Blog

Explore valuable tips for a seamless mortgage refinancing process. Learn how to define your goals, scrutinize your credit, assess home equity, manage closing costs, and successfully navigate refinancing for optimal financial benefits with True Concept Title.

Discover the essential step-by-step guide to the title search process for real estate transactions. Ensure a clear title, avoid hidden issues, and protect your investment with our comprehensive instructions. Contact us for expert assistance.

Purchasing a home is often the most significant financial investment a person makes in their lifetime. However, this process carries inherent risks, especially those related to the title of your new property. Title issues can arise even after the most thorough research and due diligence. Owner’s title insurance is an invaluable asset in guarding against unexpected claims and ensuring that your ownership rights are fully protected. Imagine completing the purchase of your dream home, only to discover undisclosed liens or claims from unknown heirs, threatening your ownership. Title insurance is designed specifically to prevent such worst-case scenarios. It steps in to defend your ownership rights, covering legal expenses and potential financial losses. Whether correcting errors in public records or resolving boundary disputes, title insurance is your ally in securing a clean title transfer. Here's an in-depth look at how this insurance mitigates risks and offers peace of mind during and after your home purchase. Comprehensive Protection Against Title Defects Errors in public records, undiscovered liens, or other encumbrances can arise even after a thorough title search. These mistakes can be as simple as a misfiled document, owner’s title insurance covers any such issues that could otherwise result in financial loss or impact ownership rights Example : Imagine purchasing a home and later discovering that the previous owner left unpaid property taxes, resulting in a lien on your title. Title insurance would cover the claim, freeing you from the burden of unexpected financial responsibility. Legal Defense Against Ownership Claims One of the most daunting challenges a homeowner could face is a legal claim questioning their ownership. Whether it’s due to a forgery in past transactions or heirs who suddenly emerge with claims to the property, title insurance provides vital legal backing. Example: Suppose an heir emerges years after you purchase the home, armed with a will that asserts ownership rights to your property. With title insurance, the insurer provides legal defense, covering costs associated with protecting your ownership. Assurance During Boundary Disputes Boundary and survey disputes are quite common and can significantly impact your enjoyment of the property. Issues may arise if previous surveys were incorrect or if property lines are contested by neighbors. Such disputes might affect your ability to use, alter, or sell your property. Title insurance assists in covering costs and resolving these disputes effectively. Example: If a neighbor contests the boundary defined by your fence, title insurance can cover the expense of a new survey or legal negotiations to ensure fair resolution. Financial Security and Policy Coverage Title insurance guarantees reimbursement for any covered financial losses, minimizing out-of-pocket costs, and provides coverage for as long as you own the property. Example : In the event of a successful claim against your ownership, the policy ensures you are reimbursed for financial losses up to the coverage amount. Peace of Mind in Property Ownership The assurance that comes with knowing your property rights are protected allows you to focus on enjoying your home without lingering legal worries. Example : Confidently transfer or sell your property in the future, knowing any potential title issues are covered and resolved, making your property more attractive and easier to sell. Conclusion: The Assurance of Owner’s Title Insurance Securing owner’s title insurance is a prudent step for any homebuyer, offering security and peace of mind against potential title defects. By partnering with a reputable title company, you ensure a stress-free purchase process, safeguarded against unplanned challenges. From past errors to future enjoyment, owner’s title insurance is the cornerstone of a secure homeownership experience—celebrate your new home, knowing your investment is protected. Call True Concept Title today for all of your title needs! 866-651-6224

A Home Equity Line of Credit (HELOC) can be an attractive option for homeowners looking to access their home’s equity. But like with any financial product, having a good understanding of what you’re getting into is essential to make the right decision. In this article, we’ll break down the expectations vs. reality of HELOCs – what you can expect when you apply for one and how it may differ from what you had envisioned. What to Expect: Qualifying for a HELOC To qualify for a HELOC, specific criteria must be met. You’ll typically need at least 20% equity in your home, a good credit score, and proof of income. The lender may also require other documentation, such as tax returns and bank statements. Once approved for the loan, the lender will place a lien on your home for the amount of money borrowed. If you default on the loan, the lender can take your home to recover their money. What to Expect: Interest Rates and Fees HELOCs usually have adjustable rates that are based on the prime rate. This can be beneficial because you won’t be locked into a fixed rate, but your payments could change depending on market conditions. Be sure to understand the terms of your loan’s terms and any potential interest rate hikes or changes. It’s also important to remember that additional fees may be associated with a HELOC, such as origination fees and closing costs. Be sure to ask about these upfront so that you’re not surprised by any unexpected charges later on. What to Expect: Repayment Terms Typically, HELOCs have a repayment period of 10-15 years, with the first few years focused on paying off interest only. After this initial period, you will begin making payments toward both the principal and interest. It’s important to remember that if you cannot make payments on a HELOC, the lender can take action against your home. As such, it’s essential to plan how you will repay the loan and be sure you’re comfortable with the terms before signing any agreements. Conclusion A Home Equity Line of Credit (HELOC) can be a great way to access your home’s equity, but it’s important to know what to expect before you apply. Be sure to do your research and understand the terms of the loan and any potential fees or repayment terms. With a good understanding of what you’re getting into, you can make an informed decision that is right for you. Thank you for taking the time to read this article. We hope that it has been helpful in understanding the expectations vs. reality of HELOCs. If you have any questions or need further assistance, please don’t hesitate to contact us. Best of luck! The True Concept Team.

When it comes to finding the right Clearwater real estate home, it pays to be choosy. Your home demands a level of trust that isn’t easily found in just any random source. You want someone who will provide you with detailed information on specific developments and features while also considering your unique needs. That’s why turning to a trusted source for Clearwater real estate homes is so important; you can ensure that your chosen property is perfect for your lifestyle and future value prospects and that you’ll have access to dependable services during each step of the process! The Benefits of Working with a Trusted Real Estate Agent When searching for a new home, having the help of an experienced and trustworthy real estate agent can be a huge advantage. A good agent will have in-depth knowledge of the local market and what it takes to make a successful real estate deal. They will be able to guide you through the entire process, from showings to the closing table, ensuring your time and money are wisely spent. Beyond that, they can provide invaluable insights into neighborhoods, schools, and any area amenities to ensure you know exactly what you’re getting when you sign on the dotted line. Working with a trusted real estate agent is critical to finding the perfect home. How to Find Reputable Agents in Clearwater When finding a reputable agent in Clearwater, you should start researching online. Check out customer reviews and see what past clients have said about the company. You can look into local organizations such as the Better Business Bureau or the local Chamber of Commerce to get an idea of any complaints that may have been made against the agents in the area. Ask friends and family who have previously worked with agents for their recommendations. Meeting with your potential agents in person is also highly recommended to get a feel for whether they’re genuinely trustworthy. Doing thorough research upfront will save you time and money, so you must take your time when searching for reputable agents in Clearwater. Tips for Choosing the Right Property for Your Needs Choosing the right property for your needs can be a daunting process. Before committing to a new property, take the time to research each option thoroughly so that you can choose an accommodation that meets your requirements without any hassle down the line. You want to ensure you have all the necessary information about the neighborhood and any potential problems with traffic, crime rates, and access to services and amenities. Additionally, it would be best to consider things such as the size of the home or apartment building you’ll be living in, whether or not there are parks or playgrounds nearby that you and your family can enjoy, and other factors that will impact your quality of life. Understanding Financing and Mortgages for Home Buyers It can be daunting for first-time home buyers to understand all the financing and mortgage options available. Educating yourself on these details can save you money in the long run and ensure you can find a loan payment option that is right for your budget. Knowing what kind of interest rates, terms, and restrictions to expect from different mortgages helps make sure you don’t end up paying more than necessary or committing to a long-term agreement that doesn’t meet your needs down the line. With so many online resources and experienced real estate professionals, getting informed about financing and mortgages should be easy for anyone contemplating buying a home. The Benefits of Working with an Experienced Real Estate Lawyer Working with an experienced real estate lawyer is essential to a successful transaction. An experienced lawyer can advise on complex laws and regulations, negotiate contracts, review title searches, and provide guidance through complex real estate deals. With their deep knowledge of the law and ability to think strategically throughout the process, an experienced real estate lawyer can help protect buyers from unexpected costs, identify potential risks from the start, and ensure a smooth closing. Working with a professional partner in each complex legal transaction is critical to providing the best possible outcome in real estate transactions. What Documents to Look For When Buying a Home Purchasing a home is a significant investment, and while the process may be exciting, it’s essential to ensure that the paperwork is handled correctly. When buying a home, ensure you’re provided with all the critical documents such as title deed or purchase agreement, warranty deed, mortgage papers, land survey or property map, and insurance policies. Reviewing these documents carefully can help protect you from future disappointments and financial risks associated with ownership – so don’t forget to thoroughly examine them before signing any contracts. Additionally, ensure that all outstanding taxes are paid before you sign any contracts, and always provide you get copies of contracts for your records.  In conclusion, purchasing a home is significant and should be made carefully. Working with an experienced real estate agent can be a great asset throughout the process. They can help identify the right property for your needs, assist in understanding mortgages and financing, and inform you about essential documents for buying a home. Additionally, having an experienced real estate lawyer available to review records is invaluable as they know any legal matters that may arise. With research and due diligence every step of the way, you can ensure you purchase the perfect home for your family. Use these tips to ensure you find a trusted real estate agent in Clearwater who will help guide you throughout your home-buying journey.

