Protection Insurance Policies

How long does it take to get my title policy? How quickly you receive your owners policy depends on how quickly the Register of Deeds can record and post the recording information for your documents. All documents sent for recording must be properly recorded and returned to the title company before we can issue the title insurance policies. Sometimes delays can occur if the sellers mortgage company is slow to record a discharge. The typical wait is 4 months.

What security do I have to provide ? A first mortgage of the property to be financed. The title should be clear marketable. Some HFCs may also require collateral security like the assignment of life insurance policies, pledge of shares, NSCs, units or mutual funds, bank deposits or other investments.There are insurance policies which cover your mortgage payments should you become ill, have an accident, become unemployed or die. Ready to discover how we can help you find suitable mortgages and remortgages? Simply enquire now or request a call back Shorething Mortgages and are trading styles of Shorething Finance, and is an introducer of clients to regulated Mortgage lending companies.

What if I receive no offers and I can’t find coverage on my own? Be willing to accept a policy with a surplus lines carrier if necessary. Large independent insurance agencies usually are licensed to sell surplus lines insurance or they have contacts with others that can tap that market. Surplus lines companies are “”eligible”" to do business in Texas when licensed companies are unwilling to write the coverage.Mortgage insurance insures the lender against losses should the borrower not make payments and the loan go into default. It is this kind of insurance that allows lenders to make loans where the borrower’s down payment is less than 20%.

What if an alternate payer, such as my mortgage company, pays my premium? Your account bill reflects all payments made on your policies, including when an alternate payer such as your mortgage company, was billed and when Electric Insurance received a payment.Title insurance protects you from losses that occur from various matters affecting title to land. There are two basic types of policies: Owners’ policies to protect the owner, and Loan policies to protect the bank’s mortgage.

How does mortgage protection term insurance differ from other types? The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium is usually level in amount.Although a purchaser may be able to eliminate the requirement of the survey by a mortgage company, this does not change the fact that the survey could show existing problems with one of the neighbors such as the incorrect location of a fence.

What is a mortgagee clause? A mortgagee clause is an acknowledgment by your insurance company of the interest your lender has in the insurance policy. We require a standard mortgagee clause on all insurance policies. Please give your insurance agent your Network Funding Mortgage loan number and the following information for the mortgagee clause:There are insurance policies which cover your mortgage payments should you become ill, have an accident, become unemployed or die. Ready to discover how we can help you find suitable mortgages and remortgages? Simply enquire now or request a call back Shorething Mortgages and are trading styles of Shorething Finance, and is an introducer of clients to regulated Mortgage lending companies. We may receive an introductory fee from the lender.

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