Timios Blog

Timios Adds Slate Mortgage Solutions Team to Expand with New Capital Markets Division

Tue, 04 Feb 2025 12:00:00 -0800

2025 — Plano, TX — Timios, Inc. (Timios), a leading national provider of title and escrow services, proudly announces the establishment of its new Capital Markets Division, following the successful onboarding of the experienced team from Slate Mortgage Solutions, LLC. This strategic move strengthens Timios’ position in the capital markets’ space and expands its ability to deliver comprehensive solutions to lenders and servicers nationwide. Timios has long been recognized for its broad range of services, including default title and escrow services, origination title and escrow services, and valuation solutions. The integration of the Slate Mortgage Solutions team marks a significant milestone in the company's continued growth and commitment to excellence.

“The addition of the Slate Mortgage Solutions team to Timios is a game-changer for our organization,” said Matt Golden, President & Chief Executive Officer of Timios and its affiliates. “Their expertise and proven track record in capital markets align perfectly with our mission to provide top-tier services across all facets of the mortgage industry. This new division will enhance our ability to deliver value to our clients and partners.”

Ross English, Chief Financial Officer & Chief Administrative Officer of Timios and its affiliates, added, “This strategic expansion underscores our commitment to growth and innovation. By bringing in such a talented team, we are positioning Timios for long-term success and ensuring that we remain at the forefront of the industry.”

Leading the new division is Brian Frye, who now serves as President of Capital Markets at Timios. “Joining forces with Timios is an exciting opportunity for our team,” Frye commented. “We look forward to leveraging our capital markets expertise to complement Timios’ existing service offerings and to drive new opportunities for our clients.”

Theresa Alfiero, formerly with Slate Mortgage Solutions and now EVP of Operations at Timios, emphasized the operational benefits of the expansion. “Having been part of the Slate team, I am thrilled to continue our journey within Timios,” Alfiero stated. “The integration will not only strengthen our capital markets capabilities, but also enhance our operational efficiencies across all services. This move is a testament to Timios' dedication to continuous improvement and delivering superior service to our clients.”

The new Capital Markets Division will focus on providing innovative solutions tailored to the evolving needs of the mortgage and finance sectors. Timios remains committed to offering unparalleled customer service, as well as comprehensive technology-based solutions, ensuring its clients receive the highest quality support in every transaction. For more information about Timios and its expanded service offerings, please visit www.timios.com.

About Timios, Inc. Timios, Inc. and its affiliates offer services in all 50 states, including origination and default title and settlement services and valuation solutions for investors, mortgage servicers, lenders, and real estate brokerages. With nationwide coverage and an extensive network of real estate professionals—including notaries, appraisers, agents, contractors, and attorneys—Timios delivers unparalleled service to its clients. Timios’ technology platform is a key competitive differentiator, enabling levels of client service and process efficiency that most competitors cannot match and would be structurally challenged to create. With a commitment to transparency, efficiency, and customer service, Timios serves lenders, servicers, and financial institutions across the country.

The Title Insurance Process – How does it work?

Wed, 31 Mar 2021 10:25:49 Z

Context – what do you know about title insurance?

If you have ever purchased a home, chances are you are somewhat familiar with title insurance – even if you don’t know all its ins and outs, you’re likely to have at least heard the term during the buying process. It may seem frivolous, some even claim unnecessary – but that sentiment is usually the result of not understanding what title insurance does, or how important it can be. Here’s the full scoop on title insurance and why it is a crucial part of any real estate transaction.

Introduction – what is title insurance?

In the simplest terms, title insurance is a one-time, upfront payment that protects the real estate investment for both the homeowner and the lender. Specifically, it guards against claims on the property or problems that occurred before the property was purchased, whether the issue was known or unknown. Hopefully, you will never have to submit a claim under your title insurance policy. Should the need arise, the policy provides instructions on how to submit a claim under the policy. If you select Timios as your title insurance agency, we would be happy to assist you with filing a claim under your policy.

Lender vs. owner title policy

There are two types of title insurance policies – a lender policy and an owner policy. Virtually every lender will require a lender policy in the real estate transaction – this is paid by the borrower and is part of the closing costs. Homeowner’s title insurance is not usually required, but in the event of an existing lien, judgement, loan, etc. on title, it will substantially increase coverage for the borrower.

What does it protect against?

