I just remodeled an older home and don't have a tremendous amount of cash on hand. I have about $100k (minus $30k I owe my parents) equity in the home, but am looking to get a HELOC to increase my liquidity and to pay them back (they are not at all pushing to get paid back ASAP, I just want to pay them back for peace of mind).
Anyways, the appraisal came back fine and I am set to close next week on the HELOC so I email to confirm that I will owe nothing at closing. The loan officer states that I will only owe title insurance. I don't recall that being mentioned in the application process.
Is this typical? I wasn't aware that the 2nd lender required title insurance. I only requested a LOC of $50k and the home is worth ~$400k
ETA: He estimated $400 for title insurance. Is that a one time fee?
This post was edited on 4/3 at 3:35 pm