Tips on Home Mortgage Titles

Video Transcript

Hi, this is Jim DiVietri from Allied Home Mortgage in Lansing, Michigan on behalf of Expert Village. After you sign the documents is order the title from the title company that we are working with. The title shows if there is any liens on the property. A lien is, say you owe property taxes, or they owe property taxes on that particular house, and the state of Michigan or the county in Alaska has a lien on the properties, so all that money has to be paid before you can purchase the land. Also if somebody else has a lien on it. This person might owe for siding or for a roof that has been put on. What contractor might have put a lien on? So you are looking to see if the property taxes are paid or if there is any liens on this. If the description of the land is correct, the title companies will make sure all this occurs right. And also that is where we do the closing at. A good title company can really help the situation out by making things run really smooth, by getting your updates and everything to you really fast. And this helps out the client and the mortgage loan officer and the mortgage company. Especially if the client and the mortgage loan officer have locked the loan, the title company can make or break a lock. Again a lock is, you have locked the loan at six percent interest for thirty days, you have thirty days to close the loan, for a conventional loan that should be more than enough time to do it. So we have a couple of title companies, but one that we deal with them in particular, why, because of their good service in getting documentation over to us really on time.

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