Heritage Title Insurance Agency, Inc. realizes the purchase of a home is one of the most important decisions you will make – purchasing a home is a MAJOR investment. The closing of your home purchase and the issuance of title insurance is one of the most important parts of the process – Heritage Title Insurance Agency, Inc. is the best prepared to help you every step of the way.  Below is a rundown of items to help you know what to expect and how to prepare.  Remember, we are always here to answer any questions – just call us at (954) 763-3665 or email us.

Key Steps to Getting the Keys

Learn About Loan Options and Obtain Mortgage Pre-Approval
The kind of mortgage you choose has a big impact on how much you end up paying, including how much you’ll have to pay upfront, your monthly payment amount and the total cost of your loan over time. It also affects the level of risk you take on. Knowing what kind of loan is most appropriate for your situation prepares you for talking to lenders and getting the best deal. Most first-time buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can afford before you begin your home search.  Heritage Title INSURANCE Agency, Inc. works closely with your Lender as an effective partner.  We are a premier office with over 45 years in business and have obtained approval to work with ALL regional and national Lenders.   CLICK HERE FOR AMORTIZATION SCHEDULE TO LEARN YOUR MONTHLY MORTGAGE PAYMENT. 

Find a Property
Real Estate Agents and many online and print sources provide information on homes for sale. Educating yourself about the area in where you wish to buy can help you narrow your priorities and make an informed decision about which home to choose.  Searching for a home can be very exciting, but the process has only begun.  You need Heritage Title Agency to help you navigate through the process and result in a successful closing.  CLICK HERE TO READ HERITAGE TITLE INSURANCE AGENCY, INC.’S HOMEBUYER’S GUIDE.

Make an Offer
A proposal to buy a property includes both the price and terms. In a typical situation, you will complete an offer sheet that the real estate agent will present to the owner and the owner’s representative. The owner, in turn, may accept the offer, reject it or make a counter-offer.

Signing the Contract (aka Purchase Agreement, Contract for Sale and Purchase)
Having the seller accept your offer is a great feeling. After your offer is accepted, you will sign the purchase agreement, which is an agreement containing all the details of the purchase.  Heritage Title Insurance Agency, Inc. follows the terms of your Contract to the letter, including escrow of funds and important dates.

Obtain Funding
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs and taxes are added). After comparing loan options and selecting the best option for you, the next step is to tell the loan officer you want to proceed with your mortgage application. This is called expressing your intent to proceed. Lenders have to wait until you express your intent to proceed before they require you to pay an application fee, appraisal fee, or most other fees.  Remember, you have a CHOICE in Lenders, be sure to shop around.  Heritage Title Insurance Agency will work closely with the Lender of your choice – we are approved to work with ALL regional and national Lenders and are effective partners in achieving a successful closing. 

Obtain Title and Homeowner’s Insurance
Most Lenders require you to pay a year of homeowner’s insurance premiums up front. If your loan includes an escrow/impound account, the account will be set up for you to make monthly payments toward your future taxes and insurance on the property.

Make the smart choice – Protect your property.

For a one-time fee, your Owner’s Title Insurance Policy provides coverage for as long as you own your home.

Once you’ve decided to move forward with the purchase of your home and have funding in place, you are ready to send your contract over to Heritage Title Insurance Agency, Inc. –  we gather all the legal documents, close the loan and handle the money involved in your purchase.  As your title and settlement agent, we will handle your closing.

During the closing, or settlement as it is also called, you will sign many documents. Some key documents that you will sign include:

Closing Disclosure: This form contains the terms and costs of your transaction. By law, your lender must provide the Closing Disclosure to you three days before your closing.

Promissory note: This document is your promise to repay the money you borrow for your purchase back to your lender. The note provides details regarding your loan, including the amount you owe, the interest rate of the mortgage loan, the dates when the payments are to be made, the length of time for repayment and the where the payments are to be sent. The note also explains the consequences of failing to make your monthly mortgage payments.

Mortgage: This document, which may also be called a Security Instrument.  It secures the note (funds owed to the lender) by recording in the public is located and allows the lender to foreclose and take back the property if the payments are not made. This document restates the basic information included in the Promissory Note, as well as explains your responsibilities and rights as a borrower.

Warranty Deed:  There are many types of deeds but the most common in a purchase transaction is the Warranty Deed.  Upon delivery of the deed from the seller to the buyer, the property is transferred.  This document is also recorded in the public records of the county in which the property is located so that the title to the property is public knowledge.