Title Insurance

Glossary of Terms

Home Insurance: It is protection against a loss from fire, storm damage and other listed items. You pay for home insuranc for a period of time that is secured by your payment.

Title Insurance: It is an insurance policy guaranteeing the accuracy of a title search and protecting against errors. It protects the lender against claims that arise from arguments about ownership of the property. Most lenders will require the buyer to purchase title insurance to protect the lender against any loss in a title defect. This charge is included in the closing cost. It is available to the homebuyer for their protection that will protect them from any defects. It is called an Owner's Policy and there is an additional charge for the insurance.

Mortgage Payment Calculator

This estimated calculation includes principal and interest only. For more information about mortgage payments, you should contact a local mortgage specialist. Please see the list on Mortgage Banking.

Mortgage: It is a lien or security agreement on your property that secures the promise to repay a loan and the property is the collateral for the loan. The mortgage gives the lender the right to collect on the loan and to foreclose if the loan obligations are not met.

Mortgage Banker: It is a company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac.