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Frequently Asked Questions

What is Title Insurance?

Title insurance is insurance used by lenders and homebuyers for protection against past liabilities on the property such as taxes, undisclosed liens, outstanding mortgages, legal judgments, forgeries, fraud and many other potential financial/legal problems that can arise when refinancing or purchasing property.

Do I NEED Title Insurance?

YES! If you are purchasing a home or refinancing a home with a lender, the lender will require you to obtain title insurance for at least the amount needed to insure the loan amount. Without title insurance you may be unprotected against potential claims to your home. This could cause a tremendous financial loss. Having a title insurance policy will pay the cost of correcting a covered claim.

How do I pay my closing costs when it’s time to settle?

Certified Funds or Wire Transfers are required at settlement. Checks should be made Payable to iSAVE Abstract.

Do I have to pay Title Insurance Annually?

NO, Title Insurance is a one time premium paid at closing of your purchase or refinance. It covers you for all claims that may have been present prior to closing.

Why do I have to have Title Insurance on a Refinance if I already had title insurance when I purchased the home?

Great Question!- Lenders require title insurance when you refinance for protection for at least the loan amount they are financing. They do this to insure them of any claims that may have been present from the time of your last Title Insurance transaction. Remember, the title policy is covering all of the past potential defects on title, not future.

What is a HUD-1?

A HUD-1 is a term for the settlement sheet. This document will itemize all charges to you and to the seller itemized in appropriate columns. It will also show your new Mortgage Amount (if applicable) and any deposits you made or any credit sowed to you will be listed. The net figure will show how much a buyer or seller needs to bring or receive at settlement.

How long does settlement take?

Closings can range from 30 minutes to 2 hours… On average a refinance takes 35 minutes and a Purchase about 1 hour.