Want to Learn More about the Different Types of Title Insurance Policies? Click Here 

Our 8 Musts for Fall Home Maintenance 

Whether you’re a longtime homeowner or this is your first autumn in your new home, following these tips will help you know what to do. 

Tip 1 – Seal Air Leaks

The cold weather means higher heating bills. However, the simple task of sealing air leaks on your doors and windows can help you reduce your heating bill and keep the cold air and moisture out. Go around your house and identify gaps and cracks that allow drafts. You can use a candle and hold it up to windows and doors and see if the flame flickers. If it does, then that means there is a gap there. Just be careful when handling the fire.

Tip 2 – Clean Gutters

Cleaning your gutters will ensure that rainwater and melting snow can flow from your roof. If rain runoff is trapped in your gutters due to the debris, then it could cause greater issues to your roof. Safely remove leaves, dirt, and any other debris from your gutters. Once the debris is removed, rinse and flush the gutters with a regular garden hose.

Tip 3 – Inspect Your Roof

While cleaning your gutters, be sure to also check the roof itself for any debris like large sticks or any overgrown tree branches that may fall or puncture your roof. Also, examine for damaged or missing shingles to prevent further damage from leaks. With that in mind, if you can’t access your roof to see if there is any damage, you can also check your attic space and see whether the rafters are broken.

Tip 4 – Check Your Furnace

Now is a great time to get your furnaces before the temperatures dip. You should replace the air filters in your furnace to extend your furnace’s life, reduce your energy bill, and improve indoor air quality.

Tip 5 – Examine Your Humidifier

With winter weather comes dry air. The lack of humidity can be harsh on your skin and lungs, and it can cause wooden structures in your house to become susceptible to cracking. If you already have a humidifier, now is a great time to check to make sure it’s ready for the months ahead.

Tip 6 – Remove Garden Hose

Once the roof and gutters are clean, your garden hose can be stored for the season. Removing your garden hose before the cold arrives prevents ice from forming from within the hose and your home’s water line. Because the ice expands, this could cause the hose as well as the pipes inside your house to burst.

Tip 7 – Prune Plants and Trees

Before the winter cold comes, get your plants ready for the harsh weather by pruning them and removing any dead branches or buds. For plants that are prone to the cold, cover them with sheets of burlap or canvas or relocate them.

Tip 8 – Fertilize Your Lawn

Fall is the best and most important time to fertilize your lawn because supporting root growth in the fall makes the lawn healthier and greener in the spring. The fall has morning dew that provides moisture that helps the grass absorb the fertilizer, which helps the grass withstand the harsh winter.

Whether you are a new or experienced homeowner, take time to prepare your home for the coming winter. Even a little maintenance effort for your home will benefit you as you will lower your utility bills and prevent major repair bills down the road.  

The post Hello Autumn: 8 Musts for Fall Home Maintenance  first appeared on Express Title Company.

 Click Here to Find Out the Top 4 Benefits of Homeownership 

Common Real Estate Scams

1. Escrow Wire Fraud  

This happens when fraudsters get ahold of an email or phone number and give instructions on where to wire money. There are fake websites created by scammers to make them seem legit. Therefore, it is important to carefully read through information regarding payment for an indication of fraud. For example, a fake document may try to impersonate our website as exprestitle.com when it’s actually expresstitle.com. Did you spot the difference? Just one “s” was missing, and this vital detail could lead you to a fake site run by cyber criminals.   

The best way to protect yourself from this type of scam is to review the original documents you received from us and your lender. Also, don’t click on links or messages without verifying that they are real by comparing them with original documents.   

2.Fake Listings and Rental Scams  

When searching for a home, you can find one you like with images and an address provided. However, some scammers can post pictures of properties that don’t exist, aren’t available, or aren’t owned by the person listing them. These scammers may charge you to see the house and disappear once they receive the money. Other scammers might charge buyers for the house without the chance to view it in person. Once the scammer receives the money, they disappear, leaving the buyer losing a huge sum of money for an unavailable house. And surprise, surprise! The seller won’t respond to the email.  

