Title fees are hard to swallow when refinancing mortgage

Mortgage rates are at the lowest levels in decades. The average for a 30-year fixed loan has fallen to 4.09%. The average 15-year rate has dropped to 3.30%. Most experts say a refi makes sense when rates drop at least 1 percentage point below what a homeowner is currently paying. That means many people who refinanced last year could be in the market once again for a cheaper loan. Title insurance is basically a way to assure lenders that you still own your home and that no one's placed a lien on the property. However，title insurance fees represent one of the more onerous charges homeowners face when they refinance a loan. But it's not a very competitive product. Just four companies (First American, Fidelity National, LandAmerica Financial and Stewart Title ) account for about 90% of the California market.The state Department of Insurance says title companies are required to file their rates with regulators. But so far, no significant changes have been made.

Source:Los Angeles Times

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