The Advantage Title Home Buyers’ Guide
At Advantage Title we want to make sure you are informed and confident throughout your entire home buying process including the title and settlement portion. Check out our Home Buyer FAQs below for helpful tips from our experienced team.
Home Buyers’ Guide
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Home Buyer FAQs
What do I need for settlement?
A copy of your driver’s license and a second form of ID such as passport, military ID or social security card and any funds that may be required at the closing table.
What forms of payment do we accept if funds are required at the table?
The only forms of payment accepted are money order, wired funds from your bank or cashier’s check. We do not accept personal checks, cash, credit cards or COD (cash on delivery). **
Why is title insurance required on a refinance?
All banks and lenders require a lender’s title policy to protect their collateral interest and the money that they are lending to you in your new loan. When you bought your home most likely you purchased an owner’s title policy which is good for the life of your homeownership. Each time you refinance, however, every new bank will require their own policy protecting their new interest.
How quickly will I receive my funds from my refinance?
In all primary residential refinance transactions, there is always a 3-business day Right of Rescission from the time you settle to the time your new bank funds your loan to the title company. We expect to overnight or wire funds on the day they are received.
Where can we close my loan?
In addition to our office, we are willing to close at just about any location such as your home, the local library, a restaurant or even your place of work. If we are traveling too, please understand that we may need a 30- to 90-minute window to account for difficulties in traffic and weather conditions. We appreciate your understanding.
Who needs to be present at settlement?
All parties that are on title to the property, not just the mortgage, are required to be present to sign. Some states require non-titled or non-borrowing spouses to sign the security instrument and other affidavits.
If I cannot be present for settlement what can we do?
With approval from your lender, we will prepare a specific Power of Attorney for you. **
What does Advantage Title need to start my refinance?
All we need is for your loan officer to contact us directly and we will take care of the rest.**
Why do I need owner’s title insurance?
An owner’s title policy protects you from unforeseen and costly problems that interfere with your vested interest in the home. Some examples include, but are not limited to unrecorded owners in title, unrecorded or unreleased liens and judgments and mistakes that can be caused by the county or state recording offices such as mis-windexing of recordable documents. Without an owner’s policy, you could end up spending hundreds of thousands of dollars satisfying these problems or even lose your home. Please contact our office and ask to speak with a licensed producer for more information on the benefits and/or examples.
What is the maximum coverage provided by my owner’s title policy?
Your owner’s title policy will protect you up to the full purchase price of your new home.
Example: You are buying a home for $300,000 and 6 months later there is a lien holder demanding full payment of an unrecorded lien in the amount of $68,000. Your title insurance will satisfy this amount.
This coverage does not increase with the value of your home; however, your owner’s policy can be updated for your new appraised value at any time. Enhanced owner’s policies are available which do increase as your home value rises up to 150% of the original value. Contact us to learn the many other benefits of an Enhanced policy such as fraud protection.
What does Advantage Title need to get my purchase order started?
All we need is a copy of your ratified contract of sale, either from you or your real estate agent. If you are borrowing money to purchase a home, we will need the contact information of your loan officer or bank so that we can coordinate your settlement.