Title Insurance
Good morning guys and and congratulations on your purchase. Each and every state is different on closings. Some states you can have a title company others require an attorney. You are absolutely right about the closing company being a third party and many times in order to get the deal done they will side with the homeowner. As a homeowner remember you have the right to not sign if something looks different than you expected for instance the rate a pre payment penalty. Although, you have a contract which obligates you, closing a few days later in order to get what you want within reason. The closing table can be pretty stressful sometimes. One thing you want to be sure of is getting title insurance, the lender requires title insurance to cover the loan balance but it is pretty important you take a policy for the remaining balance to protect yourself if a lien or judgment was overlooked. You do not need to buy enhanced or anything like that but you need to protect you assets.
I can not even tell you how many times I hear someone in foreclosure say the mortgage broker changed something either the rate, did not escrow for taxes or insurance, or even added a two or three year prepayment penalty when you intended on refinancing in a year. Do not close if the terms that were offered you are not right and delay until they can get you close to what they promised. Be sure to look over the HUD Settlement Statement thoroughly and also pay attention to the Truth in Lending Statement (TIL)Good luck on your purchase and let us know how it works out.
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