Real estate wire fraud is a serious issue that can result in significant financial loss. Here are some steps you can take to protect yourself: Confirm All Information Directly: If you receive wiring instructions via email, even if it appears to be from a trusted source like your real estate agent or title company, call them to confirm the details. Do not use the phone number provided in the email – instead, use a number you’ve used before or one you can find on their official website. Use Secure and Encrypted Communication: When sending any sensitive financial information, use encrypted email or a secure portal. Never send sensitive information through unsecured methods, like a regular email or text message. Be Wary of Last-minute Changes: Fraudsters may try to rush or pressure you into sending a wire transfer by claiming there are last-minute changes to the wiring instructions. Be suspicious of any such changes, and always verify. Educate Yourself About Phishing Techniques: Many fraudsters use phishing techniques to gather sensitive information. They may use email addresses, graphics, and language that appear to be from legitimate sources. Always double-check email addresses, and be aware that fraudsters often try to create a sense of urgency to pressure you into providing information or making a wire transfer. Use Two-Factor Authentication: If available, use two-factor authentication on your email and financial accounts. This adds an extra layer of security by requiring a second piece of information (like a temporary code sent to your phone) in addition to your password.

Real estate ownership, while rewarding, can sometimes lead to complex legal challenges, particularly when it comes to title and boundary disputes. At True Concept Title, we understand the intricacies of these disputes and are committed to helping you resolve them amicably. Let’s explore what these disputes entail and how you can address them effectively. Understanding Title Disputes Title disputes revolve around the legal ownership or rights to a property. They can stem from various sources: Unclear Ownership Records: Historical records that are incomplete or ambiguous can cast doubt on who rightfully owns a property. Document Errors: Mistakes in deeds, surveys, or legal documents can cloud the title. Fraudulent Transactions: Illegal property transfers can lead to competing ownership claims. Missing Heirs: Disputes can arise when a property owner dies without a clear will or designated heirs. Navigating Boundary Disputes Boundary disputes, in contrast, relate to the physical limits of a property. Common causes include: Unclear Property Lines: Over time, property boundaries can become vague, especially if they were not officially surveyed. Inaccurate Surveys: Faulty surveys can create disputes by failing to define property lines correctly. Misplaced Structures: Fences or buildings that encroach on a neighbor’s land can lead to disagreements. Adverse Possession: Someone might claim a portion of your property through adverse possession, sparking a boundary dispute. Steps to Resolve and Prevent Disputes Consult a Professional: Facing a title or boundary dispute? It’s wise to seek advice from a real estate attorney. They can evaluate the situation and offer legal guidance. Review Property Records: Dive into your property’s history. Examine deeds, surveys, and other documents to understand the land’s background and boundaries. Communicate with Neighbors: Often, a candid conversation with your neighbors can peacefully resolve boundary issues. They might be unaware of the problem. Hire a Surveyor: To accurately define your property lines, consider enlisting a licensed surveyor. They can provide definitive documentation to support your stance. Consider Mediation: Before heading to court, mediation can be a less confrontational and more cost-effective solution, potentially avoiding a lengthy legal process. Legal Action as a Last Resort: If other methods fail, legal action might be necessary. Your attorney can guide you through this process to protect your rights. Title and boundary disputes require a delicate balance of professional insight and personal diplomacy. By understanding the causes and taking proactive steps, you can navigate these challenges effectively. Remember, maintaining clear and accurate property records and boundaries is key to avoiding future disputes. Should you face such issues, True Concept Title is here to offer guidance and support, ensuring your property rights are well-protected. Need Help Resolving Title Disputes? If you’re dealing with a title or boundary dispute, don’t navigate these waters alone. Reach out to True Concept Title today for expert advice and support in resolving your real estate disputes amicably and effectively.

In the realm of real estate, the significance of title insurance is widely recognized as a means to protect buyers from various pitfalls. However, a less understood aspect is how mineral rights intertwine with title insurance, particularly in the context of the burgeoning oil and gas industry. At True Concept Title, we aim to clarify this intricate subject, helping you understand the implications of mineral rights on your property purchase. The Overlooked Aspect of Mineral Rights When buying property, especially in states like Ohio, Illinois, Michigan, Pennsylvania, and West Virginia, it’s crucial to realize that standard title insurance policies do not automatically include mineral rights. This means that if someone else holds these rights, you won’t acquire them with your property purchase, and, importantly, your title insurance won’t cover them. This exclusion typically falls under Schedule BII of the policy.

Navigating the complexities of a real estate transaction can be daunting. This is where a title company, like True Concept Title, becomes invaluable. Acting as a linchpin in property transactions, a title company plays multiple critical roles – from conducting title searches to ensuring a smooth closing process. Title Search and Review: The First Line of Defense At the heart of a title company’s work is the title search and review. This process involves meticulous examination of public records relating to the property in question. The goal is to inform all parties involved – buyers, sellers, and lenders – about the status and condition of the property’s title. This investigation is crucial in identifying any issues that could jeopardize the transaction, such as liens or foreclosure proceedings. The outcome of this search is typically presented in a preliminary title report or a commitment for title insurance, laying the groundwork for the next steps. Closing Agent: Orchestrating the Transaction Title companies often serve as the closing agent in real estate deals. This multifaceted role means they represent each party involved in the transaction. As a closing agent, the title company is responsible for gathering signatures on all closing documents and handling the financial aspects of the deal. They ensure that funds are correctly distributed and that vital documents, like deeds and mortgages, are accurately recorded at the local land records office. The Role of Escrow Officer In many transactions, the title company also acts as an escrow officer. They hold crucial documents and funds in escrow, following the specific instructions of the buyer and seller. For instance, the buyer entrusts the purchase money to the title company, while the seller provides a signed deed. The title company, in its role as an escrow officer, only releases these assets according to the agreed-upon terms, ensuring a fair and secure transaction. Issuing Title Insurance: A Shield Against Future Risks One of the most critical roles of a title company is issuing title insurance. This policy protects against future discoveries that could challenge the buyer’s property ownership. While the title company issues the policy, it acts as an agent for the insurance company, earning a commission. The insurance company itself bears the risk and receives the actual premium. This insurance is vital in safeguarding both the buyer and the lender against potential title-related losses. The role of a title company in real estate transactions is multifaceted and indispensable. At True Concept, we pride ourselves on delivering these services with precision and care. Whether you’re a buyer, seller, or lender, our expertise in managing title searches, facilitating closings, acting as an escrow officer, and issuing title insurance ensures that your real estate transactions are secure and seamless. Embarking on a real estate journey? Let True Concept be your guide and protector. Contact us today to ensure your transaction is in the best hands.

Navigating the Shadows: The Impact of Public Record Errors on Your Home’s Title Purchasing a new home is an exciting journey, fraught with complexities and historical baggage that could impact your title. It’s crucial to understand that even though your property is new to you, it might come with a past that includes errors in public records—a common issue identified during the title search process.  Errors in public records, stemming from clerical or filing mistakes, can significantly affect the legal status of your property. These inaccuracies might relate to the property’s description, such as incorrect square footage, which can influence the loan amount a buyer is eligible for, potentially derailing the purchase process.

