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The title industry is an important part of every American's life.
It may seem like a grandiose claim, but the work we do benefits not only each individual policyholder, but the nation as a whole. And yet, many people are unfamiliar with what title insurance is, what it does for them and the benefits of having a healthy title industry. So we’d like to offer a quick glimpse into what we do for our customers day in and day out at Ancona and the benefits all Americans receive from the work done by the title industry.
We protect policyholders from the unknown.
More than likely, your home is your biggest investment, and we protect your interest in that investment. Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions. While other types of insurance (such as flood, auto or homeowners insurance) provide coverage that focuses on possible future events, title insurance protects against loss from hazards and defects already existing in the title to a property. Some examples of such defects might be improperly executed documents from a previous sale of a lien against a previous owner. You can view a list of many of the protections provided by title insurance here.
Over half of all real estate transactions have a problem somewhere in the chain of title. We find these issues and assist in taking corrective action to enable the transactions to go through and allow our customers to have peace of mind about their new home purchase.
Title insurance provides valuable protection at a good value.
Another difference between other types of insurance and title insurance is in how the policies are paid for. Title insurance is purchased with a one-time premium and provides coverage for as long as the policyholder or their heirs own the property. This is unlike the annual or monthly premiums you must pay for other insurance types. Examine the cost of title insurance over the life of the policy versus other types of insurance and you'll find that policyholders receive a great value for the money they spend. If a homeowner were to pay the national average cost of a title insurance policy and live in their home for just five years, the annual average cost of the title insurance policy would be less than $200 a year. By comparison, the national average cost of a homeowner’s insurance policy is over $700 per year.
The title industry provides benefits to the entire country, not just our policyholders. Beyond the security and peace of mind we provide to our customers, the title industry helps to improve the transaction process in ways that benefit all of the transaction parties and the country as a whole.
- We save consumers $10 billion annually in interest costs through timely closings, putting those dollars to work in the hands of the American homeowner.
- By expediting the closing process, we save consumers and the real estate industry $1 billion a day
- We provide educational materials concerning the real estate process that empower consumers and help improve their transaction experience
- We help collect $1.75 billion in delinquent federal taxes annually, lessening the tax burden for everyone
- We help collect $325 million in past due child support annually, enabling children to be properly cared for
We’d like to help you learn even more about title insurance, the industry and the real estate transaction process. Please don’t hesitate to contact us
for more information.
Ancona Title & Escrow earns Stewart Title Circle of Excellence Award for 5th consecutive year.
Freddie Mac recently announced that a new single-close mortgage product will become available after November 2021. Dubbed the CHOICEReno eXPressSM , it is set to address certain types of renovations like interior/exterior painting, roof repairs, minor remodeling, window and door replacement and other like items. This will become part of the CHOICE suite of mortgage solutions and is an expansion of the CHOICERenovation® that is designed to provide flexible financing for lenders and borrowers. Per Freddie Mac, “this new mortgage solution enables Sellers to deliver CHOICEReno eXPress mortgages to Freddie Mac prior to completion of the renovations without recourse, provided certain requirements are met”. The eXPress option is designed to aid in addressing the growing supply of older homes, creating more affordable housing, and accommodate the heightening demand for aging-in-place housing options. For many people this loan option will be an improvement over the use of unsecured financing options or credit cards. At Ancona Title and Escrow we view this news as a welcomed opportunity for our important business partners. We support the home buying and selling market on all levels. Critical to that involvement is a keen understanding of the elements that influence the marketplace. At Ancona we’re more than just title and escrow providers… we’re industry experts. We know this news will be a welcomed option for our realtor connections, mortgage partners, lenders and consumers. It is an interesting time to be a homeowner. Home renovation and restoration is being done at all levels from DIY’ers to professional restoration experts. The CHOICERenovation and Reno eXPress options are incredible options. The requirements for these programs have also been improved to make it easier for all parties involved. We will continue to monitor influential areas in and around our industry. Should our friends and associates wish to find more details on these programs we welcome them to visit https://sf.freddiemac.com/faqs/choicereno-express-faq to learn more.
Today we are taking a look at 30 year fixed rates forecasting. The rates below are provided by the Financial Forecast Center's website. I have been watching this site since 2002 and they have been extremely accurate and helpful in the growth and direction of my business. Now, here is the disclaimer, I am only passing along this information because in my opinion I think it's valuable. This is not an endorsement of the product nor do I sell it. Again, this is something that I utilize to plan future business around. Use at your own risk.
We are launching a series of CLEAN ENERGY INITIATIVES that will reduce our company’s impact on the climate and further differentiate Ancona as the title company with a new and fresh approach.