Buying a home in Pennsylvania? If so, this may be the largest and most important financial move you make during your lifetime. You should be aware of certain rights before you enter into any loan or real estate agreement on any Pennsylvania property.
Below you will find some brief information on RESPA (the Real Estate Settlement Procedures Act) and the protections it creates for home buyers and borrowers. We have made more resources available on our page – Consumer Protection & RESPA
BIGGEST PROBLEM BUYERS HAVE:
Not certain about their rights!
- Right after or before you place an offer on a property be sure to contact a Title Insurance professional. If you wait too long, you may find yourself with little choice but to go with the recommendation of your realtor or bank, which will undoubtedly cost you more in closing costs.
- Don’t waive your right to choose your own Title Insurance Company. Not all title insurance companies have the same fee structure, regardless of what your realtor or lender might have told you.
- You are not obligated to use your real estate agent or lender’s in house company for title insurance.
- Avoid getting hit with additional fees at the settlement table by an “in house” operation.
- Shop around your title insurance just like you do your mortgage! Compare quotes and ask for a complete list of any addition fees in writing. Be informed, you may be eligible for discounts.
When it comes to Mortgage Shopping:
You have the RIGHT
- to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
- to be informed about the total cost of your loan including the interest rate, points and other fees.
- to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
- to know what fees are not refundable if you decide to cancel the loan agreement.
- to ask your mortgage broker to explain exactly what the mortgage broker will do for you.
- to know how much the mortgage broker is getting paid by you and the lender for your loan.
- to ask questions about charges and loan terms that you do not understand.
- to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
- to know the reason if your loan was turned down.
- to ask for the HUD settlement cost booklet “Shopping for Your Home Loan”.
- FAQ’s about Escrow Accounts
- Your Rights and the Responsibilities of the Mortgage Servicer
- Sample Complaint to Lender
- Property Tax Alert
- Private Mortgage Insurance (PMI) Act Information
- State and Local Consumer Agencies
- Other Federal Resources
The Pennsylvania Title Insurance Rates
The Pennsylvania Rate Manual sets forth the definitions, general rules, rating systems, coverages, schedule of rates and charges, and approved policy forms, endorsements and other forms for use by members of and subscribers to TIRBOP. The Manual and its contents are filed with and approved by the Pennsylvania Insurance Department in accordance with The Insurance Company Law of 1921.
The provisions of the Rate Manual are binding upon all members and subscribers of TIRBOP and must be used unless a specific deviation from the Manual has been filed by an individual member or subscriber company with, and approved by, the Pennsylvania Insurance Department.
It is important to note that all Pennsylvania Title Insurance companies must charge the same amount for a specific transaction. However, many PA Title Companies differ in the ancillary fees that they charge. Such ancillary fees can create a difference of up to $1,000.00 depending on the Title Company. We always encourage you to use a independent 3rd party Pennsylvania Title Insurance Company who you have received a full quote from prior.
If you need any assistance please never hesitate to call our offices for a quote.