Title Insurance For a Kentucky Mortgage Loan. Owner’s Title Insurance and Lender’s Title Insurance. What is the difference?
Source: What is Owner’s Title Insurance and Why is it Important? | Erika Lewis Blog
What is Title Insurance?
A title policy is an insurance policy that protects the financial interest in a property. There are two types of title insurance policies. The lender’s title insurance policy and the owner’s title insurance policy.
Typically, the lender will always purchase a lender’s title insurance policy to protect their investment. This insurance policy fee is part of the closing costs and is always reflected as a lender charge on the closing disclosure.
The owner’s title policy is an optional insurance policy that is not required in order to purchase a home. However, any Real Estate Professional that you work with will always recommend the purchase of this policy, in order to prevent any financial losses to the new home owner from previous home ownership.
Why is Owner’s Title Insurance important?
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