WHY TITLE INSURANCE
The purchase or the refinance of a home is generally a significant investment. Title insurance can save you money, time, trouble and even your home.
TWO TYPES OF POLICIES
LOAN POLICY - LENDER
This type of policy protects the Lender involved in the transaction (the bank or mortgage company) to the extent of their loan amount. It does not protect the homeowners' interest. This policy is generally a condition of your mortgage.
OWNERS POLICY - HOMEOWNER
Just as lenders want coverage against loss of their interest in the property you should want to be sure that the property will be yours and that no one else will have any liens, claims or encumbrances agaisnt your home other than your agreed to mortgage. Once purchased, title insurance remains in effect for as long as you own your home.
TITLE INSURANCE PROTECTION
Some examples of hidden risk protected under a title policy: