Title Insurance Quote Tool Update

Good news!!! After a bit of work we have updated the code for the title insurance quote tool. With this new update anyone can add the tool to their website by adding one line of code. Feel free to test the tool, which is displayed on the right side of this blog. If you would like to add the tool to your website simply add the following line of code anywhere on your site.

<IFRAME style="WIDTH: 200px; HEIGHT: 250px" src="http://www.myclosingspace.com/RemoteQuote.htm?PromoCode=MCSBlog" frameBorder="no"></IFRAME>

The Importance Of Title Insurance: 5tjt.com

5tjt.com has a good article about title insurance and it's importance in all real estate transactions. It is fairly short but covers some of the most important details and reasons for title insurance. It also explains what a title search is and how it is done. I am always on the lookout for quality articles that help explain title insurance to consumers and this article does a great job. Please take the time to read it to learn more about title insurance and how it can protect you.

Mortgage Applications up 8.1%: Does it really mean the market is recovering?

Bloomberg.com released a story that states that the MBA is reporting an 8.1% increase in the number of mortgage applications last week. Some of the main reasons given for this increase include a rate drop to 6.41%, steady labor market, and lower home prices. The rate is the lowest it has been since early June, 2007. While this is good news and it seems to hint that the housing market has reached the bottom the news is not all good. Although mortgage applications are up there are still issues related to the amount of money available to borrowers. Most people are aware of the subprime mortgage crash but the recent news that Alt-A mortgages are also in trouble is not so widely known.

According to Market Watch the number of Alt-A loans experiencing delinquencies are increasing and this has caused S&P to consider downgrading 207 classes of Alt-A mortgage-backed securities. Because of this there are fewer investors willing to invest in Alt-A mortgage backed securities there is less money available for borrowers who qualify for Alt-A loans. Less money available means that lenders need to be more selective when approving mortgage loans and that means fewer people will actually receive approvals on their mortgage applications.

By lending money to consumers who were on shaky ground mortgage lenders have helped create a situation ripe for defaults. When too many people default on their loans investors start losing money. This leads to fewer investors willing to invest in mortgage-backed securities. This issue needs to be fixed before the market can rebound. After all it does not matter how many people apply for loans if there is a a very limited amount of money available. While the consumer side of the housing market seems to be moving in the right direction the market can't move up until the mortgage issues are taken care of and that may take more time and stronger lending regulations.

Advice for Consumers

Diane Cipa over at Title Insurance Talk offers some excellent advice for consumers regarding what to ask potential title insurance companies before using their services. Visit the title insurance talk blog to find out more. Diane is one of the most outspoken leaders in the title insurance industry and a strong advocate for consumers gaining control of the process.

The questions Diane presented are important and should be a part of any search for a title company by consumers. Title companies should be working for the consumer who pays for the policy and they need to do things the right way. By conducting proper research and asking the right questions consumers will be able to find the right title company for them.

When looking for a title company it is a good idea to get as much information as possible and that means visiting many title company official sites as well as blogs like this one, Diane's, Source of Title, and Title-Opoly (as well as many others). Each blog covers different aspects of title insurance so each can provide unique advice and information, which will allow consumers to make an educated decision.

Shopping for Title Insurance: Are You Getting All the Information You Need?

Shopping for title insurance can be a very difficult endeavor. While some companies provide a detailed quote that includes everything that you will need to pay at closing (including the owner's and lender's policies). Other companies leave some additional charges out and may only include the lender's policy on their quote. Many times this means when you actually sit down to close you end up paying more than what you were told. Of course, it is probably too late to change your title company and you will be forced to cough up the extra dough to complete the closing process.

That's why it is important to verify that every quote you get includes the lender's and owner's policy along with all of the related title charges. Not only can you avoid being hit up with extra charges at closing time but you will also be able to make a more informed decision when choosing a title company. If the company is unwilling to provide you with all of the charges and fees or says that they cannot guarantee their quote includes all related charges you should move on to another company willing to do so.

We had a call yesterday from a consumer who had received a quote from us but went with another title company their attorney recommended. The quote they gave was very close to ours so the consumer took his attorney's recommendation. Well, on the call yesterday this person was inquiring whether they could buy owner's title insurance after they had already closed. He found out that the company he went with only provided the lender's policy and he was unaware of this until he sat down to close. Now the lender is protected but the homeowner is not and he is not happy about it at all.

To avoid this situation it is paramount that you verify that you are getting all of the fees the title company is charging and that it includes the lender's and owner's policy. That way you can make an informed decision and get exactly what you expect when ypou sit down to close.