From the category archives:

Professional

Title Insurance for a Loan Refinance

September 24, 2010

Understand Title Insurance and other related fees as they apply in the state of Pennsylvania for a refinance transaction. Title insurance, endorsements and other fees are explained.

Read the full article →

Philadelphia Property Owners can Benefit from Little Known Exemption

April 23, 2010

Homeowners are saving a lot of money on their property transfers, and it all comes down to three letters: FIP

Read the full article →

Get Philadelphia City Certifications Online

October 19, 2009

Need a City Real Estate Certification for Philadelphia? No need to go to City Hall.

Read the full article →

Fantastic! I am “Skipping” a Mortgage Payment.

May 18, 2009

Why am I skipping a mortgage payment?  This is a frequent question at the settlement table and one that deserves a detailed answer. The first mortgage payment on your new loan is typically due the first day of the second month after you have signed the mortgage papers.  For example, your refinance settlement takes place on [...]

Read the full article →

Principal Balance vs. Payoff Balance

March 18, 2009

One of the most frequently asked questions at the settlement table is:  Why is my mortgage payoff amount higher than the balance showing on my most recent statement? When you receive your monthly statement from your mortgage lender, the unpaid balance IS NOT the amount necessary to pay the loan in full.  This is merely the principal balance as [...]

Read the full article →

Escrow Accounts – How They Work

January 22, 2009

If you are fortunate enough to be able to refinance your mortgage loan into a lower interest rate, you should know how your escrow account with the new and current lender will be handled.  The mechanics of escrow accounts are complicated, and many borrowers want to know: What is escrow, and where does the money [...]

Read the full article →

Subdivisions-Taxes Require Special Attention

December 4, 2008

When buying a property that is part of a larger tract and where the parcels have not been separately assessed, buyers (and their representatives) should pay close attention to the taxes being reimbursed to the seller on the HUD-1 Settlement Statement. We are also seeing more transactions where a single family residence is located on [...]

Read the full article →

City of Philadelphia Cracking Down on Fraudulent Conveyances

November 10, 2008

In an effort to thwart the rising number of cases of stolen property, real property that is, the City of Philadelphia has instituted a new policy when recording documents. Anyone other than the Sheriff, attorney, law firm, or title company submitting a Deed for recording will have to produce supporting documentation to file the Deed. [...]

Read the full article →

Discounts Available

November 10, 2008

Most title insurance transactions are entitled to a significant discount on the title insurance premium. Title insurance rates are filed with the Pennsylvania Insurance Commission and provide for tiered discounts based on the amount of time since the last issuance of a title insurance policy. Some examples: A homeowner refinancing a Mortgage originally recorded 3-4 [...]

Read the full article →