In 2023, a surge in Americans aiming to buy, sell, or refinance homes has spotlighted the critical role of understanding house titles for first-time homebuyers. Embarking on the journey to homeownership brings its share of excitement and learning curves, particularly when it comes to the intricacies of house titles. What Are House Titles? House titles are the cornerstone of property ownership, representing the owner’s rights to the property. Unlike the physical deed, which is the document transferring title from seller to buyer, the title itself is a conceptual representation of ownership. Ensuring you have complete ownership free from liens or claims by others is crucial, as these can impede your ability to sell the property in the future. Common Complications with Titles The path to clear ownership can be complicated by liens against the property or claims from third parties, such as a distant heir of a previous owner. Title companies play a pivotal role in identifying such issues through title searches before the sale concludes, ensuring the buyer doesn’t inherit unresolved debts.

Selling your home by yourself, commonly known as a For Sale by Owner (FSBO) transaction, can seem daunting at first. However, with the right preparation and understanding of the process from a title company’s perspective, you can confidently navigate through the complexities and successfully close the deal. Here’s a comprehensive guide to help you through each stage of the FSBO process. The Importance of the Title Company in FSBO Transactions The image of you and your buyer, surrounded by attorneys, sitting at a large table filled with forms inside a title company’s office, is not just the culmination of the home-selling process but a critical juncture ensuring the legality and security of the transaction. A title company plays a pivotal role in FSBO transactions, offering services ranging from title searches to handling escrow accounts, ensuring that the property is free of liens, and facilitating a smooth transfer of ownership. Accepting an Offer to Closing: Your To-Do List Once you’ve accepted an offer on your home, the real work begins. This phase involves several key steps: Hire an Attorney (If Necessary): Depending on your state’s laws, you might need an attorney to prepare certain legal documents or oversee the closing. Even if it’s not a legal requirement, having an attorney can help ensure your paperwork is in order, protecting your rights throughout the transaction. Order Title and Arrange for Escrow: Negotiate who will hire the title company and pay associated fees. Typically, the seller pays for the owner’s title insurance policy. Using your title company as an escrow agent can streamline the process, holding funds and important documents until the transaction is complete. Prepare for the Appraisal and Inspection: Ensure your home is in its best condition to facilitate a smooth appraisal and inspection. Address any minor issues beforehand to avoid complications. Negotiate Repairs: Based on the inspection results, you may need to negotiate with the buyer over repairs. Focus on addressing major defects rather than cosmetic issues. Get Your Paperwork in Order: Essential documents include the title to prove ownership, property taxes, loan documents, property survey, plans and permits, and homeowner’s insurance information. Closing with Confidence Closing involves reviewing the HUD-1 settlement statement, which details all financial transactions. Ensure you have all necessary documents, a photo ID, and your checkbook ready. Payments you might need to cover include your mortgage balance, any applicable commissions, and closing costs. Closing Costs in FSBO Transactions Closing costs are an integral part of the selling process, typically amounting to two to four percent of the purchase price. These can include escrow or closing fees, origination fees, home protection plans, attorney fees, transfer taxes, recording fees, notary fees, and title policy costs. Tying Up Loose Ends After closing, ensure all utilities are transferred or canceled, submit a change of address form, and arrange for the final payoff with your mortgage company. Collect all keys, remotes, and important documents for the new owners. Conclusion: The FSBO Journey from a Title Company’s Viewpoint Selling your home as an FSBO can be a rewarding experience, offering significant savings and a deep understanding of the real estate transaction process. By following this guide and working closely with a trusted title company, you can navigate the complexities of FSBO transactions with confidence. Remember, each step, from accepting an offer to closing the deal, is an opportunity to ensure a smooth and successful sale. Celebrate your accomplishment; you’ve not only saved money but also gained invaluable experience for future real estate endeavors.

Explore the multifaceted role of title companies in real estate transactions. True Concept Title delves into how they manage title searches, facilitate closings, act as escrow officers, and issue title insurance for a seamless property transfer process.

If you are on a mission to refinance your mortgage to a lower rate in order to take advantage of your home’s equity and you are a former or current military member, a cash-out refinance may be just for you. A cash-out refinance loan exists specifically for military members thanks to the U.S. Department of Veterans Affairs (VA).  Do you qualify for a VA cash-out refinance? Keep reading True Concept Title’s guide to find out if this loan option is for you and how it could help you achieve your financial goals.

Although True Concept Title offers our services nationwide, this one goes out to our homeowners in our home state of Florida! One of the most common questions we get from buyers, sellers, and industry professionals alike is how title insurance cost is calculated in our sunny state. While you may feel tempted to try and save costs by not purchasing title insurance, we heavily encourage you not to slip into this mindset. Plus, if you’re taking out a home loan, your lender will likely require you to purchase a lender’s insurance. Today’s article will explain title insurance, why you need it, and how much it costs in Florida. What is Title Insurance? Now before we explain how much it costs, you might be wondering – what even is title insurance? To put it simply, title insurance protects the legal ownership of a property. ‘Title’ refers to the legal deed authorizing you as the rightful owner. In some cases, clouds on the title may come up out of nowhere, potentially invalidating your rights as the owner. That’s where title insurance comes in. Title insurance protects both you and the lender from any liabilities or issues that may arise in the future. We’ll use the following example to explain. Say you close on a house and later find out that the previous owner had a huge pile of property tax debt. Title insurance takes that tax burden off of your shoulders. Without title insurance, you would have to settle the tax liability on your own or risk being kicked to the curb. What Does Title Insurance Cover? When you purchase an owner’s title insurance policy, you are personally protected as the owner from the following: Legal Claims These might impact your right to the property. Title insurance guarantees the company will defend your ownership and pay any resulting legal fees. Liens There are many types of liens, but they all refer to a debt that has yet to be paid. A title insurance agency will complete a thorough investigation of possible liens during a title search, but you will remain protected after closing. Title Defects Your title policy will keep you and your property safe if defects in ownership documents or unpaid taxes arise. You also may be protected from title theft. Forgery and Undisclosed Heirs In some cases, certain issues remain undisclosed at the time of purchase. This may include undisclosed easements or heirs as well as forgery. How is Title Insurance Cost Determined in Florida? The cost of title insurance in Florida ranges from $500-$1500, but several factors come into play. These may include: The property’s location Whether the property has the former owner’s insurance Whether you are refinancing or purchasing a new property Whether you are purchasing owner’s and seller’s title insurance How is Title Insurance Calculated? The state of Florida has defined five premium categories for paying title insurance. Policy Amount / Rate per $1000 $0.00 up to $100,000 / $5.75 $100,000 up to $1,000,000 / $5.00 $1,000,000 up to $5,000,000 / $2.50 $5,000,000 up to $10,000,000 / $2.25 Over $10,000,000 / $2.00 For example, assume you have an insurance liability worth $500,000, so we can calculate the title insurance cost. You can calculate the premium for the first $100,000 at $5.75 for every $1,000. This means you will multiply $5.75 by 100, so the first premium will cost $575. Since the remaining liability is $400,000, you will multiply at a rate of $5.00 per every $100,000. Therefore, you will multiply $5.00 by 400 to calculate the second premium value of $2000. Your total cost will be $575 + $2000, making your title insurance $2,575. Additional Costs On top of the owner’s coverage cost, you may have extra costs to acquire the property. This may include: Title Search Costs – you may have to pay an additional fee for this process Simultaneous Issue Costs – If you take a lender’s and owner’s policy out at the same time, you may have to pay extra fees Reissue Rate – If the previous owner had a title policy, you may have to pay a reissue rate Learn More > What Kinds of Title Insurance Do You Need? Title Insurance: Worth the Cost While you might feel reluctant to pay the price of title insurance, you’re much better off without the risk of paying the price if you don’t have it. Fortunately, title insurance is a one-time premium charge that will remain in effect until you are ready to sell. Since the payment is less than one percent of the appraised value, it is certainly worth the investment. If you’re purchasing a new home or refinancing, and you need title insurance, True Concept Title is ready to serve you. Our quick, organized, and reliable team of agents will help make the home buying process as smooth as possible so that you can get settled into your new home in no time. Contact our team today!

