Posted on: 19th Dec, 2007 08:09 am
In a FHA loan, Will the title binder contain the base loan amount or the total loan amount (base loan amount + MIP). Let me know which amount should go in the title commitment.
Thanks
Ravi
Thanks
Ravi
Hello Ravik,
The commitment to insure or the binder usually contains a summary of the condition of the title including title defects, liens etc., conditions that has to be met in order to insure the transaction and an agreement to issue the policy upon payment of the insurance premium.
Most of the companies generally sell the binder policy for 10% more than the property value.
The commitment to insure or the binder usually contains a summary of the condition of the title including title defects, liens etc., conditions that has to be met in order to insure the transaction and an agreement to issue the policy upon payment of the insurance premium.
Most of the companies generally sell the binder policy for 10% more than the property value.