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What is owner’s title insurance?

A basic owner’s title insurance policy protects you against problems with the title to your property that occurred before the date of the policy. This policy is separate from the lender’s title policy. You have to buy an owner’s title insurance policy if you want insurance against any defects in your property title that will affect your interest. Even though you may pay for lender’s title insurance, it does not specifically protect your interest.

The cost of your owner’s title insurance will be listed in Block 5 of your Good Faith Estimate (GFE) (and on Line 1103 of your settlement statement). It may change between your GFE and closing if you do not use companies your loan originator identifies, but if you use companies your loan originator identifies it generally cannot increase by more than 10 percent.

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