Understanding the Importance of Lenders and Homeowners Title Insurance
When you are ready to purchase a new home in Florida, your lender is going to send a request for a title search and a title insurance policy. The title search is necessary to make sure there are no liens or other issues with the title of the house before you complete the purchase, and the title insurance is extra protection in case something gets overlooked.
If this is not your first home closing, then you already know that you are going to be required to sign a bunch of paperwork for the..
Due to the real estate market in Florida improving, and with mortgage rates still floating at around 4.5%, renters are beginning to consider purchasing their first home. Before you make the commitment to home ownership, there are some key points in the process including title searches and insurance that you should be prepared for.
A typical down payment on a Florida home is 10% of the selling price. So if the house you want costs $200,000, you will have to provide $20,000 out of your own pocket. There are loans available that require more, and..
As Florida residents grow older, they often consider taking advantage of their home’s equity with a reverse mortgage. Even though the homeowner retains title to the house, the lender is still going to insist on a title search.
How Does a Reverse Mortgage Work?
A reverse mortgage is typically only available to seniors who have paid off all mortgages and liens on the property. They can then receive a loan using that home as collateral, but without having to make monthly payments or give up the title to the house. The lender becomes the only lien-holder..
The popularity of townhouse living has grown in Florida. For one, a townhouse can be considerably less expensive than a house, and you don’t have to concern yourself with outside maintenance. It is however, just like owning a home in a number of other ways, including a mortgage and the need for a title search and insurance.
Before you continue with your townhouse purchase, make sure that you understand your responsibilities as an owner, the importance of a title search and the need for title insurance.
What is a Townhouse?