In the mortgage world Title Search is one of the proven process which is used to check the ownership of the property as well as check the any dispute against the property. Title search is commonly known as the property search because it is the search process conducting on a property to get the right title of the property.
Title search is used to get the clear picture of the property. The person who check the property is called Title Searcher. In the USA, Title Search is very important process to buy or sell the property.
In USA, before purchasing any property the buyer of a property generally buy title insurance through Title Insurance Companies. This Title Insurance defends the buyer from any title problems that may occurs after purchase the property. Title Search also useful in the case of mortgage where bank requires the clear title of the property before giving the loan against the property.
Terminology of Title Search
Basically Title search is conduct against the property to clear the tile of the property.
* Determine the ownership of the property by checking current and previous owners of the property.
* Determine any outstanding lien against the property like mechanic lien, mortgages, taxes etc.
* Check for any title deficiencies against the property like easements, real covenants etc.
Benefits of Title Search
Basically Title Search is required by the below given area –
* Law Firm
* Insurance companies
* Investors or buyers
* Financial Institute
* Loan companies
* Real Estate agent
In today world we can find numerous types of loans and mortgages for the different types of purposes like payday loan, house loan, automobile loan etc. In these loans a new types of loan is popular between students, called Education Loan.
Education Loan well known as the Student Loan is one type of loan which is useful for pay the higher education expenses like Course fees, tuition fees, books and materials, and living expenses.
Basic points of the Education Loan
Below are the Salient features of the Education loan –
Education loan is different from the other forms of loans.
* Interest Rate
Interest rate in education loan is low compare to other loans.
* Payment term
Education loan is payable after the completion of the course or study..
* Higher Study loan
Education loan is applicable only for higher studies from the recognized universities or institutes.
* Education purpose
Education loan is only meant for the students and study purposes.
Remortgage is a sub type of mortgage. In simple term Remortgage means revolutionize mortgage with a different mortgagee or lender, in order to lower the amount buyer or mortgagor paying on mortgage.
Remortgage is popular as refinancing. It is all about saving money. It’s a process of paying off one mortgage with the returns from a new mortgage using the same property as security. The prime objective of Remortgage is to secure a more flattering interest rate from a changed lender.
The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. It’s a process that replaces an existing mortgage loan with a new loan from a different lender. The new lender repays the existing mortgage debt to the original loan provider.
Benefits of Remortgage
Here the some benefits of choosing Remortgage are –
* Reduce the size of repayments
* Pay off a mortgage earlier
* Raise capital
* To consolidate other debts
* Lower interest rate
* Saving money
Mortgage is one more type of Loan. In simple term when buyer takes the loan from lender against his/her property, it’s called mortgage. Mortgage is well known as the transfer of an interest in property by owner to a lender as a security for a debt.
Mortgage is a security for the loan that the lender makes to the borrower for a precise period of time.
Parties in Mortgage:
In Mortgage two parties are found.
Also known as mortgagor is the party which takes loan is called buyer.
Also knonwn as mortgagee is the party which gives the loan is called lender.
Types of Mortgage:
Normally there are three type of mortgages are stands –
It is the most common type of the Mortgage. In few areas, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.
* Deed of trust
In this kind of mortgage a third party is involved in the instrument called trustee. In here trustee takes the right of foreclosed the property if buyer unable to pay the dues in given time period. In most areas, it also creates a lien on the title and not a title transfer, regardless of its terms. The main difference between Mortgage and Deed of Trust is, it can be foreclosed by a non-judicial sale held by the trustee.
* Security deed
This mortgage instrument only use in the Georgia state of America. Unlike a mortgage, a security deed is an actual conveyance of real property in security of a debt. Upon the execution of such a deed, title passes to the grantee or lender, however the buyer maintains equitable title to use and enjoy the conveyed land subject to compliance with debt obligations. Security deeds must be recorded in the county where the land is located.