How to prevent this? First of all, always be cautious when making these kinds of purchases. Before starting any business dealings, verify that the seller indeed owns the house by conducting research online. Verify that the real estate agent is legitimate by taking a picture of their license and researching them online. Always see the house, the real estate agent, and the actual owner of the property before purchasing the house. Do not pay digitally or in cash. Instead, use a check to make the transaction because it will serve as an automatic receipt. 

3. Faulty Home Inspection  

A thorough house inspection is a necessary procedure in the process of purchasing a new home. Having a third party evaluate the condition of the house is important to determine the value of the house and identify possible hazards in the house, like leaks or mold. It is important to have a knowledgeable expert conducting the inspection, or else the buyer might end up paying a lot of money later for damages from before they owned it. However, some unqualified scammers pose as house inspection companies. Looking to make money, these scammers are inexperienced in-house inspections and will not provide the full inspection the buyer needs. Other home inspection scammers might be qualified and provide a full house inspection, but they might have additional hidden fees that will make the cost of home inspection much higher than the original price.  

A real estate agent usually knows a couple of good home inspection companies but doesn’t immediately assume that they will be the best companies. Conduct your own research on the recommended companies and look for reviews, experience, and reputation to ensure you get a high-quality home inspection for a reasonable price.  
 

4. Home Mortgage Scams 

Some mortgage scams can come from seemingly legitimate companies. The trick comes in the interest rates. In advertisements, the companies may advertise low-interest rates and no closing costs. As customers apply for the mortgage, they realize that suddenly the rate has increased, or they don’t qualify for the closing cost benefits advertised. This is a scam by the company which leaves customers feeling cheated. But why can’t the customer just pull out of the mortgage? Some companies might require a nonrefundable upfront payment that leaves the customer feeling unwilling to back out of the deal and just proceed through it. 

To prevent these types of scams, it is important to be aware of the mortgage buying process. Consider seeking help from an expert in this field. Conduct research on lender companies and read reviews by other customers. This can help you avoid businesses that utilize unfair business practices. 

When you are thinking of buying a home, it is an exciting moment and a huge investment, that is why it is important to acquire knowledge and conduct research beforehand. Buying a home isn’t easy and you can’t automatically trust the things you are being told. Therefore, learning about steps of the process of purchasing a home is important.  

The post 4 Common Real Estate Scams and How to Protect Yourself   first appeared on Express Title Company.

What Do You Need for a Mortgage Loan Checklist? Click Here to Learn More

What is Remote Online Notarization? 

Notarization is the process of authenticating a signature on a document by having an authorized person, called a notary, witness the signature. Remote online notarization (RON) allows you to use virtual video-audio conferencing to have your paperwork notarized. The documents are signed and witnessed digitally. It allows individuals, banks, law firms, and other parties involved to connect with a notary through the internet. RON retains all the components of a traditional, in-person notarization, but the process is more secure and convenient.  

RON can be used for: 

• Power of Attorney 
• Auto Title Transfers 
• Deeds 
• Real Estate Transactions 
• Establishing trusts 
• Beneficiary changes and retirement distributions 

What are the Benefits of Using RON? 

1. Convenience and Easy Access 

Without the ability to get documents notarized digitally, you would need to travel to a notary and sign the documents in person. This inconvenience can be avoided by digital authentication, eliminating paperwork. 

Scheduling a signing is much simpler and more efficient when all parties involved do not need to be present in the same room. Anyone with access to the internet within the United States can have their signature verified by any notary from the states that have legalized RON. You and every party involved can simply just agree on a day and time that is best for everyone.  

2. Decreased Likelihood of Fraud  

The identity verification process has multiple steps to it. Through knowledge-based authentication (KBA), you are given a questionnaire that is generated based on your personal history and your credit history. To verify your identity, you must answer the questions provided correctly. You may also need to show your government-issued photo ID, driver’s license or passport to prove your identity. The requirements for authentication vary from state to state. 

 RON allows you to use audio-video technology to sign and notarize documents.

