Showing posts from July, 2015

7 Steps To Escrow Success

Escrow is a huge part of the real estate process. In a previous blog, " What Is Escrow And How Does It Work? ", we explained the basic definition of escrow and explored how it is used in the world of real estate. We mentioned that in the world of real estate, escrow deals predominantly with earnest money, closing costs, taxes, and insurance. Today, the team at Arrowhead Title is here to help you understand the process of achieving escrow success. If you follow these seven steps, our title company at the Lake of the Ozarks will be able to help you along your path to escrow success! - STEP ONE - Choose which title company you want to handle your transaction. The company of your choice will be able to provide you with an escrow and/or title reference number to help you organize all future communications. Arrowhead Title, Inc. has proudly been providing closing and escrow services at the Lake of the Ozarks for over twenty years, and we would be honored to assist you wi

TRUE OR FALSE: Reverse Mortgage Trivia!

A reverse mortgage is a specific type of home loan that turns equity into cash (without having to sell your home). Also known as second mortgages, these loans allow you to borrow against the part of your home that you officially own (in other words, the principle that you have already paid on your home loan). Reverse mortgages can be incredibly helpful for people trying to fund a child's college education or a big remodeling project, but it is important to fully educate yourself on every process first. Arrowhead Title, Inc. is here to help you test your knowledge of second mortgages with this true-or-false quiz. 1. I must have good credit to qualify for a reverse mortgage. FALSE.  The lender will run a credit report for tax and federal liens. All recorded liens must be paid off and property taxes must be paid and be current at the time of closing so the lender can take first position. 2. If I don't want to pay my taxes and insurance, the lender can set aside a portion o

Transferring Land Title: 6 Basic Steps

To you, buying a house at the Lake of the Ozarks means choosing a new home to call your own - a new place to raise a family. To a title agency at the Lake of the Ozarks , buying a house means transferring a land title from the current owner to a new one. This is a complicated process, but a broad overview can be summed up in a few basic steps. Your friends at Arrowhead Title, Inc. are here to help you understand the process! Step 1: Earnest Money When the buyers submit an offer on the house, they include a check for something called "earnest money." This money is essentially a deposit that shows the buyer is serious about the purchase. The title company puts this money into an escrow account to hold until closing, at which point the funds will be applied to the purchase of the home. Step 2: Tax Check Before a title can be transferred to new owners, all outstanding taxes must be paid. The title company will contact various assessors and collectors to find out if the

4 Unbeatable Advantages of Homeownership

Are you on the fence about whether to buy your first home at the Lake of the Ozarks or to keep renting? If you're stuck weighing your pros and cons, Arrowhead Title, Inc. is here to help you make the right decision!  If you can afford it and you plan to live in the same place for at least three years, buying you own home is almost always the smarter option. Owning your own home brings with it a unique sense of financial integrity and stability that does wonders for your personal and your financial lives. Here's a quick snapshot of the main advantages of owning your home. 1. Stable Housing Costs While some mortgage loans offer adjustable rates, long-term home loans offer a major advantage  for people planning to stay in the same place for many years : the payment amount will remain the same throughout the duration of the loan. Conversely, renters are subject to the whims of their landlords and may see increases in their rent payments year after year. Not only