quote:
Originally Posted by newhomebuyer80 View Post
I checked my documents,,,I couldnt find anything. Then I called Bank of america about the Lenders Title Insurance & Owners Title Insurance - Representative told me that Bank of america will take care of that and I have to find the Title company for them - they will pay for it...
Now I am getting confused about title insurance also. I'll need to follow up with my lnder or attorney. My lender is Bank of america also. Does BoA pay for the title insurance? my attorney just sent me a disclosure statement for the title insurance company. It says:

Owner title policy: $1160
Mortgage Title policy: $310
Escrow closing fee: $625

I think this is for Title Insurance related costs. Bank of America said I can apply their title insurance fee ($500) to this cost. Does that make sense?

I'm not understanding what the fees I listed above are for. Last time I talked to my attorney it seems like the attorney works with a title insurance company and then the lender also works with a title insurance company, and I have to pay for both. Is that right?
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