No one wants to answer the door to find a stranger claiming to have a legal right to your home. It’s every homeowner’s worst nightmare!
 
But the fact is, it does happen because there are nefarious people in the world.

You’ve made the decision to refinance your mortgage. There’s only one thing you didn’t expect. Your mortgage company is requiring lender title insurance…again.
 
As you know, when you purchase a home, every lender wants to protect their investment. That’s why they require you to purchase lender title insurance at closing.

​Homeowner title insurance, on the other hand, is optional. Here at Lilly Title & Settlement, we strongly encourage buyers to protect the largest investment they will most likely ever make. It just makes sense. Even your lender thinks so. That's why they require you to purchase it for them--to protect their investment.

But now, you want to refinance, and your lender is requiring lender's title insurance again. Why? Let’s take a look at some of the most frequently asked questions about refinancing and lender’s title insurance.

Buying a home? Closing costs are expensive! So maybe you're thinking of skipping the purchase of an owner's title insurance policy. But should you?

Homeowners title insurance protects homeowners from potential financial loss due to defects in a property's title. It's an essential protection that should not be overlooked when purchasing a home. 

Yet, in Virginia, even though there are two types of title insurance, only homeowners title insurance is optional. However, your lender makes it mandatory for you to buy lenders title insurance to protect them! Why? A lender's title insurance protects their interests, not yours as a homeowner. If there's a claim against the title, they are covered but not you!

If it's that important to the mortgage lender, then shouldn't it be important to you? Let's look at four ways your homeowner's title insurance protects you.

​Buying a home is a complicated legal transaction. For most people, it’s the biggest transaction they’ll make in a lifetime.
 
Once the contract has been signed, gotten a home inspection, a termite inspection, and met other contractual requirements, it’s time for your real estate closing.
 
So, what do you need to know about closing on your home? We’ve got 9 of the most common questions right here.