Title insurance protects against any known or unknown issues that arose before the property was purchased. An issue may be as simple as a clerical error when recording a document, or as complex as a previous claim on the title missed during the purchase process. Examples of title issues may include, but are not limited to:

Ownership claims by spouses who did not convey their interests as well as ownership claims from undisclosed or missing heirs
Forgery and fraud that may have occurred in in conveyances
Capacity issues such as the mental incompetence of a grantor or a transfer of title by a minor
Wills that were not properly probated and heirs that were born after the execution of a will
Incorrect legal descriptions in a deed or incorrect indexing of a deed in the public record
Existing liens or easements on the property that were not discovered in the title search
Other title defects

What could go wrong w/o TI (example)

At this point, it should be becoming clear what title insurance does, but what would happen if you don’t have title insurance? Let’s take a look at an example:

Mr. and Mrs. Jones buy a home after months of research and shopping the market to settle in and start a family. Like any other transaction, the pay for the lender’s title insurance policy as part of the closing costs. They sign, move in, and love the home – everything is great – until a few months later, when they receive a letter and discover that there is an unpaid lien against the property from a previous owner, in the amount of $90,000. The lender is protected due to their title insurance policy and is protected against the loss. Meanwhile, Mr. and Mrs. Jones didn’t realize that they could buy their own policy when they bought the house and are liable for the lien. Now they will need to pay off the lien, or hire an attorney to fight it – an expensive and stressful scenario either way.

Unfortunately, this is one of the more common issues that arises after a home purchase. If the Joneses bought their own policy, they would have been completely protected. The title insurance company would either utilize their resources to get rid of the claim, or simply pay the lien themselves, at no cost to the owners. In situations like this, it’s easy to see why a homeowner’s title policy is a good idea.

If I ever get into a situation when I need to use my title insurance, how do I file a claim?

Hopefully, you will never have to submit a claim under your title insurance policy. Should the need arise, the policy provides instructions on how to do so. If you select Timios as your title insurance agency, we would be happy to assist you with filing a claim under your policy.

What does title insurance cost?

In most situations, a lender’s policy is cheaper than a homeowner’s policy. The specific amounts vary based on a number of different factors, including home price. For a lender’s policy, the location is usually the biggest one. Each state has different regulations for title insurance companies and have different requirements when examining the title of the property. Typically, the lender’s policy costs between $500 and $1,500. Again, this is part of the closing cost when purchasing a home and is virtually always required by the lender.

The optional homeowner’s policy is also dependent on location, but there are a few other variables when calculating the cost. The down payment amount, loan amount, and borrower’s credit score all affect the price. If you are taking a loan to acquire a property (instead of buying it outright), an owner’s title insurance policy can often be obtained relatively inexpensively through a “simultaneous issue” of both the lender’s and owner’s policies. When there is no loan involved, the buyer will be charged the full premium for the owner’s policy of title insurance.

Another thing to keep in mind – it is customary in certain areas for the seller to cover the cost of a homeowner’s policy for the buyer (this is not always the case). In general, a homeowner’s title insurance policy will cost between $700 and $2,000. That may seem like a lot of money, but considering the potential risk it protects against, it’s usually worthwhile.

Shopping for title insurance?

In most cases, you have the right to select your title insurance agency – especially if you are paying for the title insurance policy. You will want to perform research on the title insurance agency as well as the title insurance underwriters that the agency works with. Timios, Inc. (“Timios”) encourages our clients to compare our fees and research our reviews. After closings, we encourage our clients to rate our service through Testimonial Tree. As of December 2020, Timios has over 9,400 customer reviews with an average 4.7 out of 5-stars. Check out our reviews here.

Regarding title insurance underwriters, you will want to verify the company’s financial stability. Hopefully, you will never need to rely upon your title insurance policy. However, if you do need protection under the policy, it is important that title insurance underwriter be is solvent should the need arise. Timios is an approved agent of both First American Title Insurance Company (“First American”) and Fidelity National Title Insurance Company (“Fidelity”). Companies such as Demotech, Inc., regularly review the financial solvency of title insurance underwriters. You can search Demotech’s website here to determine their ratings for First American, Fidelity and virtually every other reputable title insurance underwriter.

Success starts with building trust

Mon, 18 May 2020 23:37:56 -0700

Many consumers are concerned about the trustworthiness of the finance industry and want to make sure the companies they do business with really have their best interests at heart. You can come out ahead of your competitors by working now to build stronger relationships with your customers. Read the infographic below to learn more about how to put trust at the center of your business. For a deeper dive, download the ebook.

How to build a stronger bridge of trust to your clients

Mon, 18 May 2020 23:36:24 -0700

Trust is at the core of the lending industry. Yet when it comes to building trust, lenders still face an uphill battle. Recent statistics show that trust in the lending industry has been declining in recent years. In fact, according to a 2018 Trustpilot survey, 45% of consumers have less trust now than they did five years ago.

