Remembering each home would appear easy, but it can quickly become confusing. Which home was near the school? Which one had the great pool? Did it have a family room? How many bathrooms? In the “Something Memorable” category, note something you think is unusual and memorable about each home, such as a stained glass window, fruit trees, a child’s playhouse. This will make it easier for you to recall the property later and refer to a specific address. And, last but not least, maybe the most important question, does this house feel like home? The following home comparison chart is… read more →
THIS FORMULA IS ONLY A GUIDE AND NOT TO BE CONSTRUED AS ACTUAL LENDING CALCULATIONS. Contact your loan officer to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/ insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not… read more →
Have you ever considered how much you pay in rent over an extended period of time? It is probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but, in most cases, substantially reducing the Federal and State income taxes you pay each year. And, what happens to your rent money? It’s gone! There’s no interest, no equity, no return. To determine your home-buying ability, call your real estate agent or lender. Here’s a chart to help break down how much… read more →
WHEN AND WHERE TO APPLY FOR A LOAN? There are many sources for home loans including banks, credit unions, mortgage companies, and mortgage brokers. You may consider asking friends and relatives or your real estate agent for recommendations. Knowing what you can afford before you begin looking may give you more bargaining power when negotiating with a seller. WHAT IS A HAZARD (OR FIRE) INSURANCE? Hazard insurance covers the dwelling itself and may be required for your home. Your lender or real estate agent may explain the necessary hazard insurance coverage to you. If you are buying a condominium, ask… read more →
Although the property you just purchased is new to you, it has a history, and sometimes, these histories can include unwanted baggage. During a real estate transaction’s closing process, a title search on the property is completed to determine whether there are title defects that can have an effect on the purchase. One common title issue buyers face when completing a title search is an error in public records. Humans aren’t error-free, and a clerical or filing error regarding your property can have an effect on the deed and result in costs you may not have expected. A title search… read more →
Do you feel like you are drowning in alphabet soup? Acronyms have become common-place in the title insurance industry. In fact, acronyms have come so far that there are acronyms of acronyms! One of the newest is TRID, an acronym for TILA-RESPA Integrated Disclosure Rule. Some acronyms are part of an industry group or association, such as ALTA, NAHB, DOI, or DFR; sometimes an acronym may describe certain standards. There are so many acronyms that it can be confusing and certainly overwhelming. The table below contains some of the industry’s most commonly used acronyms and their meanings.
What is a title examination and why is it important? An attorney may perform the search of the public records and examine the records themself and then issue the title opinion to the client. More often than not, the attorney does not search the public records but employs a professional abstractor, who prepares an abstract of title. An abstract of title is a concise summary of the documents and instruments of record which affect the title to a specific piece of land. An abstract should disclose the full effect of every instrument which constitutes part of the owner’s title and should… read more →
In order to truly understand the benefits and limitations of title insurance, an understanding of what “title” is, is necessary. For an even more concise understanding of title insurance, please visit our FAQ page. The types of real rights, that is, interests in immovable property, that Louisiana law recognizes are ownership, personal servitudes, predial servitudes, and such other real rights as permitted by law. Ownership is the real right that purchasers of residential real estate are most concerned, and thus, this part will be dedicated to that land interest. So, two questions need addressing: 1) How is ownership defined in Louisiana?, and… read more →
Title insurance is substantially different than other types of insurance coverage, which can often lead to a misunderstanding of the product. Title insurance emphasizes risk prevention rather than risk assumption. This emphasis on risk prevention is labor intensive and expensive, but the coverage offers the best possible opportunity for avoiding claims and losses in real estate transactions. Title insurance can be defined as the insurance of owners of the property or others having an interest therein, against loss by encumbrances, or defective titles, or adverse claims to title, and services in connection therewith. Title insurance is written either for the protection of the potential… read more →
It’s that time of the year again when the late summer heat commonly indexes in the triple digits. While the humid subtropical climate here at home is hot, the tropics at this time of year define the word. Like clockwork, Earth does what it does best, equalizes. The sweltering heat between the northern and southern 23rd and 1/2 parallels is disbursed to the northern and southern reaches of the globe, in an incredibly efficient yet incredibly powerful way: HURRICANES! Likely, very few people reading this are unaware of the imminent danger that can abruptly appear off our southern coast. When it does, pandemonium… read more →
Recent Comments