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Private mortgage insurance is not the same as title insurance, but they are somewhat related. A title is the written evidence of who lawfully owns the property. Title insurance is typically a one-time payment paid at the close of escrow. Like PMI, title insurance protects the lender.What is title insurance and why is it important?
The short end is that a title policy protects that small group that has a problem. Title insurance is a valuable protection for home purchasers since this group really has no way of detecting the problem before it arises. To be safe, it it is worth to spend the average cost of $834 for title insurance.How do you estimate title insurance?
The cost of title insurance is basically dependent on the value of the property. You can easily calculate the cost of title insurance by multiplying the rate per thousand to the purchase price of the house. The rate per thousand is provided by the insurance company.