Are You Mortgage Free?

December 13, 2018

Are you mortgage free? Have you paid your mortgage in full and are no longer making any mortgage payments? This information is for you!

First of all a huge CONGRATULATIONS! It is a significant accomplishment to have paid off your mortgage.

Once your mortgage has been paid in full it is important that you have a Title Insurance Policy in place.

When you have a mortgage the lender will have had this in place for you. Once the mortgage is paid in full the insurance is no longer and it is important that as a home owner you now get a policy.

What is Title Insurance?

Title Insurance will protect you as the home owner against potential losses due to title fraud and property issues. Title Insurance is a one time purchase and does not need to be purchased every year. You can expect to pay between $200 – $400 for a policy. Title Insurance will also provide coverage for property defects that may have occurred prior to purchasing your home.

What Will Title Insurance Cover?

  • Fraud – If someone transfers the title on your property fraudulently without your consent.
  • Forgery – If someone forges your signature that enables them to sell or mortgage your property.
  • Encroachments – If your house built by a previous owner is not within the properties boundaries or if a neighbor builds a structure that is partially on your property.
  • Lack of Building Permits – If a previous owner did work on the house without the required permits your municipality could force you to remove or repair the structure.

Your house is an important asset. You have worked hard to pay off that mortgage. Make sure that it is protected.

If you have any questions or need help getting Title Insurance please reach out and we would be happy to assist.

(information provided by GLM Mortgage Group – Dominion Lending Centres)