Title insurance is one of the few types of protection policies available to homebuyers and one that is often overlooked because of its optional nature. Because title insurance is purchased simultaneously with the home, it can be very easy to forego when looked at alongside all the additional fees that are associated with purchasing property. This is typicaly not advisable, as title insurance is one of the smartest forms of protection a homeowner can buy. Here are just three reasons why every purchaser should get title insurance. It's The Best Protection Against Fraud Title insurance protects the owner of a home from any claim made against their property, whether or not they are responsible. … [Read more...]
Do You Need Mortgage Insurance Even if It’s Not Required by Your Lender? Let’s Take a Look
Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application. Unique situations in employment or credit history may … [Read more...]
Understanding Title Insurance and How It Impacts Your Mortgage Loan
When you buy a home, you will be given a title to your new property. A title is a legal document that proves you own the property, and in most cases the title excludes other parties from making an ownership claim. However, not all titles give you free and clear ownership of the property. Title insurance protects you and your lender from title disputes and other ownership issues that may arise. Here are just a few ways that title insurance can impact your mortgage. How Title Insurance Protects A Lender There are certain situations in which someone might put a lien on your property. New owners might see liens if the previous owner failed to pay the mortgage, if a contractor did work without … [Read more...]
The Importance of Reviewing Your Insurance Policies During The COVID-19 Pandemic
The COVID-19 pandemic has taken the world by storm. Millions of people all over the world have been infected and businesses have ground to a halt. During this time, it is important for everyone to take a breath, pause, and look at their insurance policies. The reality is that the economic crisis is following in the footsteps of the obvious public health emergency. In order for everyone to hold their finances together, it is important to explore all of the options. This includes looking at insurance policies. Business Interruption Insurance One of the first policies or riders that everyone has to look for is called business interruption insurance. This is an insurance policy that might be … [Read more...]
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