Protecting Your Home With an Owner’s Policy There are two types of title insurance. The first is owner’s title insurance, called an Owner’s Policy. The second is lender’s title insurance, called a Loan Policy. To start, most lenders require a Loan Policy when they issue you a loan. The base amount of this policy is the dollar amount of your loan. It only protects the
Lincoln Lost His Home Twice Because of Title Defects Losing a home is a cruel thing, but life can be cruel—even to those destined for greatness. Abraham Lincoln was born in a meager, one-room cabin on the Big South Fork of Nolin’s Creek near Hodgenville, Kentucky. It had a dirt floor, one window, and a sticky-clay chimney. Lincoln’s father, Tom, had paid $200 for the
Overcoming Owner’s Policy Objections When the TILA-RESPA Integrated Disclosure (TRID) requirements went into effect, lenders began issuing a new Closing Disclosure to homebuyers. This new form lists the Owner’s Policy of title insurance as an “optional” purchase. While an owner’s title insurance policy has never been required, this “optional” language may spur questions regarding the value of title insurance. Here are some common objections to
Watch to Learn More! We made this video for Friday the 13th, but it still holds value everyday! Watch it to learn about pitfalls to avoid. Title Search Process When you receive the keys to your new home, you may already have an idea about the work that goes into a successful closing. However, few new homeowners recognize the efforts involved in a title search and
Do You Need Additional Title Coverage? To start, if you previously purchased property and obtained an Owner’s Title Insurance Policy, you may need additional title insurance coverage. Perhaps your policy does not reflect the current value of your property, asking about extra coverage may be beneficial. If you refinance your mortgage or obtain a construction loan/home equity loan to improve your property, it is a