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Title Services

CHARITABLE FOUNDATION

The purchase of a home is probably the single largest investment you’ll make in your lifetime. It is only prudent that you want to safeguard your rights and investment. Title insurance assures that your rights and interests to the property are as expected, that the transfer of ownership is smoothly completed and that you receive protection from future claims against the property. It is the most effective, most accepted and least expensive way to protect your ownership rights.

Because land endures over generations, many people may develop rights and claims to a particular property. The current owner’s rights – which often involve family and heirs – may be obscure. There may be other parties (such as government agencies, public utilities, lenders or private contractors) who also have ‘rights’ to the property. These interests limit the ‘title’ of any buyer.

Before your real estate transaction closes, the title company performs an extensive search of all recorded documents related to the property. These records are then examined by experienced title officers to determine their effect on the current status of ownership and a report is issued to you or your agents for review. This through examination generally allows any pending title problems to be identified and cleared prior to your purchase of the property.

If title insurance companies work to eliminate risks and prevent losses caused by defects in the title before the closings, why do you need a title insurance policy?

Because even after the most careful research, some title flaws may go undetected. Among the more common flaws to title which are not of record are forgery, invalid court proceedings, mistaken legal interpretations, defective deeds, confusion due to similarity of names, previously unrecognized rights of spouses and undisclosed heirs. These problems may surface at any time in the future.

Protection against these flaws and other claims is provided by the title insurance policy which is issued after your transaction is complete. Two types of policies are routinely issued at this time: an ‘owners policy’ which covers you, the homebuyer for the full amount you paid for the property; and a lender’s policy which covers the lending institution over the life of the loan. When purchased at the same time, you can obtain a substantial discount in the combined cost of an owner’s and a lender’s policy. Unlike other forms of insurance, your title insurance policy requires only one moderate premium for a policy to protect you and your heirs for as long as you own the property. There are no renewal premiums or expiration date.

Each policy is a contract of ‘indemnity’. It agrees to assume the responsibility for legal defense of your title for any defect covered under the policy’s terms and to reimburse you for actual financial losses up to the policy limits.

This insurance protection is an important follow-through of the service you receive from California Title Company and its title insurance subsidiaries.

The Loan Process

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Organize your documents

If you are buying or refinancing a home

1. If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.

2. If you own rental property, please provide rental agreements and two years tax returns.

3. If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.

4. Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.

5. If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.Provide a copy of divorce decree if applicable.

6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

1. If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.

2. If you own rental property, please provide rental agreements and two years tax returns.

3. Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.

4. Please provide a signed letter explaining what you plan to do with the proceeds.

5. Provide a copy of divorce decree if applicable.

6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.


Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

1. Find out the maximum house you can buy, so you don’t waste time looking for properties you can not afford.

2. Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.

3. Helps you close quickly, since your loan is already approved.


Shop loan programs and rates

To shop for a loan you will need to:

1. Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.

2. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

3. Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it’s hard to figure out which program is best for you. That’s where an experienced loan officer can help you make a decision that’s best for you.


Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

1. Credit history

2. Employment history

3. Assets including your bank accounts, stocks, mutual fund and retirement accounts

4. Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

1. Fill out the loan application completely.

2. Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.

3. Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.

4. Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.

5. Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.


Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:

1. Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.

2. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.

3. Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

Santa Barbara County

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Buellton

http://www.cityofbuellton.com .

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