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Posts with tag 'FAQ'

Title insurance protects homebuyers and mortgage lenders from the costs associated with some major financial or legal issues. However, title insurance is not quite the same as many other forms of insurance, which typically cover future potential events. Instead, title insurance is a one-time purchase that covers past events and title issues that are not known to you, your lender, and your real estate team at the time a property is sold.  Title insurance helps protect your home purchase or sale from anything that has already happened that might nullify the transfer of title — that is, the right to legally own the property involved in the transaction. Common title issues include undiscovered liens, improper or falsified documentation, and unpaid taxes. Title insurance is part and parcel of most real estate transactions in Illinois, and has become more common nationwide over the last several years, according to market research.

You're ready to take a big step forward and search for the home of your dreams. Now comes the big question: Where do you start? In many cases, successful home buyers start their journey not at an open house or showroom, but in a lender's office. Securing a mortgage preapproval is...

For buyers looking at every possible home option in their chosen market, it's important to understand foreclosures and short sales. Both foreclosures and short sales are types of distressed sales, meaning that a property is being sold urgently, and often at a significantly lower price than it might otherwise go for. But how do these two types of sales work? How are short sales and foreclosures different? And what do buyers need to know before they start looking at short sales and foreclosures as an option?

Thinking of purchasing a home? "This is the largest financial decision you'll probably ever make," says Esther Phillips, senior vice president of sales at Key Mortgage Services. One of the most important things you can do as a first-time buyer is to educate yourself on the ins and outs of financing. For buyers, there are many different types of loan options out there, each with unique advantages and drawbacks. As a buyer, what types of mortgage loans are available to you? And which type of loan will help put you in the best possible position to achieve your long-term financial goals?

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