What is a Home Equity Line of Credit? A home equity line of credit (HELOC) loan allows homeowners to access the equity they’ve built up in their property. It is an essential tool for many homeowners who need access to funds quickly, and it has become increasingly popular in the mortgage industry over the last decade. This blog post will look at what a HELOC is and how it can benefit you. How Does a HELOC Work? At its core, a HELOC works like any other line of credit. Borrowers are given a certain amount of money they can use as needed, up to their credit limit. The lender keeps track of the balance, and borrowers must pay back the amount they borrow plus interest. With a HELOC, however, borrowers use their home equity as collateral. If borrowers fail to pay back their loans, lenders have the right to foreclose on their homes and take ownership of them. The Benefits of Using a HELOC: Given its potential risks, why would someone choose to use a HELOC? One reason is convenience—with most loans, lengthy application processes and underwriting requirements can delay approval or even deny your application altogether. A HELOC can be approved much quicker than other types of loans because lenders already have access to your home equity and don’t need additional information. Additionally, you can use only what you need up to your credit limit, so you won’t be paying interest on money that isn’t being used. Finally, HELOCs typically have lower interest rates than other loans, so you could save on interest payments overall. Conclusion: A home equity line of credit is essential for many homeowners who need access to funds quickly for unexpected expenses or home improvement projects. Though it does come with some risk due to its collateralized nature, it also offers several benefits, such as convenience and lowers interest rates compared to other types of loans. For these reasons, it has become increasingly popular in the mortgage industry over the last decade as an effective way for consumers to access funds when needed without having to go through lengthy application processes or wait extended periods for approval. At True Concept Title , we maintain a presence across the U.S. by providing a complete line of title and escrow services in every state. Our local approach to meeting your business’s needs complements our national strength, enabling you to expand your client relationships to reach a broader spectrum of opportunities.

When you creep up into your later years, you’re probably thinking more about the best ways to spend retirement. Maybe you’ve been saving up for a lifetime and are ready to cash out for that luxury home upgrade or new boat to take out on the lake. Although getting older may feel like a burden, there are many ways you can benefit as a senior. If you’re a homeowner over the age of 62, you are likely eligible for a reverse mortgage. This kind of loan allows homeowners to take advantage of their home’s equity to make the most out of retirement. Throughout this month, True Concept Title is exploring the reverse mortgage process and its benefits. In today’s post, we dive into what costs to expect when applying for a reverse mortgage. These include: Upfront MIP Origination Fee Title Insurance Appraisal Additional Fees  Let’s get into the details!

If you’re not actively in the process of closing on a home, you likely don’t think much about title insurance. However, if you are involved in a home sale, you should make sure the parties involved have the necessary protection in the event that a cloud on the title appears.  There are a variety of circumstances to how title issues could cause serious problems, both financial and emotional. True Concept Title is here with a guide to help realtors, homebuyers, and lenders understand title insurance and why it’s so important.

If you own a home and are over the age of 62, you may qualify for a reverse home mortgage. This can be an incredibly valuable route to take in order to fully enjoy your retirement. If you are a senior homeowner and want to take advantage of your home’s equity so you have an additional source of income, True Concept Title can help you through the process! Keep in mind, that there are certain documents you will need to get in order to finalize closing. Throughout this month, our real estate experts at True Concept Title will explain the reverse mortgage closing process and what documents you need to prepare. In this article, we dive into the following questions: What is a Reverse Mortgage? What Happens During a Reverse Mortgage Closing? What Documents Do You Need at a Reverse Mortgage Closing? What Documents Do You Receive at Your Reverse Mortgage Close? Keep scrolling for the answers!

Buying a new home is a very exciting process, but with that, it also tends to be very expensive. Fortunately, if you are looking to purchase a home on a budget, there are a variety of options that won’t completely drain your bank account. One potential option to explore is a real estate-owned, or REO property. Our national title and escrow experts explain what real estate-owned property is and explore the benefits of investing in REO property. Keep reading to learn more!

We hate to say it, but title fraud is a real threat that you need to be aware of if you are a homeowner or plan to purchase a home in the future. The FBI has discovered situations across the United States where home titles have been stolen. Identity theft reports have more than doubled since 2019, and more of these criminals are forging titles and stealing property. Do you know what home title theft is and how to ensure you avoid it? In the unfortunate circumstance that your title is stolen, do you know the appropriate actions to take? In this post, True Concept Title provides answers to these questions to help you stay protected from title fraud.

The home buying process is complex, so it’s important you hire the right team of specialists, especially if this is your first time purchasing a property. Throughout the journey, you will likely have to work with the following people: Mortgage lender Real estate agent Title insurance/escrow agent Real estate attorney Home inspector Appraiser As national title & escrow specialists , we know the ins and outs of the industry. Today, we share more on the legal side of a property transfer, what a real estate attorney does, and if you may need one. Do You Need a Real Estate Attorney to Buy a House? Buying a home is rarely a simple process but rather a complex transaction with legal strings attached and many steps of the process. Since the legal aspects of a home purchase can quickly become confusing for many to understand, home buyers or sellers may question if they should hire an attorney to protect them from any legal issues that can arise. This is a large investment and we believe you should do all you can to protect it. There are times that having a lawyer on your team can help you have more confidence in the purchase. Their guidance may help to ultimately reduce the costs of buying your new home.

Purchasing title insurance is an essential step in the homebuying process. Oftentimes, many mortgage lenders will even require that the buyer has a title insurance policy as a stipulation for receiving a loan. When you buy a title insurance policy, you will learn that it is just a one-time cost without additional monthly premiums. This may lead you to wonder, ‘ How long will my title insurance last if I’m not constantly paying for it? ’ A completely reasonable inquiry! The longevity of your title insurance policy will depend on what type of policy you purchase. Our team at True Concept Title reviews these different policies and provides an answer to how long they will last.

Whether you’re a first-time homebuyer or simply need a refresh on the process, closing day is an eagerly anticipated finish line that you want to pass with no bumps and/or bruises. There are a lot of steps to take when closing on a home, and you need to cover all your bases. To help you manage the process, our team at True Concept Title has compiled every action item in one checklist: Square away contingencies Clear the title ( with our team at True Concept! ) Acquire a final mortgage approval Review the closing disclosure Complete a final walk-through Bring the right documents If you follow all of these steps, you’re sure to have a better closing experience. Complete with the satisfying weight of your new keys in your pocket! Scroll for the details on each step to know what you can expect.

Once you’ve watched enough HGTV, you’ll likely realize the house flipping market is a great avenue to put your designer eye to use and simultaneously try to take home a profit. Although this process may not seem overly complicated, there are steps to take that can easily be overlooked-such as purchasing the correct insurance. New house flippers may try to work with their personal home insurance provider but fail to realize that flipping houses requires a specific type of insurance coverage. With a little bit of TLC, you can ‘upcycle’ fixer-uppers and see a significant return on investment, but make sure your property is protected with True Concept Title’s guide to the right flipping coverage .

If you own a house or are in the process of buying one, chances are you needed to take out a mortgage, a fancy word for borrowing money from a bank to purchase a property. Various factors can contribute to the amount you can borrow, the cost of your monthly payments, and the percentage of interest you must pay. But no matter the price tag, every homeowner looks forward to the day they own 100% of their home and owe no more money.  You may want to better organize your finances if you have multiple debts. Regardless of your financial goals, you should have a clear picture of the amount you still owe on your loan and any other charges to your account. Although an early payoff of your mortgage may seem like an unattainable fantasy, in this scenario, a mortgage payoff statement is the best way to view an overall layout of what you owe.

Remember: you have a choice in title. If you have made an offer on your dream home and are ready to take it off the market, congratulations! You’re on your way to becoming a new homeowner. However, the battle for a smooth close has only just begun. One of the most crucial teammates you can have on your side is a reliable and knowledgeable title agent. Before hiring a title company to guide you through the home buying process, it is essential that you formulate the right questions to acquire all of the necessary information and feel confident in your decision. Our title experts explain exactly what to ask before choosing a title company. (And we’ll be honest, hope it helps you choose us.)

Buying a new home can be a confusing process. All the different steps and terminology of closing can be really overwhelming, especially if you are a first-time homebuyer.  Fortunately, with the experts at True Concept Title, you can sigh a breath of relief. We can help take care of all the head-pounding details of home closing while helping you understand the steps of the process. Read our guide to grasp the 5 “E’s” of real estate terms.

