Lender’s title insurance protects the lender against any problems related to the title of your property. For example, if someone were to bring forth legal claims against the home, then this type of insurance protects them from having to pay the costs associated with the legal trouble. Lender’s title insurance can be a majorly beneficial investment, saving the lender from issues down the road. This type of title insurance is different from others, protecting the money lender rather than the title owner. The title owner is the first one responsible in the case of a legal claim.
Do I Need Lender’s Title Insurance?
Lender’s title insurance is typically required when one gets a mortgage loan. This protects the lender from possible unexpected financial losses. The lender’s title insurance policy covers claims related to your property, but does not cover your equity. To cover your own bases, you can opt for owner’s title insurance. Lender’s title insurance is required in every state in the United States of America, making it a must. Typically, it is included in the paperwork when going through closing or choosing your mortgage lender. So, yes, lender’s title insurance is required and will help give the lender more safety in loaning you the money.
Lender’s Title Insurance with Embassy Title Agency
If you are looking for a company that offers lender’s title insurance in Novi, MI, then Embassy Title Agency is the title company for you. Embassy will be able to help you with any of your title-related needs. Our team at Embassy Title Agency is made up of over 100 years of seasoned experience. They go above and beyond to service all of our clients with much effort and perseverance. Their goal has always been putting the client first and giving them the utmost attention. You can contact us online or by phone at (734) 293-2000.