Trust in the finance industry has been declining in recent years

30% of consumers feel the finance industry is "not trustworthy at all"
50% of consumers feel that the finance industry is "somewhat or a little trustworthy"
20% of consumers feel that the finance industry is "very trustworthy"

The state of trust: 1 in 2 consumers consider finance companies “a little trustworthy,” “not trustworthy at all,” or “untrustworthy.”

But it's not all bad news. The fact is, this trust gap in the finance industry represents a challenge, as well as a massive opportunity, for lenders. The opportunity lies in reimagining the real estate experience—through greater transparency, exceptional service, and increased value.

The big question is: Will lenders take advantage of the opportunities to build greater trust with their clients?

What's important to consumers when choosing a lender

As it turns out, costs—while important—are not the most important factor when choosing a lender. Consumers rank a lender's reputation and level of customer service even higher. So, how do consumers go about choosing who they want to work with?

55.9% go by a company's reputation
55.8% want quality customer service and support
40.9% factor in the cost of services
27.9% value convenience of use

As these numbers show, there’s a lot riding on your reputation and ability to provide great service. A big part of a lender’s service is providing accurate costs and fees so there are no unwanted surprises at closing time.

Overall, 55% of consumers chose “reputation” and “customer service and support” as the top factors for selecting a financial partner.

How do customers research your business and reputation?

Gone are the days when people go to friends or family to get a recommendation for a lender. Nowadays, customers are far more likely to go online to sites like Yelp and Google and read peer reviews about your company. This means what customers say about you matters—a lot.

How customers learn about your business

41.9% look at third-party reviews (Yelp, Google, etc.)
19.1% go to a company's website
16.4% check traditional media (newspapers, online publications, etc.)
14.3% ask family and friends
8.3% use social media

More than 4 in 10 consumers look to third-party reviews to research a company's reputation and trustworthiness. Does your business have the right ingredients to boost customer confidence, trust, and loyalty?

You can increase your trustworthiness.

The good news is, there are many ways you can increase your reputation and trustworthiness with customers.

We believe greater trust is achieved through a combination of technology, robust pricing, and human support all working together to create greater transparency, lower costs, and superior service for your clients throughout the home-buying process.

Some of the most powerful ways you can build greater trust are practical and straightforward to implement.

They include:

#1: Fully transparent advice
#2: Closing costs with no hidden fees
#3: Guaranteed costs from the first meeting
#4: No setup, monthly, or hidden fees
#5: Everything in one place, always

Are you missing out on any of these opportunities?

Overcoming the trust gap can be achieved. With the right tools, technology, and advice—you can build greater trust with your clients and put them back in control of the home-buying process.

Creating the bridge to trust starts now

Download our ebook The 5 key things lenders miss out on to build trust with their clients to learn how you can bridge the trust gap and build stronger relationships for the long haul.

“Navigating Consumer Trust in the Finance Industry,” 2018, Trustpilot

What millennials want out of the home-buying process

Mon, 18 May 2020 23:35:21 -0700

Millennials are coming of age. They’re now the biggest home-buying group of any generation, outpacing both baby boomers and Generation X.

What sets millennials apart from previous generations is their love for electronic gadgets, speediness, and convenience. Unlike older folks, millennials are less likely to ask a friend or relative for real estate advice. Instead, they go online, gathering research and information before stepping into a real estate or lender’s office.

It’s clear a big shift is underway. We'll look at how millennials are shaping the home-buying landscape and offer some tips on how lenders can tap into this growing market.

Who are the millennials?

A millennial is any person born between the early ‘80s and mid to late ‘90s. They’re 25% of the U.S. population and make up 21% of consumer discretionary purchases-—a staggering one trillion dollars in direct buying power.

Some millennials are old enough to remember rotary phones, while others are more familiar with iPhones and iPads. But regardless of when they were born, they all share a fondness for technology, transparency, and speed.

How millennials are shifting the real estate landscape

It’s clear that millennials have finally come of age.

They’re now the largest group of home buyers in the United States, making up 37% of the total home-buying market in 2019, with 52% in this group buying a home for the first time. Millennials also accounted for 45% of all new mortgage purchase volume at the end of 2018, compared to 36% for Generation X and 17% for baby boomers.

As these numbers clearly show, millennials are driving big shifts in the real estate and home loan market. The question is no longer when millennials will jump on the home-buying bandwagon, but rather, how can lenders keep up with what millennials want and demand?‍

How millennials approach the home-buying process

When it comes to real estate, millennials and younger people are keen to use technology to make their buying decisions. This includes everything related to the home-buying process, whether it’s searching for properties, comparing mortgage rates, or choosing a lender.

