Hodinata, Home Buyer in North Aurora, IL

How much title services and lender's title insurance cost for $126,000 loan amount in North Aurora, IL ?

Asked by Hodinata, North Aurora, IL Thu Sep 22, 2011

I received GFE for $2,700. The purchase price is $157,500. Is this typical or it should be lower?

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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Thu Sep 22, 2011
I am helping someone buy a $507k home with a $405k loan amount in Cook County, total estimated buyers title insurance & title services from Chicago Title are $2,450 (+ a $1,496 owners policy which is paid by the seller).

I also helped someone buy a home in Kendall County, $268k sales price & $264k loan amount, their total title insurance/services from Chicago Title came out to $1,725 (+ a $1,340 owners policy which was paid by the seller).

The amount listed on your GFE isn't always the full amount you as the buyer are going to be paying though - as it lists the owner's policy which is typically a seller's cost and even some of the title costs may be paid by the seller. The loan officer doesn't have any control over those fees, because on a purchase in Illinois it's typically the seller's attorney who orders title so the loan officer is getting that information supplied to them by the seller's attorney or the actual title company.
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