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The Difference Between a Title Agency and an Underwriter

A title underwriter is an entity that authorizes and issues authority for its agents (title agencies, like Cumberland Title), to write title insurance policies. The underwriter assumes the ultimate financial risk as they stand behind the policy and actually insures the property against insurance defects. They also agree to defend the owner of the title policy in court should ever the need arise surrounding legal issues with the title. A title underwriter possesses a certain set of skills to do their job effectively. They bear a knowledge and expertise about the law and how it applies to specific situations, the
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Mortgage Amortization

You may have noticed the Amortization Schedule when signing mortgage documents, which is basically a really long calculation of all the mortgage payments the borrower will be making for as long as the mortgage was taken out for.  Simply put, “amortization” is the difference between the monthly mortgage payment and the interest portion it contains. It is actually one of the most important – yet overlooked – documents at the signing, as it contains the actual, true cost of the real estate purchase. For example, if a loan amount was $100,000, at an interest rate of 6%, over the term
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The Importance of Information Gathering (aka: Getting Your Ducks in a Row)

When a title company is contacted to facilitate the closing for a property transaction, there is a great deal of information that they must gather in order to accurately allocate all monies and ensure that the documents reflect the most current, up to date and accurate information. One of the first things we do here at Cumberland Title is send out a questionnaire to both the buyer and seller, as well as to each realtor. The information on each document asks for vital information that is required by the title company in order for them to accurately and expeditiously prepare
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How the Proposed Tax Bill Could Affect New Homeowners

How it affects you House Republicans recently unveiled a pretty massive tax bill that includes a limit on how much mortgage interest homeowners can deduct – capping it on mortgage debt up to $500,000 – which is down from the $1,000,000 we’re used to today. This lower limit – if the bill passes – would not impact existing homeowners, but it would apply to all new mortgages. This year so far, 5.4%* of all loans originated (or roughly about 325,000 loans) were for more than $500,000. While the medium home price across the US is currently at around $254,000**, the
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