Title Insurance Provides Needed Protection When Refinancing Mortgages

  Title insurance is essential to protect homeowners and lenders against any problems affecting the title to a home. Whether a consumer is purchasing a new or existing home, or refinancing, title insurance provides an underwriting service to mortgage lenders to ensure the borrower has clear ownership rights to the property, free and clear of any other claims to ownership.   When you refinance you are obtaining a new loan, even if you stay with your original lender. Lenders will usually require a new title search and loan policy to protect their investment in the property. Homeowners don’t need to
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Home Closing Checklist

Closing Checklist Here’s a list of actions to prepare for your closing and the items to bring with you. 1 Determine who will conduct your closing, and when and where it’s scheduled.   2 Since the closing process varies by state, ask the person conducting your closing what to expect. Things to ask: What do I need to bring to closing? How much money do I need to bring to closing? How do I pay? What if I decide to back out of the deal?  3 Review Your Closing Disclosure By law, you must receive a five-page Closing Disclosure  at
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Closing Time: 6 Steps Every Homebuyer Should Expect

  Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something­ to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly.   As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days.    1.   Select a Closing Agent If you
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Get an Owner’s Policy to Protect Your Property Rights

  New homeowners want to focus on buying new furniture for the living room or painting walls, not worrying about having to pay a bill left behind by a previous owner.   Lenders require a title insurance policy to protect their investment. You should have a policy to protect your investment as well. For a one-time fee paid at closing, an owner’s policy can protect your property rights for as long as you or your heirs own the property.   An owner’s policy protects you from:   Unpaid mortgages Unpaid property taxes Child support liens Missing heirs who could claim
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The Cost of Title Insurance is Worth the Investment

Whenever there’s an article in the news about title insurance, all too frequently there is criticism about the cost. This perception occurs because there are fewer claims with title insurance compared to other forms of insurance. The higher percentage of claims an insurance company pays should not be equated with the value and cost of the policy. This is especially true with title insurance.   Most types of insurance cover incidents that may occur in the future, which is the case with health, life, auto and homeowner’s insurance. The cost of these policies is based on the insurers’ estimation of
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Honest Abe Lost His Home—Twice

    Abraham Lincoln was born in a one-room cabin in Kentucky. His father paid $200 for the cabin and 300 acres. It wasn’t much, but it was home. However, the Lincolns didn’t have the right papers and someone else had a better claim to the land. At the age of three, Abe’s family packed up and moved. Four years later, Lincoln’s father had to go to court to prove ownership rights again. Abe’s father, Tom, won the suit, but moved his family to Indiana due to the fear of losing another property due to title issues.   The Lincoln’s
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How is a Title Search Conducted?

A professional will search public records for debts, legal judgments and other homeownership issues to give you peace of mind in your investment. Some of the items reviewed include: prior deeds mortgages divorce decrees court judgments delinquent taxes child support payments A title professional will also look for covenants, conditions and restrictions and other types of easements. When an issue is discovered, the title professional will take care of it—typically without you even knowing about it. If the problem is not easily resolved, you will be notified. Title searches reveal problems on more than a third of all residential real
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