Archive for November 19, 2009

All That Research and Almost Nothing to Show for It

I spent the last few days researching title insurance companies in the state of Maryland and finally decided to proceed with Stewart Title. I found a very pleasant settlement agent to handle all of our paperwork and patted myself on the back for finding a cheaper solution to the title service recommended by our lender.

After reviewing the various costs and running all the numbers I realized we’d save over $280 with the new settlement company. Almost every fee was less expensive including title searches, title insurance, settlement fees and lien releases. The new settlement agent has a few extra charges for wire services and FedEx, but even with those additional fees the total cost was still $280 less! I must admit I was tickled pink with the savings. After all, we’ve refinanced at least three times before and this is the first time I’d ever shopped around for cheaper title insurance.

Unfortunately, my excitement didn’t last long. I found out that our lender plans to charge us $200 to review the title work performed by the other company. Suddenly that $280 in savings dropped down to $80.

The last few days feel like a complete waste of time. Here I was trying to be proactive, trying to learn about the process and trying to make more informed decisions. Unfortunately the lender still wants a piece of our pie. While I understand the bank’s desire to protect it’s investment I cannot believe they plan to hit us with a $200 title review charge.

It seems I spent all this time researching title insurance regulations and contacting agents to save $80. While $80 is certainly not chump change it’s a drop in the bucket of our overall closing costs. Oh the frustration.

November 19, 2009 at 4:55 AM 3 comments


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