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144 Russell Street
P.O. Box 7241
Lewiston, ME 04240

John E. Geary, Esq.
Attorney at Law


ME Bar No. 2868

Prompt, Personal, Professional
Legal Services at Affordable Prices.

Telephone: (207) 782-4433
Toll-Free: (866) 426-8323
Facsimile: (866) 426-8323

  

Lender's title insurance premium information:

General cost information:

The premiums for a lender's title insurance policy are regulated.   All title insurers must charge the same rates in Maine for standard ALTA (American Land Title Association) policies.   That rate is $1.75 for each $1,000 of the mortage loan being insured.

The standard coverage may be increased by adding "endorsements" to the policy.   Endorsements cost $25.00 each.   Most lenders required at least two endorsements:

  • Secondary Market--this one allows the lender to sell the loan to pools of investors, called the "secondary market".


  • ALTA 8.1--this one protects the lender against environmental lien claims for which notice existed before the mortgage attaches to the property.

There are many other endorsements that cover fact-specific situations for given loans.

Total premium charges for sample mortgage amounts with 2 endorsements:

MORTGAGE AMOUNTTOTAL PREMIUM
$ 100,000$ 225.00
$ 150,000$ 312.50
$ 200,000$ 400.00
$ 250,000$ 487.50
$ 300,000$ 575.00
$ 350,000$ 662.50
$ 400,000$ 750.00
$ 450,000$ 837.50
$ 500,000$ 925.00

Owners' title insurance that protects you will be available for purchase at the time you close on your loan.

CLICK HERE to request my services or to request additional information about the closing process, including the costs of owners' title insurance for your purchase.