A title is a document that proves that you own property such as a home or a car. When you have a car loan your lender will usually have the title until you pay off the loan. When you buy a home you’ll buy title insurance to make sure your home’s title is clear and there are no liens on it. The title insurance company will run a title search to find out. Learn about how to make changes to a title here as well.
Mortgage Lenders May Charge Extra Fees
When you're applying for a mortgage loan you need to look out for extra fees that mortgage lenders may charge. Some of these extra fees, such as extra money toward credit reports or appraisals, are illegal under RESPA, the Real Estate Settlement Procedures Act. Learn more about what mortgage fees to watch out for here.
How To Hold Title To Your Home
Before you buy your home, you should think about how to protect it. Purchasing adequate homeowner's insurance is one way to protect your home, but you should also think about how you're going to hold title to your new home.
Title Insurance May Protect Lender And Buyer
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home, it's a good idea to get an owner's title insurance policy too to protect you.
Ways You Can Hold Title To Your Home
How you hold title to, that is, the ownership of, your assets is important. If something goes wrong and one spouse or partner is sued professionally, how you and your spouse or partner own your home can mean the difference between having to sell it to pay off a judgment, and being allowed to live in it. Here are some of the more common ways to hold title to property.
Things Sellers Should Do Before Closing
When selling your home, it's easy to get caught up in the excitement of an offer. But sellers need to remember the little details for smooth sailing to the closing of their home.