The cost of title insurance for a sale is determined by the purchase price for the property and for a refinance, the loan amount determines the price. Title insurance premiums, which are approved by the state department of insurance, are a one-time payment.
In Pennsylvania, there are different title insurance rates for a home purchase versus a refinance. In addition to the title insurance, most lenders require additional coverage referred to as policy endorsements along with a closing services letter. There are fees for these additional items, which are also filed with and approved by the state. Your title insurance company may also charge you administrative fees for services such as preparing, notarizing and mailing documents, incoming/outgoing wire fees or for attending an out-of-office settlement.
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