It’s an attractive option to get a cash out refinance, but is it worth it? Here’s what you need to know before you take that financial leap. Cash Out Refinance: What Is It? If you’re looking for some quick cash to make repairs to your house or pay off credit card debts, a cash out refinance may be a good option.   It turns your home’s equity into ready cash. To do that, your current mortgage is replaced with a higher mortgage. Unlike a regular closing, with a cash out refi, you receive a lump sum payment.   You can use this money for home remodeling, consolidating high interest rate ..read more

Investing in real estate property is a wise long-term investment because property values tend to go up with each passing year.   But just like with a residential real estate buy, title insurance for investors is critical, and for many of the same reasons. Unlike a traditional insurance policy, which is focused on what could happen in the future, title insurance focuses on potential issues that occurred prior to current real estate ownership.   There are two types of title insurance. The homeowner’s policy provides essential protection to the buyer. Lender’s title insurance policy pr ..read more

Refinancing your mortgage can be a great way to save money on your monthly payments. It can also shorten your loan term and allow you to access cash equity in your home.   But how do you know if refinancing your mortgage is right for you? It’s important to understand the costs involved, your goals, and what your break-even point may be. Lots to consider! Here’s our take on what to do before, during the application process, and after you close. 1-Before Applying for a Mortgage Refinance Check your credit score! Your credit score will significantly impact the interest rate you qualify for ..read more

​You may have heard the term “chain of title” but not really known what it means, even if you’re buying a house. It’s just one more legal term in a long list of legal terms at closing.   But it’s important to understand what a clear chain of title is and its importance in homeownership. The Purpose of a Chain of Title in Real Estate Transactions A chain of title is a document that is used to record the previous transfers of ownership of the property. It’s an historical real estate record. This report is vital because it can help prevent future claims of ownership from other parties. To ..read more

You LOVE the house! You’re sure it’s the one, and you’ve gotten mortgage pre-approval. What should you do next? The first thing you should do is slow down.   Many bad investments have been made because a buyer “fell in love” with a home. We’re not saying that you shouldn’t get excited, but what we are saying is to do a deep dive on your research first.   It will save you years and years of heartache just in case the house you first loved becomes a money pit.   Here are 7 tried-and-true strategies to keep home buyers from making a costly mistake. Not Negotiating Don’t be afraid ..read more

Let’s say you want to get some ice cream. Which would you choose? Someone who said they had some for sale but had no ice cream shop? Or, someone with an ice cream shop ready to sell you a sweet treat?   The answer is obvious. You choose the one who has the ice cream ready to sell. Getting mortgage pre-approval is a lot like that. A seller wants proof that you are a serious buyer. That’s why when you submit a contract, including proof of mortgage pre-approval, it places you at a competitive advantage, especially in bidding situations.   While mortgage pre-approval is a critical first ..read more

​You probably don’t think much about title search. Why would you? But in our world, title research is integral to our business. It’s the process of researching property titles and determining real estate ownership so that one property can transfer ownership to another. ​Title search has long been known as a tedious, time-consuming, and paper heavy task. But now, with the advent of AI, the process is rapidly transforming. It’s faster, more accurate, and more accessible. Here’s how. Online Records & Digitization of Title Search ​One big key innovation is online record retrieval an ..read more

Lender Title Insurance and Refinancing: Why Its Required You’ve made the decision to refinance your mortgage. There’s only one thing you didn’t expect. Your mortgage company is requiring lender title insurance…again.   As you know, when you purchase a home, every lender wants to protect their investment. That’s why they require you to purchase lender title insurance at closing. ​Homeowner title insurance, on the other hand, is optional. Here at Lilly Title & Settlement, we strongly encourage buyers to protect the largest investment they will most likely ever make. It just ..read more

Buying a home? Closing costs are expensive! So maybe you're thinking of skipping the purchase of an owner's title insurance policy. But should you? Homeowners title insurance protects homeowners from potential financial loss due to defects in a property's title. It's an essential protection that should not be overlooked when purchasing a home.  Yet, in Virginia, even though there are two types of title insurance, only homeowners title insurance is optional. However, your lender makes it mandatory for you to buy lenders title insurance to protect them! Why? A lender's title insuran ..read more

​Maybe the rent has gone up again. Or you’re just tired of paying someone else’s mortgage and think it’s time to own your home.   Whether or not you’re ready to buy has a lot to do with your financial readiness. That’s a given, but there are other factors to consider when thinking about stepping into the world of first time homebuying.   Let’s take a look at both by asking the 7 questions that help determine you’re ready for first time homeownership. Do you have a stable income? That may seem obvious but with the economic impact of the COVID-19 virus, it’s important to feel you have ..read more