If a homebuyer is obtaining a mortgage on their new home, the homebuyer is required to provide the lender with a policy. This policy is called a Lender’s Policy and does NOT protect the homebuyer; this policy protects the lender. Liberty Title saves homebuyers at least 25% on the cost of the lender’s policy – a savings of approximately $213 on a $200,000 mortgage.
Buyer’s real estate agents have been reluctant to ask for the enhanced owner’s policy for the homebuyer because the increased cost would fall on the seller. Liberty Title’s Better Policy-Better Price program provides this superior policy to homebuyers at no additional cost to the buyer or seller on qualifying transactions. By participating in Liberty Title’s Better Policy-Better Price program, a split closing is avoided. When Liberty Title conducts a unified closing (no split), the process is streamlined and more cost effective, and we pass those savings onto the consumer via a closing fee credit.