Arrowhead Title, Inc.

For most people, buying a home goes hand-in-hand with taking out a mortgage loan; you can't have one without the other. As with most financial industries, the mortgage industry is heavily regulated to ensure consumer protection. Last year (on August 1, 2015), a federal regulation was introduced that significantly changed the mortgage loan application and approval process. Today, Arrowhead Title, Inc. is here to examine some of the effects of this new ruling. What is TRID? After the housing crash in 2008/2009, the Consumer Financial Protection Bureau (CFPB) was created to protect homebuyers from suffering another comparable financial crisis. The introduction of TRID was part of these efforts. Sometimes referred to as the TILA-RESPA Rule, "TRID" is an abbreviation for TILA-RESPA Integrated Disclosure. "TILA" stands for "Truth In Lending Act," and "RESPA" stands for "Real Estate Settlement Procedures Act."  How Does TRID Im...

Liens on real estate are a common way for creditors to secure debts that are owed to them. A property lien is a notice attached to your title informing everyone that you owe money. In today's blog, your Lake of the Ozarks title company explains the implications of having a lien on your property. Selling Your Property  When you have a lien on your home, you are not able to sell it. In order to sell or refinance your home, you must have a clear title. Having that lien on your title makes it unclear. To get rid of the lien, you'll need to pay the creditor what you owe. After that, the lien will be removed from the title and you'll be able to sell or refinance your home if you wish. Foreclosing On Your Home  While a foreclosure due to a lien is rare, there is the possibility. In order to pay off the lien, creditors generally have the right to have the property sold, usually through foreclosure. In most cases however, the mortgage is placed on the home before ...

The purchase of property can be a complicated process, especially since it is not a frequent occurrence for many people. To help you complete your closing successfully, you may want to work with some professionals, like a real estate agent, mortgage lender, and title insurance company. If you are preparing to buy a home at the Lake of the Ozarks , a refresher course of the closing process may be helpful. Your trusted title insurance company in Lake Ozark is here to provide information on a typical closing process how at closing typically happens. To begin the home buying process, a pre-approval from a mortgage lender is recommended. Once you find a home you wish to purchase, you or your real estate agent will put in a written offer on the home. After a price is negotiated between the buyer and seller, the closing process can proceed. At this point, your mortgage lender will work to finalize approval with the home you have selected and lock in your loan interest rate. Creat...

If you are thinking of buying a home at the Lake of the Ozarks in the near future, you may want to brush up on the title process. Title insurance can help protect you from financial loss due to a defect or mistake made on the title paperwork needed when transferring land. If you plan on financing your home, title insurance will most likely be required by your mortgage company. To help you with the title portion of buying a new home, Arrowhead Title, Inc. has provided some tips about title insurance.  Avoid Potential Problems Before land or a home can be transferred from the seller’s name into the buyer’s name, it is imperative to ensure no one else has clear rights to the property. Adjoining landowners who enforce property restrictions, rights of a utility company building power lines on the property, or a lien from the government for back taxes on the property are all examples of potential problems that could restrict the rights of the buyer from making a purchase....

Whether it is realized or not, many homeowners put money into an escrow account each month.  A portion of your monthly mortgage payment is broken out into this separate account. The money in the escrow account goes to pay bills like insurance and property tax, this way you do not have to save separately for these expenses that go hand-in-hand with homeownership. Arrowhead Title, Inc. has provided a list of frequently asked questions about escrow accounts. Q: Why am I required to have an escrow account? A: An escrow account is usually required if the down payment on your home was less than 20%. Property taxes and insurance premiums are a few of the large expenses this account helps pay. You make one combined mortgage and escrow payment each month and your mortgage company will then deposit a portion into your escrow account. When your property tax and insurance bills are due, they are paid on your behalf. Q: What is an escrow analysis? A: As required by law, once a y...