When the big day arrives to close on your new home, you should have a title company, helping you complete the process in order to avoid possible legal or financial obstacles. A title company will manage the transfer of the title document, and the deed to the home. Before closing day, your title company will also conduct a thorough property title search to review the home’s ownership history and ensure the current owner has the legal right to sell. This step of buying a home is crucial to confirm there will be no legal concerns when transferring the title to the new homeowners. True Concept Title investigates the importance of a title search and how much this service generally costs. Read on to learn more.

When closing day finally rolls around, you are likely to feel a mixture of nervous anticipation and gratifying relief. However, don’t relax too much-not until the deal is officially finished. Your real estate agent may email you instructions to wire your closing funds to a specific account, but what happens if the payment leaves your bank account but never ends up where it’s supposed to? Unfortunately, cybercriminals are very vigilant to watch out for closing processes, with real estate agents being a hot target. Protect your money and avoid wire fraud with these tips from True Concept Title.

A lien is a claim or legal right against an asset, often established by a creditor or judge, that guarantees an underlying obligation. If the owner of the asset does not meet their obligation, such as repaying a loan, the creditor can seize the asset. Many people have liens placed on their homes if they have a mortgage , but there are several types of liens to be aware of. In this post, our title and escrow experts explain different types of liens, how they impact title, the damage they can cause, and how to remove them.

Prior to the financial crisis of 2007-2009, buying a foreclosed home was a challenging process that required the patience and time to either follow endless courthouse auctions or flip through stacks of legal paperwork. However, the wave of foreclosures brought on by the real estate bubble burst increased the number of easy-to-find available properties. Nowadays, the process of acquiring a foreclosed or real-estate-owned (REO) home isn’t all that different from your regular house hunt. The low prices of foreclosed homes make them an attractive investment to many homeowners, but there are steps to take and risks to consider to ensure you make the right decision. Keep reading for True Concept Title’s step-by-step guide to hunt, bargain, and close for a foreclosed home.

After a chaotic year in real estate full of home buyers scrambling to scoop up properties while prices shot through the roof, economists predict the 2022 market to be slightly more forgiving. Industry groups expect the supply of for-sale homes to increase while home prices rise at a slower rate. However, if you hope to buy a new home this coming year, now is the time to muster up some stamina and a solid strategy. Have you been searching for a new home but still feel nervous to jump into the deep end? The New Year is the perfect time to create a realistic and achievable game plan to buy a house. While the 2022 market may be slightly easier to navigate than last year’s market, thorough preparation is key for a smooth home buying & closing experience. Read on for True Concept Title’s tips to be a savvy homebuyer in the New Year.

Purchasing a previously foreclosed home from a bank or lender can be a great financial real estate move. This is a great way to secure a home that may otherwise not be in your price range, or it may be a great investment to rent out or flip to resell for a profit. Whatever your reason is for buying a real estate-owned (REO) home, you should make sure you protect your new investment with REO title insurance. Title insurance is always important when purchasing a home, but with an REO property, it is especially so.

In the head-spinning process of buying a home, one of the most critical documents to a smooth transition from seller to buyer is the title report . With a legal document called a title, a homeowner can provide proof of ownership and verify the legal status of the property. A title report is designed to disclose a property’s most important information and is intended to ensure a property is free of any legal defects that could potentially decrease the land’s value. When buying your new home, it is crucial you know who you’re buying from and that they legally have the right to sell it to you.

Are you in the process of building a new construction home? New homeowners that are building new construction homes often assume incorrectly that they do not need title insurance , as no one has ever lived in their home before. But that assumption is wrong, and the title experts at True Concept Title explain why title insurance on a new construction home is so important. Title Insurance 101 To understand why having title insurance is important, even for a new construction home, it is first important to understand the basics of what title insurance is. If you are purchasing your home through a mortgage lender, you will know that you are already required to have title insurance. Knowing that the mortgage lender requires title insurance, should make a new homeowner want to protect their new home financially as well. Title insurance also protects your ownership as well as protects you against any unforeseen or hidden title issues. When you purchase a property, even new construction, an exhaustive title search is performed. Sometimes these searches bring up title defects and issues that can be cleared before closing, but sometimes these issues can arise after closing. Let’s look at your new construction home. Your home’s lot may have been subdivided from the developer who bought a large parcel. It is not uncommon for the entire parcel to be subject to claims post-closing. Some common title defects may include: Forgeries Problems with power of attorney Sale without an heir’s permission Discovery of will that affects the property Problems with liens Undisclosed spouse with an interest in the property And finally, while you may assume that your developer and builder were of good standing, it could come out post-closing that there is a contractor’s lien (also known as a mechanic’s lien or construction lien) against the property and the lien must be paid by the new homeowner. Without title insurance, if a contractor’s lien is found post- closing , you will be responsible to pay for the costs to resolve the lien out of pocket. Understanding the Common Misconception of Title Insurance for New Construction Saving money here and there can add up over time. Who doesn’t want to save money? Often, new homeowners building new construction homes may assume they do not need to purchase title insurance and opt to save the money. After all, it may be worth saving the small expense when no one has ever lived in your new construction home before, so there is nothing to worry about… right ? Wrong. Many new construction buyers assume that the title to their new property Is free of any disputes. They assume that the developer or builder has taken all the correct steps to resolve any outstanding issues on the title . But that is where you can get into big trouble, a new construction home is just as prone to title issues as an older home, and the cost of disputing it is not cheap. What Title Insurance Will Do for You When you purchase title insurance you pay a one-time premium. Once purchased, if there ever are any disputes over ownership, liens, or outstanding payments, the title insurance will cover the legal fees to defend your title interest. In a worst-case scenario, you could lose the property and no longer have the resources to replace it, whereas title insurance would cover that. Title insurance also protects your heirs. If you own the property, your title insurance remains active and effective. You can safely pass the property to your heirs knowing the rights to the property and home are protected. Protect Your New Construction Home with Title Insurance No home—old or new—should be without title insurance! Do not be caught off guard by incorrectly assuming that just because your home is new that it can’t have previous issues or defects that are now questioning your ownership. Purchasing a home without title insurance is never a good idea. To learn more about protecting your new construction home with title insurance contact True Concept Title today at 813-263-7168!

When it comes to real estate purchases, buyers and seller’s agents tend to get the most attention. But, here at True Concept Title, we know that the title company is often the unsung hero of the transaction. The title company works behind the scenes to keep the property purchase on track. The title company has a lot of responsibilities that relate to the closing . Our job begins after the buyer and seller sign their sales contract, and it doesn’t end until after the property sale completes and you get the new keys. To help buyers, investors, and partners like mortgage agents understand the closing process better, we explain what you can expect your chosen title company to do. Title Search The title company’s first job is to research the property’s history of ownership, chain of title, and to identify encumbrances on the title. Some examples of this would be a mortgage, a tax lien , or an easement. If the title search finds any of these potential issues, the title company works to clear them. The title company puts all of its findings together in a report called an abstract of title. The fact is – the title company is a major part of any real estate sale. We are highly involved in the paperwork needed to make everything official. Accuracy is what’s most important to us above all. Title Insurance The title company issues title insurance . This guarantees the title is free from encumbrances. The buyer has to buy enough title insurance to protect the lender against any loss due to encumbrance on the title. Closing Documents Closing day can be summarized as two separate transactions: the home purchase and the mortgage loan. These transactions have many documents associated with them. These documents include the deed, the mortgage and promissory note, insurance policies, and disclosures. It is the responsibility of the title company to prepare each of these documents and obtain the required signatures. The title company issues title insurance guaranteeing the title is free from encumbrances. For a smooth sale, new home purchase, or mortgage refinancing, it is essential to choose a title company that you can trust. Escrow Payments Property tax and insurance are fees that buyers prepay at closing. The title company collects these fees and deposits them in a special escrow account for disbursement to the correct companies and taxing authorities. Cash Disbursements During a real estate closing, a lot of money changes hands. The buyer pays a down payment, insurance premiums, and property tax. The lender then pays the seller the amount due after the down payment. The seller then repays the balance on their mortgage in addition to any additional property tax they may owe and to their broker’s commission. Then, part of that commission goes to the buyer’s broker. The title company and anyone else involved in the sale also need to be paid. The title company figures out how the money is disbursed, records it on a HUD-1 statement, prepares checks, and then disburses the funds to the correct parties. Deed and Mortgage Recording Once the closing ends, the title company records the deed and mortgage. This is the step that makes the sale public record to serve as evidence of the property’s ownership. You Have a Choice, Choose True Concept Title The fact is – the title company is a major part of any real estate sale. They touch the money and the paperwork needed to make everything official. For a smooth sale, new home purchase, or mortgage refinancing , it is essential to choose a title company that you can trust. Consider us for your next real estate purchase. True Concept Title works hard to be the best in the business. Our national title specialist will work diligently to make your property purchase as painless as possible. Accuracy is what’s most important to us above all. Contact us to learn more today.

