Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, attorneys offer title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a title insurance company or title agent directly provides the title insurance. A Lender's Title Insurance policy is usually required when you are refinancing. If you have an Owner's Title policy already (you probably received it with your recorded deed) and can provide the title agent with a copy of it, you can very often get a reissue credit that will greatly reduce the amount of money this lenders title insurance policy will cost you. To save money on title insurance, compare rates among various title insurance companies. Ask what services and limitations on coverage are provided under each policy. In many states, title insurance premium rates are established by the state and may not be negotiable. Even if the premium rates are not negotiable, many of the title-related fees can vary from company to company and should be compared as well.
No you do not need a lawyer, Title Companies represent the sale/refinancing of property and are non-partial to seller and/or buyer. Title Companies represent the law of the transaction.
Yes, you need/should keep paying for the insurance until you are not on the title anymore.
Yes. You still need to protect your investment.
The benefits to refinancing your home is to eliminate the risk and lower the leverage. Yes, you can take out a loan as a way to do home remodeling or revonations
No, you need to own a house.
You can learn about Title Insurance through your bank, if you are taking a loan out for a mortgage on your house, then you will need to make sure you have Title Insurance. You can also learn about whether you need it or want it through Title Insurance agencies that offer information about this specifically.
There are several factors to consider before refinancing your home. These include your income, your interest rate, and whether you're willing to put in the effort.
No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.
Title insurance costs are regional. You need to contact a title insurance company in your area. You will need to have a professional title examination done to get an owner's policy. The title insurance company can refer you to an agent. There aren't any other options that I know of.
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Yes, you would want to be covered in the case there was an issue with the the builder and something was missed.
You will have to buy auto insurance on the care before you can transfer the title.
In Texas you do.
In most states, yes.
You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.
Title Insurance When RefinancingYes, it's a standard requirement and closing cost. No matter how many times you refinance you will have to pay title insurance everytime and a title search. It protects you and your home ownership rights as well as protecting the bank and letting them know that you actually own the home and if there are any other liens on the home that may need to be paid off or that may interfere with their lien position. I explain it to my clients as simple as this... you pay for car insurance every year and in most cases your car insurance is more than the title insurance... but which is worth more to you, your home or your car?Addendum to : ;Actually, the reason you are required to buy a Mortgage Policy when you refi is because you are buying new coverage for the new lender.When you bought your home, you took out 2 policies: 1 covering you for as long as you own the property (Owner/Fee Policy) and 1 covering the lender doing the initial purchase mortgage (Mortgage Policy).The Mortgage Policy is only good for the life of the loan. So once a loan is paid off, the coverage expires since it covered the LENDER'S interest and the loan amt.When a new loan is obtained, a new policy is issued covering that loan only.So, when you refinance a home, the reason you are required to buy a new Mortgage Policy is because you are getting a new loan and the lender requires the insurance as part of their underwriting conditions to make sure their interests are protected.The loan policy does not cover you in any way, only the lender. Your OWNER'S POLICY, a one time fee when you purchased your home, covers you for as long as you own the property.Hope that makes the issue a little clearer.:When refinancing, you most likely already have in your possession an owners title insurance policy from when you purchased your home. Now you are refinancing and you should not have to pay the full premium on the new lenders policy if you present the title company handling the refinance a copy of that owners title policy. They are obligated, depending on the department of insurance rules pertaining to reissue credit in that state and the amount of time you owned the home to give you what is call a reinsurance or reissue rate on this new lenders policy. Don't get ripped off, make sure you ask about reissue credit! Also, if you are refinancing with the same lender on the same property for which you already have a mortgage, you may be able to obtain an even bigger credit. After all, they are basically copying most of the existing title policy and all but recent history on the property has already been insured. You also do not have to use the same title company that issued your owners title policy in order to get a reissue credit.This is the another very good reason to compare companies, title insurance rates, and title insurance related fees before you go to closing and another reason to pick your own title insurance agent long before you incur any fees whatsoever!
You'll need assurances that there are no other leins or encumberances. A title insurance company will help you there.
The pros of refinancing a mortgage versus choosing a home equity loan is that one does not need to pay that much interest. The cons is that it is not that easy to refinance a mortgage.
The refinancing rates for your home depend on the current rates for the bank. You would need to call around to a few different banks for different rates.
You need title insurance to protect your title, but the person who SOLD you the warranty deed should pay for the insurance and provide proof that he or she has obtained title insurance that will pay the costs they will incur if the title is defective.Otherwise, you're stuck with a worthless warranty deed and may be left trying to sue the seller who has no money to pay for anything, let alone restitution or other damages.
In Michigan you can drive the car home without license plate after buying it. However you need a proof of insurance and the title document. You need to have the car title transferred to your name within 15 days.
Goto your local DMV and request a duplicate title.
The process requires that you be bonded and to be bonded you need to demonstrate the experience to search through the county archives for title problems. Anyone in Utah who would use your service to perform a title search would demand title insurance, and title insurance companies will not work with you if you don't have the experience. That means you'll need to work for a title insurance company long enough to get the experience to get the bond.