Financing and Mortgage
— Veterans Administration (VA)
VA loans are partially guaranteed through the Veterans Administration. The VA recently expanded its qualifying criteria to include more veterans, so all vets should contact the VA for the most current information.

TITLE INSURANCE
Title insurance is a contract in which the title insurance company, in exchange for a one-time premium at close of escrow, protects against future losses resulting from defects in the title to real property that exist at the time of purchase but are unknown or undisclosed. Title insurance is significantly different from homeowners insurance and other casualty insurance. Casualty insurance provides protection from losses due to unknown future events such as fire or theft for a specified period of time (e.g. a yearly premium for a year of coverage).

Title insurance provides protection for a onetime premium for an indefinite period of time from future losses because of events that have already occurred (e.g. claims of ownership). Because of this, title insurers eliminate risks and prevent losses in advance through extensive searches of public records and thorough examination of the title.

There are two types of title insurance policies – the owner’s policy and the lender’s policy. The owner will typically purchase the Standard Coverage Form in the amount of the purchase price of the property. It does not cover increases in value unless you purchase an endorsement. It covers the buyer’s interest in the property for as long as the buyer or his or her heirs have an interest in the property subject to certain limitations.

The lender will typically purchase the Extended Coverage Form in an amount equal to the mortgage loan. It covers the lender’s interest in the property for the life of the loan. It provides additional coverage not found in a typical owner’s policy such as unrecorded easements and boundary discrepancies.

Owners may elect to purchase a Homeowner’s Policy of Title Insurance instead of the Standard Coverage Form. Introduced in the 1990s, this policy includes the standard coverage of a typical owner’s policy and additional coverage, such as forgery occurring after the policy effective date and increases in the value of the property.

A title insurance policy protects you from financial loss due to covered claims against your title, pays your legal costs if the title insurance company is required to defend your title against covered claims and pays successful claims against your title.

   
1
2
3
4
 
Chapters
Thanks to a sound economy, San Antonio continues ...
Now that you’re relocating to the San Antonio ...
One of the highest priorities for relocating families ...
Your guide to financing a home As a ...
quality health services for san antonio residents Fort Sam ...
Protecting Your Family and Property In this chapter, you’ll ...
San Antonio Military’s Rich History The United States Military ...
Moving, Packing and Utilities It’s been a hectic week ...
San antonio home sweet home San Antonio is the ...
staying organized before the move You’ve just received exciting ...
buying a house and making it a home While ...
Alternatives to Buying A Home If you’re relocating to ...
With three military installations in San Antonio, you’ll ...
Playtime in the Alamo City An advantage for many ...
plugging into the san antonio job market Your spouse ...
If you are relocating to San Antonio, why ...