Title insurance is not just for first-time homebuyers, it is something ALL potential new homeowners should purchase; every time with every home purchase . Without title insurance , you risk losing your new home or being burdened financially fighting to it should an issue arise. If you are purchasing your new home through a mortgage lender, you will be required to purchase title insurance . But even if you are purchasing your home without financial assistance, it is important that you don’t forget this very important step. Everyone wants a quick closing but having the extra step of a professional title search will be worth the peace of mind. But how long does the title search process take? The answer can vary on what is found during the title search. Here our national title experts explore in general how you can expect the process to go; keep reading to be prepared for the closing table. Why You Need Title Insurance Title insurance is one of those purchases that you never think you need until you need to use it! Title insurance protects an owner from unexpected problems with their home purchase that can turn into a huge financial burden or deed/title issue. These issues generally arise after closing. Typically, these unexpected problems that arise after closing are due to undiscovered former liens, forgery, or the appearance of unknown heirs claiming the house is theirs . Title insurance, which is required by a mortgage lender, will protect the new homeowner from any of these issues that may arise. The insurance and guarantee of having a clear title are based on a thorough title search that is conducted by title professionals who scour public records to find any and all lost heirs, defects, liens , levies, encumbrances, etc. While You’re Here > How Errors In Public Records Can Impact Your Title Clean and Clear Title What a novel concept… When a professional title inspector starts the process of searching public records , they will start looking through records about your new home’s title to find and locate any potential issues. If the information is readily available in public records and they find nothing wrong in the property’s history, the title inspector will deem that the title is “clear”. This process can take as little as two weeks. The Curing Period But not every search comes back with a clear title. When this happens, the timeframe for getting title insurance is longer and varies depending on what the specific details are with the title issues. All property data is now filed in public records, which makes accessing them easier, but sometimes these title records can have errors or forgeries that now affect the state of the records. Or sometimes, especially with older homes, titles may change quickly or inaccurately amongst heirs and be overlooked. When a title agent does find these issues, the next step is to remedy these unresolved problems; this is called the “curing” period. In this period, the title agent will work behind the scenes to “clear” the title. If a lien has been found, the title agent will work to find proof that it was paid off or arrange for it to be paid off. If an heir is discovered, they will contact the heir and work through the process of making sure they have a claim to the property or work on documenting the revocation. Together with your mortgage professional and real estate agent, we make a team that is completely dedicated to making sure you can close on your new home without issue. Protect Your New Home with Title Insurance Congrats on buying a new home. We know that homeownership is a big deal whether you’ve bought in the past or this is your first time purchasing a property. Your title search (we hope) will come back clean in just a couple of weeks. But if you must wait an additional couple of weeks to have the title cleared, you can be assured you have the security and insurance to keep your new house without the financial burden of fighting for it in court! Make sure your home is protected from the past and in the future with title insurance . If you are looking to purchase a new home, contact True Concept Title at 813-263-7168 to start the title search and insurance process!

Purchasing a new home is exciting! It may be the first time or the fifth time, but no matter how many times you have purchased or plan to purchase a home, you need to make sure you are protecting your investment. Whether you purchase your home by cash or take out a loan, we highly recommend you get both homeowner’s insurance and title insurance. When you’re new to this process, they may sound like the same thing, but they are very different. While we title specialists, not homeowner’s insurance pros, but we do know enough to share the basics. Here we explain how having title insurance when you close and homeowners to protect your property from unforeseen future accidents – are key. Here’s how these types of insurances protect your home from different things: What Is Homeowner’s Insurance? Essentially, homeowner’s insurance protects your home from events that may happen. It is a policy that homeowners pay either monthly, quarterly, or annually. If you are purchasing your home through a loan, you are most likely required to have homeowner’s insurance. Homeowner’s insurance helps to repair or replace your belongings or home if they are damaged or lost by certain covered perils. Examples of these may include: Damage to home or its contents Theft of personal property from within your home Payment of living expenses if your home is uninhabitable from certain perils Damage to your home caused by fire, hail, windstorms, and vandalism Structural damage to the home or any detached structures Personal liability for bodily injury/ accidents to guests in your home/on your property You will need to check with your specific insurance policy, as some policies do not cover natural disasters. You may be able to add additional coverage to your standard policy for things like flood insurance. What Is Title Insurance? Title insurance protects you from things that have already happened but are unknown or hidden at the time of the property purchase. Title insurance will protect you from financial loss and any legal expenses if it is discovered there is a defect in your title. When you purchase a home, an exhaustive title search is completed which reviews the history of your property and seeks to eliminate all title issues before the purchase is complete. But sometimes the past, through no fault of the title examiners, unearths past issues that can now complicate your property title. These issues such as filing errors , forgeries, and undisclosed heirs can be difficult to identify during the time of the search. Homeowner’s insurance protects you from what may happen. Title insurance protects you from things that have already happened but are unknown to you. Title insurance, unlike homeowner’s insurance, is normally a one-time fee that is paid at closing and covers you throughout the lifetime of your home purchase. Why You Need Both Types of Insurances Both homeowner’s insurance and title insurance can have a significant financial impact on homeowners. Without the proper insurance coverage, homeowners can lose financially when having to pay out of pocket for their property and home damages to even losing their home over a title defect. It does not matter if you purchase your home with cash or take out a home loan, you are able to (and should) get both insurance coverages. Protect Your Property with True Concept Title Make sure your home is protected from the past and the future with both homeowner’s insurance and title insurance. Whether you are looking to purchase a new home, or have questions about how title insurance, escrow , or you’re looking ahead and planning for mortgage payoff , contact True Concept Title today at 813-263-7168 and let our national title specialists work with you!

Making the change from renting to buying is a big step in anyone’s life. Are you longing for that sense of home and belonging that comes with owning your own house or property? No matter how far away homeownership is to you – there are important factors to consider before buying a home. It can empower you, but there is some homework that you have to do along the way. While we focus on the escrow and title processing side of real estate, we want to help you prepare for this transition and feel comfortable with buying a home. We help make buying a breeze all the way through the closing table . Here is True Concept Title’s guide to the benefits of you moving from renter to owner! Buying a Home Takes Time Remember – homeownership doesn’t happen overnight – and you wouldn’t want it to. The process takes time, and there are a lot of moving parts along the way. Patience is essential, as well as open communication with your real estate agent and mortgage broker. Make informed decisions about your mortgage terms and where you want to live before beginning your home search. When you find that perfect place, make sure to have extra peace of mind – and a clear title – with our team . You have a choice in title just as you have in your dream home, choose True Concept Title. Renting or Buying: Where Is Your Money Going? The costs associated with renting and buying can be much different. With renting, your living expenses are typically rent, a security deposit, utilities, and special fees for pets or even parking. In renting, your rent goes to a landlord that is either put towards their mortgage payment or kept for profit. As a homeowner – your costs include the mortgage payment, property taxes, HOA fees, and any fees associated with the upkeep of your home. Mortgage payments go to pay the principal balance on your loan plus any accrued interest until payoff . The benefit of owning a home is that these payments go towards your own financial growth. A Lifestyle Shift This is a big moment – congrats on moving on from renting. This will be a positive shift as homeownership comes with more stability and less moving. You can engage with your community when you own a home. Another plus to owning your own place is that you can decorate and make your house look exactly how you’d like it to. You can design and renovate your dreams in a space that you own. Make sure to save enough for your closing costs and whatever new décor your home needs! Looking for Long-Term Financial Growth Owning a home can also mean financial stability over time. Your money could eventually make it’s way back to you – rather than to a landlord . You also get to start building equity as well – and equity is an asset. As it grows over time, you can use it for other things – like an investment property, retirement, or as something to will to your family. This is the biggest financial investment of your life so make sure to protect it. Title insurance will ensure the property is clear of any costly liens or other issues that could put your ownership in jeopardy. Work With Experts Before you start your search, talk to a mortgage broker to know what you’re pre-approved for. That way, you can search for homes that suit your location and budget. You should limit your online property search to close to this budget so you don’t tour homes you can’t afford. A pre-approval letter in a hot real estate market is always key. As you decide to buy a home, it’s important to seek out a real estate professional to help you on your journey. This person should be accessible and have your best interests in mind throughout your professional relationship. They will help make your move as easy as possible. And remember, the paperwork can be the hard part. Close with confidence! You have options when it comes to your title – make the right choice. Call us today to learn more about our services and how we can help you.

