Flood insurance - a good investment in your home

Terry Sheridan of Bankrate.com has a timely article on flood insurance and the need for this particular type of insurance. As Sheridan says, "You probably need it." refinance mortgage closings

Highlights FEMA says flooding is the most common and costly type of disaster in the U.S. There's a lag time, so you can't wait until water is rising to buy flood insurance. A flood policy in a high-risk area can cost thousands of dollars a year.

Flooding is the most common and costly natural disaster in the U.S., according to the Federal Emergency Management Agency, or FEMA. FEMA administers the National Flood Insurance Program, or NFIP, the primary source of coverage for homeowners and renters. Congress recently agreed to a five-year extension of the program, which insures 5.6 million property owners.

This have you scared? Don't be, flood insurance is relatively inexpensive when you consider the coverage it provides. For more information about the need for flood insurance and costs involved, read the full article.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Time to tap your home’s equity? Banks are making it easier.

The New York Times’ Vickie Elmer writes about good news for potential home equity borrowers.
mortgage refinance title insurance closing heloc
Seems that the Office of the Comptroller of the Currency “noted that one in five lenders nationwide loosened up underwriting standards on home equity loans, while another 68 percent kept them unchanged from a year ago.” That’s a big improvement over 2009.

“Lenders also have been lowering the credit scores and equity levels needed to qualify, industry experts say. “You may not need to have as much equity as lenders may have demanded two years ago, when housing prices were going to fall,” said Keith Leggett, a senior economist at the American Bankers Association. This is especially true, he said, in areas where home prices are appreciating.”

Advice for tapping your home’s equity-

“Borrowers must decide whether they want a traditional home equity loan, sometimes called a second mortgage, which has a fixed interest rate and fixed payments, or a home equity line of credit, known by its acronym, Heloc. A line of credit usually has a variable rate and can be drawn down incrementally. The variable-rate Heloc is one and a half percentage points lower than the fixed-rate home equity loan, which in turn is around three percentage points above the average 30-year fixed-rate conventional mortgage.”

Once you are approved for a home equity loan, you will have to select a title agency to close your loan. For my two cents, avoid the one recommended by the lender because experience shows that borrower’s need the personal touch when it comes to closing the loan, not some production line outfit. Personal service, that’s something we’re proud to be able to provide.

Read the full article here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com