by Nef Cortez

Most homebuyers are familiar with other types of insurance (auto, boat, life) but are not certain as to exactly what title insurance is when it comes to buying their home. In order to best protect himself or herself, a savvy homebuyer must insist that title insurance is provided for upon the close of escrow. This insurance policy protects a real property owner, and/or the lender, against any potential loss a prospective home buyer might experience in connection with any liens, encumbrances, or defects in the title for the property they are purchasing that might have been missed in the original title search. To clarify some of the real estate legalese, Liens are usually a form of money encumbrance that usually makes property security for the payment of a debt such as a judgment, unpaid taxes, mortgages etc. An encumbrance is anything the burdens the owner’s title. It is basically any interest in the property, possessed by someone other than the owner. In short, an encumbrance is anything that burdens the title with legal obligations.

For example, a previous property owner might have forged their signature when transferring title or there might have been tax liens owed and secured against the property that did not surface with the original title search. Title insurance then covers the home buyer (insured party) for any claims and legal fees that arise out of such problems.

Title insurance also protects against claims from other defects such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the policy.

Unlike other types of insurance (car, life, health, etc.) that basically assume risk for future potential events, Title Policies insure the history of ownership of the real property and the people who owned it prior to the date it was issued. Also, unlike casualty insurers who collect monthly or annual premiums, a title policy is usually paid for with a one time premium which is handled at the close of escrow.
While title insurance is not a type of insurance you buy frequently, if any problem were to arise n the future, you’ll be glad you insisted on buying title insurance when you purchased your home!

Nef Cortez has been a licensed real estate broker and has held various positions in the real estate industry for 25+ years. If you would like to read more of Nef’s pithy and timely advice (with the latest info on local foreclosures), visit his website at Chino Hills Homes

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by Mike Loan

Last Wednesday was a difficult day at the stock market. Behold a lesser mirror image of Wall Street market in the States; wrecking the bank shares, and feeding the speculation about upcoming inflation, the index of FTSE 100 stocks dramatically dropped by 160 points. The market in the States is suddenly dumbfound with realization that sub-prime lenders are far from being healthily well-off, to say the least. If New Century’s potential bankruptcy is any indication of the times, it comes with no surprise that banks are feverishly reviewing their assets and are revising their terms and policies.

US sub-prime lenders are hit by highest wave of late payments and repossessions in the history of this service. It is a relief to know that for a number of reasons such crisis in unlikely to occur in the United Kingdom. The percentage of sub-prime mortgages compared to regular mortgages is smaller, property in Europe being an attraction for large number of foreign investors, different lending policies, and finally, British financial common sense, are the beneficial factors that will likely outweigh the threat of market instability. Ian Giles, director of marketing at Kensington Mortgages, for instance, comments that “By introducing a tiered approach to risk we are allowing those people who can afford to do so, borrow more, and helping more people to buy their own homes.” In the light of the present situation, the words “those people who can afford to do so” acquire a new profound significance, and are the key.

Amidst the anxiety and the controversy surrounding the sensitive issue, fixed rate mortgages reign supreme. According to the Council of Mortgage Lenders, 85 % of first-time buyers select the fixed- rate option. Within last week eight major mortgage lenders, including such major players as Direct Line and Britannia, have reduced their fixed-rate offerings in a bid to ensure stability and to promote better budgeting.

Another product, suddenly big and bold on the top of a ‘must – have’ list is financial insurance. No big surprise there either. The Royal Bank of Scotland Group’s Direct Line Insurance is certainly blossoming. With RBS Global Banking & Markets being a leading banking partner to major corporate and financial institutions worldwide, Direct Line has financial support second to no other company in the UK. At the time when almost all mortgages come with mandatory insurance on all lending products, Direct Line provides its customers with a full range of insurance, debt financing and risk management, offering discounts on its insurance for those who take out their loan or mortgage. After receiving a recent blow, the banks aim to stay on top of the game. Not a single lender, not even Direct Line, offers Inflation Insurance. Shame, really.

Easy Home Loans and Re-mortgages All credit welcome. No obligation quote. Compare Direct Line to other top lenders.

