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Monday, May 7, 2012

Home Buying Guide: What is a Mortgage Insurance Policy?

A mortgage title policy is an insurance policy which will compensate the lender in the unlikely event that the loan is defaulted upon.  Typically, a lender's financial stake in the property is greater than yours and therefore an insurance policy is required.  The policy must be ordered prior to closing and the cost will be charged to you on the HUD Settlement Statement.
You have the right to choose which title company will provide your mortgage title policy unless otherwise stated and agreed upon in the purchase agreement.

KW Selling Team recommends the following title companies:

East Lansing (inside the Keller Williams Building)
3100 West Rd
Bldg 1, Suite 210
East Lansing, MI 48823
(517) 853-8211

2395 Jolly Rd 
Okemos, MI 48864
(517) 853-5982

1 comment:

  1. Well, it’s a nice one, I have been looking for. Thanks for sharing such informative stuff.buying real estate