Title Insurance

If you’re a homeowner, you need title insurance.

Now there are two types of title insurance. There’s Lender’s and Owner’s. Lender’s title insurance is required by mortgage lenders. It protects your title and the lender from false liens, judgments, errors, omissions, or false heirs. It only protects you and any heirs from claims that question valid ownership before the date the home was purchased and insures a title only for the life of the loan. Owner’s title insurance protects you from claims against the title for as long as you own the property – even after paying off the mortgage. It’s optional and only needs to be purchased once. An article at Forbes Advisor states that an owner’s title policy can protect you from losing your equity and the right to live in the home should a claim arise after you purchase it. Title issues can even arise when buying a new home with previous landowners or from unpaid contractors.

Title insurance covers survey or property deed errors, boundary disputes, encroachments, and building code violations by any previous owner. You’re protected against conflicting wills, claims by an ex-spouse who didn’t authorize the sale or a former owner’s unpaid child support. You’ll be glad you have it for claims due to a forged power of attorney, liens, or improperly recorded documents. Title insurance varies based on the price of the home and is worth every penny. Consult Bankrate.com for ways to save when purchasing it. 

And if the cost of housing is adding to your credit card debt, contact Christian Credit Counselors. They’ll create a debt management plan specifically for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.