3. Increased Security 

Compared with physical paperwork, digital documents are less likely to be lost, stolen, or damaged. RON provides fully digital records of your notarizations. The entire video chat is recorded in real-time and saved for future references, including the identity verification and the notarization of documents. 

How Does Remote Online Notarization Work? 

The RON law has specific requirements and standards for how remote online notarization must be performed depending on the state. RON is also not available for non-U.S. citizens who reside outside of the United States. 

The remote online notarization process is simple: 

1. The documents are uploaded to be signed and notarized 

2. The signer accesses the RON platform and begins the authentication process 

3. The RON platform will start the recorded video chat session with the signer and witness 

4. The notary will complete the infinity validation and credential analysis 

5. The signer will digitally sign the document 

6. The signer will receive digital copies of all notarized documents 

7. A copy of the video recording, including the authentication process, witnesses and documents are uploaded and stored to the notary’s digital journal.  

Remote Online Notarization facilitates the process of notarization. The process becomes more convenient and secure when compared to traditional notarization. Most lenders are still not allowing their recordable documents to be signed this way, but Express Title Company is. If you are interested in learning more about RON, Express Title’s experienced team can help you every step of the way.  

The post 3 Reasons Remote Online Notarization Simplifies the Homebuying Process  first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

1. Stronger Financial Future 

With homeownership, you can build a financial future. As you build equity in your home over time you are increasing your net worth. Putting money into homeownership versus renting an apartment, you are building an investment as time goes on. Over time equity is built up and if enough equity is built you can use your house to borrow for expenses such as college, home improvements, or any other life emergencies. 
 

2. Tax Benefits 

In most cases, the interest you pay, and property taxes can be deducted from your tax returns. Comparably renters do not have this advantage. While some states allow rent to be included in taxes, homeowners can claim a much larger exemption from the homestead exemption and other tax exemptions depending on the county they reside in. 
 

3. Payments are Stable 

Most homeowners take out a 15-year or 30-year mortgage and the payments are the same each month. If interest rates decrease, you can refinance, thus lowering your payments even further. When all payments are made 15 or 30 years, or even earlier when paying to principal above your normal payments, you have no payments after that. Now your cost of ownership becomes just yearly property taxes and property maintenance. The cost of rent increases and can be unpredictable according to your landlord’s decision. 
 

4. Community, Freedom, and Pride of Ownership 

With homeownership, there is a sense of belonging to a community thus forming relationships with neighbors. Whether it is outdoors or indoors, you have the freedom to do “whatever” you want; you can redo the floors, paint the walls, garden, create an outdoor patio, and much more. There is a sense of “pride” that comes from homeownership.  

Aside from getting a place to call home, there are numerous benefits of homeownership, these are just some of them as the market continues to grow. Maybe right now is the best time to consider finally investing in a home. If the time is now to purchase your dream home, contact Express Title today, to help you protect your new home with title insurance.  

The post Top 4 Benefits of Homeownership  first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

What is Private Mortgage Insurance? 

Private mortgage insurance is designed to protect mortgage lenders, not the homeowners. When you buy a home and make a down payment of less than 20% of the home’s purchase price, your lenders might require you to secure PMI. PMI protects your lender from the risks of default and foreclosure if you stop making payments on your loans.  

If you are required to pay private mortgage insurance, it can either be paid in full at the time of closing or added to your monthly mortgage payment. PMI is not a permanent expense and can be dropped from the monthly mortgage payments once the borrower’s loan balance reaches 78% of the original value, or in other words, when equity reaches 22%. Borrowers can also request the PMI be removed when they pay the principal equivalent of the 20% down payment toward their loan.  

Tips for How to Avoid Private Mortgage Insurance 

1. Make a 20% down payment  

The simplest and ideal way to avoid PMI is to make a large down payment of at least 20%. A larger down payment can offer you an advantage, however, not everyone can afford it. The average cost of a home is $375,000 nationally, and that means that 20% of that is $75,000. One way to produce this amount is to save up overtime.  

2. Utilize Lender-Paid PMI 

An alternative to eliminating the costs of monthly payments from PMI is to get a lender to pay for it, known as lender private mortgage insurance (LPMI). This option helps you as a homebuyer get a mortgage on your new home with as little as a 3% down payment, however, the lender will charge a higher interest rate. Therefore, it is important to compare costs and benefits before accepting LPMI. 

