Friday, September 21, 2012

Home Without Getting Title Insurance First

Since you are getting ready to close on your new home, you can't afford to let anything happen that would put a delay in the process. It already took a significant amount of time for you to get everything together so you could apply for a mortgage. Don't forget how long it took you to find a lender and then search for the perfect house. Since you may be more than ready to finalize this matter, you need to make sure that you don't forget about getting a good title insurance policy on your new home.
You may wonder what is so special about this type of policy versus any others your lender may have previously required you to get. Title insurance offers you the most amount of protection possible so if in the event, there are some claims, liens or other types of issues that are placed against the deed of your home, you are not responsible for them. In other words, it protects you if it is discovered in the future that something is owed against your property or some type of damages have been levied against that particular piece of land. In order to prevent you from coming out of pocket and having to pay those expenses off in addition to your mortgage before you can own the home free and clear, your title insurance policy would kick in and prevent you from being held liable.
Since there is no particular set amount you can expect to pay for this type of insurance, you need to make sure that you are getting the best rates. Don't assume that you can simply put off getting a policy because it is your responsibility to get an appropriate title insurance policy before your mortgage lender will complete the closing process on your home. There are many different home insurers that provide this type of coverage. If you have gotten all of the other policies for your home from the same insurer, ask them if they can include deed coverage as well. You can save a significant amount of money if you have all of your insurance policies provided by one insurer.
If after shopping around you discover that another company has better rates than what you are currently being offered from another organization, don't hesitate to get that quote in writing. Make sure you know about everything that is included for the price you are going to be paying. Keep in mind that this industry is regulated by the state government. You may not be able to get the lowest price in the nation, however shopping around will allow you to get the best pricing overall for your area. If you still are not entirely sure as to which company you want to go with for coverage, ask your mortgage lender about who they would recommend for you. Believe it or not, many lender companies can put you in contact with some of the best affiliated companies in the industry. Remain open minded and compare several policies and fees before you select the best title insurance coverage for your new home.

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