How to Get a Mortgage: Meet the Title Insurance Companies is a mortgage borrower's premiere Dream Team guide. You've met your real estate agent, lender, home inspector, and real estate appraiser. Now let's get to know the title insurance company and discuss the importance of clear title to property.
Mortgage lenders require the purchase of a title insurance policy by anyone buying a house and borrowing money.
In addition to a policy that satisfies the mortgage lender's interests, an additional policy may be purchased by home buyers to protect their interests as well.
Title insurance companies protect policy holders against defects to title that occurred in the past, such as a forged deed. When buying a house, you want coverage against unknown and unrecorded claims to title.
This is called clear title to property.
Here's how I explained it to my clients. What if someone came to your door claiming her deceased parents owned your house. Because she inherited the parent's estate, she believes she has the rights to your property.
The title insurance company would defend your claim in court. That's why you need title insurance.
Tip: The title insurance policy consists of one original premium included in mortgage closing costs. The policy remains in affect until the house is sold.
To protect ownership and maintain possession of your home, title insurance companies are a needed addition to the Dream Team. The coverage and resulting peace of mind knowing you got clear title to a property is well worth the cost.
Next in the Buying A House and Getting A Mortgage series - How do you choose a homeowners insurance agent?
Hint... You deserve more than the cheapest insurance premium.
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How to Buy a House Part 1 Meet your real estate agent and save yourself heartache and headache.
How to Buy a House Part 2 Meet your mortgage lender - Expect more than quoting the lowest rate or taking an application.
Check out List of Mortgage Companies, a local lender directory.
How to Get a Mortgage Part 3 Meet your home inspector and avoid buying a money pit.
How to Get a Mortgage Part 4 Meet your real estate appraiser - Does an appraisal assures you of a good deal?
How to Get a Mortgage Part 5 Meet your title insurance companies for coverage resulting in peace of mind.
How to Get a Mortgage Part 6 Meet your homeowners insurance agent because there is more to it than the cheapest quote.
How to Get a Mortgage Part 7 Meet your escrow and closing disclosure form, the guardian of your real estate transactions.
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