Did you know that nearly 65% of all homeowners in the United States have mortgages? Meaning, more than half of homeowners procured a loan before purchasing their home. But what you may not realize is that some lenders request to hold the title of homes and other properties, until mortgages are paid off. Whether that refers to your situation or not, here are some of the most common questions referring to home loan titles:
- What’s the difference between a deed and a title?
A home deed is proof of property ownership, which goes to homeowners once home sales have been closed. On the other hand, a title is the legal right to access a property, which may belong to a third party.
- Once my mortgage is paid off, do I still need a physical copy of my home’s deed?
Yes! While proof of ownership may be accessible in other places (land registry) it’s important to keep your title deed safe for the other important information that it provides such as property boundaries, etc.
- What important information is included on my home’s deed?
Your home’s deed includes two very important pieces of information: a detailed description of your property and who legally owns the property.
At Bronson Abstract Company we are proud to handle the various aspects of home loan titles for Bella Vista, AR, Bentonville, Fayetteville, AR, Rogers, AR, Springdale, and the surrounding areas. From property title searches to examining all related pertinent documentation, we keep you updated and informed on all limitations to ensure a smooth transfer of titles.
Since 1889 we’ve stayed current on the latest trends, laws, and technologies in the home loan title game to make life easier for our clients in the Bella Vista, Springdale, Fayetteville, AR area. Do you have more questions about home loan titles? Contact us today to chat with an expert about all our home loan title services!