The Wall Street Journal recently reported that New York state has among the highest closing costs in the country. Real Estate Settlement Procedures Act (RESPA) calls for the Good Faith Estimate of closing costs to be accurate and avoid higher, unanticipated costs at closing.
This is good news for the buyer.
Thoroughbred Title Services, LLC, and affiliate of Houlihan Lawrence, recently announced more good news for the home buyer. Namely that Thoroughbred’s title insurance rates are 10% lower than the industry standard.
Title insurance is a one-time purchase at closing that protects new home buyers from financial loss on a property that might occur as a result of previous faults on a deed such as liens, clerical errors, misrepresentation, etc. Typically, a buyer’s real estate attorney arranges for title insurance and uses vendors with whom they have a long-standing relationship. Premiums are calculated based on the purchase price and mortgage amount of the home and rates are comparable regardless of insurer, meaning the homebuyer does not have the ability to shop for competitive rates.
Homebuyers typically glaze over the cost of title insurance. But they are starting to pay attention now that there is the opportunity to save money. For example, a person buying an $800,000 home with a $600,000 mortgage would be charged a total of $4,291 for title insurance and related research services by Thoroughbred Title, about $1,000 below the typical cost from competitors.
Houlihan Lawrence is proud to be affiliated with a company that pro-actively offers our clients a cost savings without a compromise in quality or coverage. It aligns with Houlihan Lawrence’s mission to make the real estate process transparent, simple and embedded with value in every facet of the home buying experience.