Blog - Month: March 2021

Month: March 2021

Underwriting 101

Underwriting 101

Posted By Andrea Robinson
March 25, 2021 Category: General

Underwriting is the lender's process of calculating the risk of lending money to you. The mortgage lender must determine whether you can pay back the home loan before deciding whether to approve your mortgage application. A mortgage underwriter's job is to assess risk, meaning the entire risk if you would not repay the mortgage. Therefore, the underwriter evaluates factors that help the lender understand your financial situation, including: · Your credit score · Your credit report · The property you plan to buy During the process of home approval, there are two types of underwriters. Although they have the same job title, their responsibilities differ, and here is the definition of the role that each has during the process: · The financial underwriter – this is the individual that will authorize or decline your ability to get approved for a loan. They review the risk the financial institution will take on by lending you money. · The title underwriter will examine the title and check for possible issues that could arise during and after getting the house, building, or property title. If they feel the title is clear and you can take control, they'll approve you for a title insurance policy. Both work closely with the title company, but they do different things. Both of the underwriters work independently of each other. Each plays a crucial role in a real estate transaction. Once your mortgage is approved, your home purchase is

St. Patrick's Day in Cleveland 2021

St. Patricks Day in Cleveland 2021

Posted By Andrea Robinson
March 12, 2021 Category: General

Although the St. Patrick’s Day parade has been canceled this year, there is no shortage of activities this year. Here are a few events that you can enjoy (safely) to celebrate this spirited holiday! Plan Your Trip to Ireland On Thursday, March 11, 6 p.m., via Zoom, join travel expert Susan Becks as she presents highlights of Ireland, including must-see destinations, history, heritage, and traditions. She will share beautiful photos and take you on a trip without leaving your home. Register at mcdl.info/Irish. The Zoom link will be emailed to all registered participants before the event. You must have the link to access the event. St. Colman Church Morning Mass St. Colman Church has been celebrating the holiday with morning mass since it was built in 1918. This year's gathering at the historic church is noon on March 17th, and limited preorder tickets are available. It's also streaming live on Facebook. Savor a Tasty Reuben Get them plain or Reuben-style, but no matter how you cut it, these savory slices from Corky & Lenny's, Jack's Deli and Restaurant, Joe's Deli, Mister Brisket, and Slyman's Tavern are the best. Check out these restaurants for the best-corned beef sandwiches in Cleveland. It is recommended to preorder and get in line early to reserve your meals. Celebrate with an Irish Ale For those hoping to celebrate with a tasty Irish ale, Red, Wine & Brew in Mentor offers a great selection of beers and ales. Thirsty Do

Common Misconceptions About Title Insurance

Common Misconceptions About Title Insurance

Posted By Andrea Robinson
March 01, 2021 Category: General

Misunderstandings about title insurance are common among home buyers. Myths about title insurance have been told, preventing people from understanding the needed coverage. To help you understand why you need this type of insurance, let's discuss some common myths about title insurance. 1. There is only one kind of title insurance. Early in the home buying process, a title search is conducted to review the property's history and uncover any issues that could affect your right to ownership. After a thorough examination of public records, there can be hidden title defects, such as tax liens, claims by heirs, or recording errors. 2. Title insurance is a monthly or yearly expense. Title insurance is a one-time cost you pay at closing when you purchase or refinance a property. 3. Title insurance is costly. The one-time premium for an owner's title policy is based on your home's purchase price and is a small percentage of closing costs. Coverage is provided as long as you and your family own the property. 4. Homeowner's insurance and title insurance are the same. Title insurance protects a buyer's right to ownership and the mortgage company's investment. In comparison, homeowner's insurance is a policy that protects you against potential losses or damage experienced to the structure of your home or its contents during an insurable incident. 5. Title insurance isn't necessary when refinancing. An owner's title policy is valid as lon

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