Every property has a history . When you purchase your new home, you will want to make sure it does not come with its own set of baggage. This history, if not accounted for properly can make your new home purchase a nightmare. Here’s how errors in records may impact your home title. The Importance of a Title Search When you go through the process of purchasing a home, one of the steps during the real estate transaction’s closing process is a title search . A title search determines whether any title defects can affect the purchase or the property. A title search will determine if the title is clear or if there are previous mistakes that have been made in public records. Depending on where you purchase your home, a title search will search the public records of these entities: Clerk of courts Office of recorders Registrar of deeds Municipal and county documents such as judgments, street and sewer assessments, and special taxes and assessments Depending on what is found during the title search, the mortgage company can refuse to continue with closing and the purchase, or the issues can be resolved before purchase. Common Title Search Errors Title search errors can affect a potential buyer during the homebuying process. In some cases, these issues can make the home purchase fall through. A comprehensive title search by True Concept Title will help determine if any issues are connected to your property. Some of the most common title search errors found are: Undiscovered liens Mistakes in public record Missing heirs Forgery Unlawful deeds Boundary and survey disputes Impersonating an owner Undisclosed owners Undisclosed easements These errors can completely change the outcome of the real estate transaction. An undiscovered lien can force the new owner to pay off an unpaid debt from a previous owner. Or a missing heir can result in the loss of ownership even after the property is purchased. You may even find out the boundaries or easements on the lot are not what you were anticipating. How to Avoid Errors in Public Records As a buyer, it is nearly impossible to avoid errors in public records. You have no control over the property’s history and/or any mistakes that have been made with previous filings and recordings. That is why as a new owner you need to purchase an owner’s policy and title insurance. Title insurance protects your ownership rights from any defects and errors. Title insurance may also cover both the legal costs and certain losses that may sustain from a title defect. Protect Your Title With True Concept Title A proper title search and purchase of title insurance will help you to avoid any errors that were made in public records regarding the property. Our team of title specialists will work to ensure any errors in public records will not impact your new home’s title. You have a choice when it comes to your title, call True Concept Title’s Tampa Bay-based office at 813-263-7168. Contact us today for a comprehensive title search or to learn about our escrow, mobile closings , or how we support mortgage partners nationwide.

Buying real estate is a process that involves a lot of new terms like escrow, appraisals , title insurance, and more. It can be overwhelming if you aren’t properly prepared, informed, or assisted. Luckily, our team at True Concept Title is here to walk you through the buying process and protect your real estate investment with title insurance . Read more to learn how title insurance and escrow work together during the real estate process. In this article we will cover: What title insurance is and its importance Escrow’s role in your real estate transaction How title insurance and escrow work together

When mortgage interest rates are low, refinancing is very popular. And right now, mortgage rates are at an all-time low, which makes the idea of refinancing tempting for many property owners. Choosing to refinance your home loan depends on many things —sometimes it can be a smart financial move, and sometimes it just doesn’t make sense right now. Our title experts are here to discuss three factors homeowners should consider when deciding if refinancing is the right choice, right now. 1. Will You Benefit From Refinancing Long-Term? Just because the mortgage interest rates are low does not mean it is necessarily time to refinance. Refinancing needs to make sense for you and your family and what your reasons are for financing. Two of the most common reasons people choose to refinance are: Reduce their monthly mortgage payment or; Save on their long-term, overall interest Ideally, the right time to refinance is when you can do both: reduce your monthly payment and save on interest. Although, that does not always happen and that is when you should talk with the title and refinance experts at True Concept Title. We will help you run through scenarios that will show you the cost and potential savings of refinancing. Then, we make closing convenient with mobile title closings anywhere, on your schedule. 2. Do You Qualify For Refinancing? Just because refinancing makes sense for your personal situation, does not mean you will qualify. Qualifying for a refinanced loan will take more than on-time monthly mortgage payments. In fact, when you refinance, you will go through an entirely new underwriting process. When this happens, the bank/mortgage lender considers these three factors: Your home’s equity > Your home needs to be worth more than the loan value. An appraisal is part of the refi process. Your income > Can you afford the new monthly payments? Your credit > Are you creditworthy in the bank’s eyes? Unfortunately, if you—or your home—do not meet any of these factors, it may be difficult to qualify for a refinance. 3. Consider Your Long-term Homeownership Plans When you are considering the idea of refinancing, make sure you factor in your long-term homeownership plans. In most cases, it makes more sense to refinance if you plan on staying in your home long-term. Why is this? Most home mortgage refinances can take years before you will break even and start saving. Remember that refinancing is not free, it costs money. On average, refinancing costs several thousand dollars, between paying for application and origination fees, appraisal fees, etc. Talking with a mortgage professional or title expert will help you determine if refinancing now is a smart financial move. Refinance Today With True Concept Title Do you feel the time is right to refinance or still have further questions to ask about the process? Let’s figure out if refinancing is a financially smart move for your property. Remember: you have a choice when it comes to your title and escrow service. Trust the team of True Concept Title and our real estate partners nationwide. Call our Tampa area office at 813-263-7168 and we’ll connect you with a local title representative.

You keep hearing the phrase “it’s a seller’s market,” but what does that mean? What impact does that have on you as a buyer? To best understand what a seller’s market is, it is best to first understand that it is simply a matter of basic economics—a rule of supply and demand. In a seller’s market, home inventory is low and the demand to purchase homes is high. The low supply and high demand lead to competitive bidding and higher home prices. The National Association of Realtors reports that home prices have consistently risen for over 50 consecutive months. In just 6 years the median existing-home price is up 6.3%, and in the last year, home inventory is 3.6% lower. These numbers may be music to your ears if you are looking to sell your home, but how does this affect you if you are looking to buy? Five Tips For Buying In A Seller’s Market As a potential home buyer, it is crucial to understand how the seller’s market works. Our experts at True Concept Title have put together some tips to help you understand how to navigate the home buying process. 1. Make Your Best Offer First In a seller’s market, it is recommended to offer the asking list price quickly to prevent competitive bids. If this truly is the home you want, do not try to come in with a low offer to potentially lose the home to another offer that offered what was being asked by the seller. Additionally, a seller does not want to write a counteroffer, especially if they have multiple offers all at once. A seller will pick and choose the best offer—so make sure you put your best offer on the table first! 2. Be Ready To Offer More In a true seller’s market, there may be multiple offers on a home. When going into the home buying process, you need to mentally (and financially) prepare to offer more than asking. Be prepared for your initial offer to not be your final offer. To make sure you can afford to offer more than asking you should only look at homes in your price range that are up to 89% of your maximum budget. This technique allows you to have extra funds—in your price range—in case there is a bidding war. 3. Offer Cash If you can offer cash, you will catch the seller’s attention and show how serious you are about purchasing the home. You can offer cash in two ways: Offer more cash than normal in earnest money. Earnest money is a deposit by the potential buyer to the seller to show the buyer’s good faith in the transaction. If a buyer can offer more cash towards the earnest money, it will show the seller how serious they are. If you can, offer and make a complete cash offer. The process of not using a mortgage lender can simplify the home selling/buying process. In a hot market , it is very appealing to a seller to receive cash offers. We understand this is one of the largest purchases of your life. We’ll protect your purchase with top-notch title insurance and escrow service. When you’re ready to close, we’ll come to you for convenient mobile closing. You have a choice; call True Concept Title today. 4. Offer Non-Financial Incentives When there are multiple offers, home sellers will look for potential buyers that can offer other non-financial incentives. These incentives can ultimately distinguish you from another offer. Some examples of non-financial incentives include: Waiving the home inspection contingency Purchasing the house “as-is” even after a home inspection brings up issues Offering flexible dates and deadlines that work for the seller 5. Appeal to the Seller’s Emotions Oftentimes, there is more to a home sale than money. You may be able to use the seller’s nostalgia for their home as an advantage. While this should not be the first strategy you use to secure a home, it is a smart way to complete the deal. Adding in a personal letter or video to your offer has the chance to appeal to the emotions of the seller. Before you write your letter or send your video make sure you understand the seller and what will pull at their heartstrings. Did they raise their entire family in that home, just as you want to do? Will you upkeep the architectural heritage of the home, as they did? Think about what made the home so special to the seller, and what you as a buyer can offer the home once they leave that will make them feel you are the best and only fit for their beloved home. Buy Confidently in a Seller’s Market Do not let the idea of a seller’s market dissuade you from purchasing a home. Mortgage rates are at an all-time low so if you go into the home buying process with an open mind and some knowledgeable tips, you will find the perfect home for you and your family. True Concept Title is ready to take you through that process starting with finding the lowest interest rates and the best loan options. Call 813-263-7168 today to get the home buying purchase process started.

