Why am I paying for a mortgage title policy – Northville first time home buyer tips
| Title insurance is often required to protect the lender against loss if a flaw in title is not found by the titlesearch made when the house is purchased. So the bank or lender requires a mortgage title policy to protect their interest in the policy. So you the buyer have to pay for the policy if you want the bank to lend you the money. It is no different than you paying for an appraisal. The bank just wants to make sure the house is worth what they are lending you. You also pay for a flood insurance search to make sure flood insurance is not needed. You pay for all the items the bank needs to make them feel comfortable giving you a loan. It is that simple you want their money, you have to jump through their hoops, and pay for the needed items to make them feel comfortable. The bank wants a property that is free and clear and that is what the mortgage title policy insures. It protects the bank. So that is why you have to pay for it. If you don’t pay for the title policy you are not getting a loan. I hope these first time home buyer tips help you.
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