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What's Credit Score?
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Your FICO
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Refinacing Options
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How much you can afford?
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Down Payment
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Gift as downpayment
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Should you buy points?
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Private Mortgage Insurance
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Eliminating PMI
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Rates and A.P.R.
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Fixed vs Adjustable rate
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Financing Closing Cost
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Loan Related Costs
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Types of Taxes
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Types of Insurance
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Pay Your Loan Early
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Bi-weekly Mortgage
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Title Insurance
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How to hold title?
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How escrow works?
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Living Trust
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Mortgage Tuneup
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Mortgage saving tips
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Types of Title Insurance
Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you'll want to know that no other individual or entity has a right, lien or claim to the property.
There are two types of title insurance: Lenders title insurance, also called a Loan Policy, and Owner's title insurance. Most lenders require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It protects the lender's interests in the property should a problem with the title arise. The policy amount decreases each year and eventually disappears as the loan is paid off.
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Owner's title insurance is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts as long as you or your heirs have an interest in the property. This may even be after the insured has sold the property. Only Owner's title insurance fully protects the buyer should a problem arise with the title that was not uncovered during the title search. Owner's title insurance also pays for any legal fees involved in defending a claim to your title.
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Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you from loss:
- if someone contests your title in legal action (the title insurance company will defend the title at no expense to you),
- or if there is a title defect that cannot be eliminated (the title insurance company will protect you from financial loss - up to the amount of the policy).
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Check out online banking service for following banks:
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Bank of America
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Bank One
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Chase Bank
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CitiBank
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Union Bank of California
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US Bank
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Washington Mutual Bank
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Wachovia Bank
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Wellsfargo Bank
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