Refinancing your home can be a great decision as interest rates are at historic lows. It potentially could save you money, and who doesn’t want more cash in your wallet? When you refinance your home , you essentially replace your current mortgage with a new loan and new terms. But first, you should answer some important questions. What is it that you want out of it? Are you looking to decrease your monthly payments or shorten the timeline of the loan? Are you looking to pull out equity for a home improvement upgrade? Whatever your reason, you should understand the ins and outs of refinancing so you can get the most bang for your buck. Our experts at True Concept Title share five home mortgage refinance tips so you can make the best financial decision for your home and family. 1. What Is Your Credit Score? Knowing your credit score is first on the list. That number plays a crucial role in determining what you qualify for in interest rates and loan types. The better your score is, the better rates and loans you will receive. If you don’t know your score, you can run a credit report through the three major reporting bureaus: Experian, TransUnion, and Equifax. Awareness of your credit score also gives you a chance to focus on improving it before you decide to refinance. If you choose not to run a credit report, the lender will check your scores during the refinance process. 2. Know Your Equity It is essential to know the value of your home equity when you are considering refinancing. Equity is the percentage of your home that has been paid off. You can find this on your mortgage statement, where the payoff amount of your principal balance is listed. Some homeowners refinance with the idea of taking out cash to cover home repairs, home improvements, or to pay down debt. If there is no equity or too little in your house, you will not qualify for a cash-out refinance. 3. Be Ready for the Appraisal Your home will be appraised during the refinance process, which will show that your home’s value matches up with your new loan. If your home is not worth as much as the loan you want, the lender will not approve it. Ideally, you want your home appraisal to be higher than what you paid . Your increased assessment also will help with an increase in home equity. Our title experts at True Concept Title have listed what a homeowner can do to show off the home to an appraiser: Make available to the appraiser a list of all the upgrades you have done to your home. Some upgrades are harder to spot. Improve your home’s curb appeal. The front of the house is the first thing people see, and a tidy appearance can drastically increase the home’s overall value. Before appraisal day, spruce up the landscaping, mow the lawn, and put away children’s toys and yard equipment. Clean the inside of the home. If it appears clean, organized, and airy, it can influence the appraiser’s assessment. Set the thermoset to a comfortable temperature, open window coverings, make the beds, and put animals out of the way. 4. Respond and Communicate Quickly Refinancing a home loan can take 30 to 45 days . You can help the process along by being responsive and open to communication. As your lender works through the application, additional supporting documentation such as work or financial history may be requested. Make sure you promptly follow through on phone calls or requests for documents. 5. Remember to Consider Closing Costs As with a regular home loan, when you refinance, you must pay closing costs . Generally, you can expect closing costs to equal about 3% to 6% of your purchase price. Closing cost fees often include: Application fee Appraisal fee Inspection fee Attorney review and closing fee Title search and insurance Most of these costs are paid at closing, but a couple of scenarios allow you to work around or build in those closing costs. Talk with your realtor, lender, or our closing team at True Concept Title to determine which plan makes the most financial sense. For example, if you waive immediate closing costs, you may have to take on a higher interest rate, which likely means you will pay more money over time. Refinance Today with True Concept Title Now that you have reviewed these mortgage refinance tips, you may be ready to proceed with refinancing, in part due to diminished mortgage rates. Our True Concept Title team is prepared to guide you through the process to ensure you receive the best interest rate and loans. Contact True Concept Title at (813) 263-7168 or toll-free at (866) 651-6224.

What’s not to love about luxury high-rise condominiums with impressive waterfront views, walkable areas, and stunning sunsets? Before purchasing a condo, however, determining whether title insurance is required is a necessity. After all, this safeguards the property even though you don’t own the land. 

Now is a great time to refinance your home to take advantage of lower rates or more favorable terms. Even if you refinance through the lender that originated the current loan, you likely will have to pay closing costs such as service and title insurance fees. Our title insurance pros at True Concept Title discuss why title insurance is required, even during a refinance.

There is a lot that goes on behind the scenes when purchasing a new home. Closing costs is one of those things. Closing costs: you may have heard about them on TV. Closing costs are not one set number based on the purchase price; they can include a variety of fees and other charges. Whether this is your first time buying a home, or if you have done this a few times, it is important to have a complete understanding of all the costs associated with purchasing a property. Here, the True Concept Title team outlines the five most common closing costs. Keep reading to get a better understanding of what you can expect at closing time.

Are you going through the home buying process or refinancing? If you are, and you are financing (or refinancing ) the home through a lender, you will need to get the property appraised. But what is a home appraisal, and why do you need it? Why does the lender require it? And how can you get your home appraised? Our mortgage and title experts at True Concept Title have put together an easy overview explaining what a home appraisal is so you can understand the process when the time comes. Finding Fair Market Value A home appraisal is an estimate of the fair market value of a home. The appraisal is completed by a licensed or certified appraiser and is based on research of recent sales of comparably nearby homes, an analysis of the property, and the appraiser’s judgment. An appraisal is required by a mortgage lender when a buyer needs help financing the home. The lender wants to know what the approximate value of the home is, so if the buyer happens to default on payments in the future, the lender can use the home as collateral to recoup their loss. A lender does not want the loan to be worth more than the property’s value. Typically, the homebuyer will pay for the appraisal (roughly $300 to $400), but the lender will set up the appraiser and oversee the process. What Does An Appraiser Look For? When a home appraiser determines a home’s value, there are many details and factors they consider. Using market research, an appraiser will consider: Characteristics of the neighborhood/surrounding area Recent sale prices of comparable nearby homes The lot and home size Age of home Condition of home Appliances Amenities (ex. fireplaces, decks, or pool) Home improvements and renovations Interior and exterior materials Local housing market trends These listed considerations are a part of the four-step appraisal process. When an appraiser conducts an appraisal, the process performed includes: Research the home’s history Evaluate the market On-site inspection Submit a comprehensive report (Uniform Residential Appraisal Report) Home Appraisal Vs. Home Inspection A home appraisal can sometimes be mistaken for a home inspection. Both are important and required in the homebuying process when the buyer is financing, but they serve two different purposes. As we just discussed, a home appraisal is an assessment of home value. It is completed to help the lender gauge the risk of making the loan to the buyer—the bank wants to have collateral that is worth something in case the buyer/borrower defaults on their payments. And while the appraisal does consider the home’s condition as part of the home appraisal analysis, the appraisal does not make recommendations for repairs. A home inspection is an evaluation of the home’s condition. An inspector, not an appraiser, will walk through the home from top to bottom, inside and out, checking the home’s structure as well as mechanical and electrical systems, appliances, and plumbing. An inspector will also submit a report, with recommendations for repairs. These repairs will usually need to be completed for insurance purposes before the home can be sold. Do I Have to Have a Home Appraisal? Unless you are paying cash, you will need to get the property appraised. The lender will have it as a requirement to get a mortgage. They want to make sure the property they are helping you invest in is worth what you’re paying for it. If the property doesn’t appraise at the price you offered, you may need to bring more money to the closing table to cover the difference in value. The seller may also be willing to renegotiate the purchase price based on the appraisal value. Close With True Concept Title A one-stop shop for all your title, loan payoff, and escrow needs nationwide. Our experienced professionals will assist you through the home closing process to make sure your home buying purchase goes smoothly and without any delays. Call today at 813-263-7168 to see how True Concept Title, or our local real estate, mortgage, and banking partners can help you!