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by Peter Kenny

Loan insurance is a product that everybody will be offered when they buy a loan, or might even have included in their loan package without them really knowing about it. If you are in the process of looking for a loan or want to know more about loan insurance, then this article will help you to decide which policy if any is right for you.

What is loan insurance?

Loan insurance is often referred to as PPI, or Payment Protection Insurance. Loan companies will urge you to get this insurance to cover yourself in case you cannot keep up with your repayments due to accident, illness or unemployment. The terms of these loan insurance policies varies from one company to another, and you should check out the policy thoroughly before signing anything.

What are the advantages?

The obvious advantage of loan insurance is that if anything should happen to you that stops you from keeping up with repayments, your loan insurance might be able to help you pay off some of the debt. This gives you peace of mind, knowing that you are covered if the worst should happen. It will cost you a fair amount of money, but if it keeps you covered against possible default if you are taken ill and cannot work, then it is probably worth the money. But is it really that simple?

Problems with loan insurance

Although there are cases when loan insurance is appropriate, there are many cases where you will not be covered by your policy. For example, many self-employed people will never be covered by their policies when they are unemployed, unless their company has completely ceased to trade. The criteria for cover are very strict, and you may find that there is very little in the policy that will apply to you and your circumstances.

Are there alternatives?

There are alternatives to loan insurance, with the main one being not to get the insurance at all. The insurance can add a significant amount onto the loan price without giving you many benefits. However, if you feel that you need cover then look for an independent insurance policy for your loan, which is generally cheaper. Also, you can check your other current insurance policies to make sure that you are not already covered by these policies.

Should anyone get loan insurance?

Although it can be expensive and limited, if you think that loan insurance will give you the peace of mind you want and that the policy will cover your circumstances, then take out a policy. Although many are a waste of money, there are policies that can help you in times of need, and you should look at the policy before accepting or rejecting it. This will help you to get the best deal for your loan, and to make sure you are covered in case you cannot keep up with repayments for some reason.

Peter Kenny is a writer for The Thrifty Scot Please visit us at Bad Credit Loans and Bad Credit Remortgages
Visit www.thriftyscot.co.uk/

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by J Brennan

Mortgage insurance is a wise move. Should anything happen to you, your family would be protected by having mortgage insurance, or an extra life insurance policy to cover the mortgage.

Should anything happen to you, your family would be protected by having mortgage paid off. Having the house paid off would secure your family’s finances. Or, if you have insurance that is triggered by a disability or being unable to work, then you and your family are covered if something should happen to the finances.

Mortgage insurance actually is such a good idea that many mortgage companies, in fact most of them, insist on it. That is wise on the part of the mortgage company because it provides them with additional security, and makes it easier for them to justify loaning you the money for your mortgage. From a business standpoint it really just makes sense both for you and for them. However, you are not required to purchase the life or disability insurance from the mortgage company, and you can usually get more coverage for less per month with a term policy through another company.

Take, for example, the case of Mary Jones. Mary and her husband Tom worked hard to raise a down payment to buy a home. The Joneses had three children, and they both decided that Mary should stay home with the kids. Tom had a good job and a nice paycheck so it wasn’t a burden. However, Tom was tragically killed in an auto crash. This left Mary alone to support the family without an income.

Fortunately Tom had enough life cover to offset his financial contribution to the running of the household. He also had mortgage insurance. Mary received a check from the life insurance company large enough to invest and support her and the kids until they were grown, and another check she used to pay off the mortgage on the home, which took away the largest monthly expenditure. Mary no longer had to worry about making the house payment each month, or dipping into the life insurance money to make the house payment. The mortgage insurance took care of that for them.

Mary’s case is not unusual. Each year in the USA many people depend on mortgage insurance when an unexpected tragedy occurs. Mortgage insurance (or additional life insurance to cover the mortgage) can seem like a burden to those who opt for it, until they think about the amount of protection it provides. Mortgage insurance is one of those things that you are very glad to have when you finally need it.

Specialist term life insurance coverage advice is crucial for anyone contemplating taking out a life insurance policy. Get the information you need so that you can be confident you are choosing the right policy for you and your family. Get the latest Life Insurance Policy information: http://www.accuratetermlifeinsurancequote.com/
Provided By: Business, Finance and Management

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