Posts

Showing posts with the label Understanding Closing

"Know Before You Owe" Mortgage Initiative

Image
New rules have taken effect that will change your home buying experience! The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.”  Mortgages are complex and confusing. This new rule primarily does two things: It simplifies and consolidates some of the required loan disclosures, and It changes the timing of some activities in the mortgage process. If you are a buyer and would like to better understand the complicated process of applying for a mortgage, click here for a helpful step-by-step guide that includes information on the mortgage process and the new  regulatory changes.  This booklet is a toolkit that can help you make better choices along your path to owning a home.

Understanding Title Insurance

Image
A policy of title insurance is a contract of indemnity between the insured and the insuring company relating to the title to the land described in the policy, protecting the insured against loss of damage by reason of defects, liens or encumbrances of the insured title existing at the date of the policy and not expressly excepted from its coverage. The policy is issued after a complete search and examination of the public records and shows the condition of the record title, including any money obligations outstanding against the property, easements and other matters which may affect the rights of ownership, possession and use of the property. Title insurance protects the "record" title, insuring it is good subject only to the exceptions expressly set out in the policy. lt also insures against certain matters which do not appear of record, such as forgery, identity of parties, incompetence of former owners, interest of missing heirs, and status of individuals not having the &q