New Executive Order Could Lower Your Mortgage Costs

A newly signed executive order targets two major homebuyer expenses — title insurance and private mortgage insurance — and could mean real savings for California borrowers.

A major executive order was recently signed directing federal housing regulators to take a hard look at two costs that quietly drain money from homebuyers and homeowners: title insurance and private mortgage insurance (PMI).

Here's what's in it for you as a California borrower.

First, the order pushes to expand title insurance waivers. Title insurance is a closing cost that most buyers pay without question — but in many straightforward transactions, it may not be necessary. Expanding waivers means some buyers could skip this fee entirely, saving hundreds to over a thousand dollars at closing.

Second, the order calls for a pilot program around automated PMI cancellation. Right now, many homeowners have to actively request PMI removal even after their equity has grown enough to qualify. An automated system would cancel it on your behalf — putting money back in your pocket every month without you having to chase it down.

For California buyers, where home prices are high and closing costs add up fast, both of these changes could have a meaningful impact on affordability and long-term savings.

We're watching these developments closely and will keep our clients informed as the details roll out. Want to know how your current loan stacks up or whether you might qualify for PMI removal today? Reach out to our team — we're happy to run the numbers for you.