3. Use a “Piggyback Loan”  

A piggyback loan, sometimes called an 80-10-10 loan, provides a way to double the size of your down payment with the help of a second mortgage. The first mortgage covers 80% of the home price, and the second covers 10%. The remaining 10% is covered by your down payment. If your lender does not offer a second mortgage, you can get it from a local bank or credit union.  

4. Military Member or Veteran 

If you are a member of the military or a veteran, you qualify for a VA loan. VA loans that are backed by the Department of Veterans Affairs do not require PMI, however, there is a one-time funding fee.  

Homeownership is a monumental life event worth every penny. While waiting to buy a home until you have saved 20% of the down payment may seem like the best option to avoid Private Mortgage Insurance, this shouldn’t be the only thing holding you back. Buying a home can be frustrating and exciting at the same time, so before you use all your savings or retirement funds to pay for that 20% down payment, it is worth remembering that PMI is not tacked onto your expenses forever. To learn more about how Express Title can help you achieve homeownership, contact our team today. We are here to help you every step of the way.  

The post How to Avoid Private Mortgage Insurance   first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

What is Title Insurance? 

The purpose of title insurance is to protect the insured against losses that occurred in the past before you even owned the home. During a home buying process, a title insurance company, such as Express Title, will perform the title search and examination that will provide the basis for the title insurance policies that will be issued to you and your lender.  

Title insurance is not required for homeowners, but it is often required for lenders. Even though it is not required for homeowners it is recommended, because without it the buyer will be responsible for any legal costs and may potentially lose the property.  

Types of Title Insurance  

Owner’s Policy:  

• Not required but recommended 
• Protects the equity of the property 
• Protects the buyer 
• Lasts for as long as you or your heirs own the property  

Lender’s Policy:  

• Required by most banks and mortgage lenders 
• Protects lenders until the mortgage is paid off 
• Expires once the mortgage is paid in full 

Benefits for Buyers with Title Insurance 

Being a homeowner without title insurance is risky as you may not be protected from claims against ownership of the property and may lose the investment. With an owner’s title policy, homeowners also receive the following rights:  

• You would be able to use the property as you wish 
• Be free from debts or obligations that were not created or agreed upon you  
• Be able to freely sell or pledge your property as security for a loan.  

It is recommended to invest in title insurance because it will protect the buyer if any title defects occur in the future. Buying title insurance will help you have peace of mind knowing that you will be protected from expenses and legal suits.  

Types of Claims or Risks Covered by Title Insurance 

At Express Title, we offer two levels of coverage: Standard and Enhanced. 

Standard Coverage Covers: 

• Forgery and Impersonation 
• Lack of Competency, Capacity, or Legal Authority of a Party 
• Deed not joined in by a Necessary Party including 
  • co-owner, heir, spouse, corporate officer, or business partner 
• Undisclosed Prior Mortgage or Lien 
• Undisclosed Easement or use Restriction 
• Erroneous or Inadequate Legal Descriptions 
• Lack of Right of Access  
• Deeds not Properly Recorded 

Enhanced Policy will Cover all the Risks of Standard Coverage Plus: 

• Off-Record Matters – claims for adverse possession or prescriptive easement 
• Deed to Land – buildings encroaching on land of another incorrect survey 
• Silent Liens – such as mechanic’s or estate tax liens 
• Pre-existing violations of subdivision laws, zoning ordinances, or CC&R’s  
• Post-Policy Forgery 
• Forced removal of improvements due to lack of building permits 
• Post-policy construction of improvements by a neighbor onto insured land 
• Location and Dimensions of Insured Land 

Protect Your Home with Title Insurance 

Homeownership is a monumental event and an investment worth protecting. At Express Title, our team provides knowledge and expertise to ensure that your home and family are protected now and into the future. If you are interested in learning more about title insurance, please contact us today! 

The post What is Title Insurance? Benefits for Buyers  first appeared on Express Title Company.