Home-buying habits of millennials:

98% search for real estate online
84% use a mobile or tablet device to look at homes
68% walked through a home they viewed online
62% found the home they eventually purchased online
‍

Millennials also like to shop around for the best mortgage rates, and they're more likely to obtain multiple quotes from lenders than their older counterparts. According to research gathered by StemLending, millennials obtain six mortgage rate quotes on average, versus an average of four quotes by Generation X and three quotes by baby boomers.‍

How to stay ahead of the shift

We’ve shown that millennials do a lot of online research and enter the home-buying process armed with data and information.

Yet, when it’s time to apply for a mortgage, 29% of millennials said the process of applying for a mortgage was somewhat or much more difficult than expected, citing “paperwork” and “process and steps” as the main obstacles. This means that nearly one in three millennials think paperwork is a hassle.

As a generation that relies on technology to get things done, millennials are chasing ever faster and more streamlined processes. Known to be curious and adventurous (they also like to buy fixer-uppers), they’re a generation that wants to stay informed and in-the-loop during their home-buying process.

What do millennials expect from their lenders?

A seamless, transparent experience supported by technology. Millennials don’t like paperwork. A lender that can help facilitate a paperless process, offer purchase portal capabilities, and provide 24/7 online access to files will be seen as a more attractive partner.
Full transparency with pricing and fees. Millennials want to know up front what their mortgage payment and costs are going to be. Both mortgage calculators and guaranteed closing cost calculators can be powerful tools in building trust with millennials who want to crunch the numbers before making a purchasing decision.
Straight-up communication and trust. Millennials want to know their lender has their best interests at heart and will steer them to the most appropriate mortgage. Millennials are faced with different challenges than other generations, with 42% carrying student loan debt. They want to know: Can this lender work with me and my budget?
Great customer service. Millennials are inquisitive and ask a lot of questions. Having an empowered customer service team they can contact with their needs and concerns will be seen as a big plus.

Not surprisingly, millennials look to online peer reviews for advice and will research a company's online presence prior to picking up the phone. Having a great online reputation with a track record of customer satisfaction is important in capturing the millennial market.

If you're looking for a great title and escrow partner who can exceed your clients’ expectations, why not keep us in mind?

At Timios, our goal is to provide your clients with a fully transparent experience from start to finish. Our simple, centralized approach offers transparency at every step of the way, which means greater speed, accuracy, and customer satisfaction.

Our technology supports:

Real-time order status and tracking
24/7 online access to files and paperwork
The ability to create a fully paperless office environment
Integration with your loan origination system
A single, integrated dashboard for ease and simplicity

Along with demanding great service, millennials are sensitive to costs. Our closing cost calculator provides guaranteed closing costs at the time of calculation, so you can show your clients exactly what their closing costs will be—even before they apply for a loan.

Please visit our site to learn more about the title and escrow process and how Timios can step in and help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

Legal Disclaimer: The information provided on this document does not, and is not intended to, constitute legal advice; instead, all information and content available on this document are for general informational purposes only.

Title insurance and the home-buying process

Mon, 18 May 2020 23:26:52 -0700

Title insurance probably isn't something you think about every day.

Just like car or homeowner’s insurance, title insurance is designed to protect individuals from catastrophic financial loss. While homeowner’s insurance protects physical assets, title insurance protects an invisible, but equally important, asset: the right to own your home free and clear of any hidden problems.

Despite its importance, many home buyers aren't aware they need to buy title insurance until closing time. They're often surprised to learn they need title insurance and that they’ll have to pay for a policy as part of their closing costs.

With so much mystery surrounding title insurance, it begs the question: What is title insurance and how does it factor into the home-buying process?

What is title insurance, and why is it needed?

What would you do if you purchased and moved into a house, only to find out three months later that the previous owner’s niece is claiming it’s her house and she’s got a lost will to prove it? What recourse do honest home buyers have in a situation like this?

That's where title insurance enters the picture. Title insurance is a special type of insurance that protects against hidden problems with a title that might arise after a house is sold. Due to the complexity of real estate transactions, the list of possible title issues is extensive: record-keeping errors at the clerk’s office, unknown liens against a property, unpaid taxes, missing heirs, as well as outright fraud and forgery of documents. Some of these problems may not be found until long after the closing papers have been signed and buyers move in.

While not common, title issues could lead to serious financial loss or being forced out of a property. These include properties bought in good faith, where protocols were followed “to a T” by everyone involved.

Is title insurance always necessary?

Yes. Lenders require borrowers to carry title insurance to protect their financial interests. Homeowners can also purchase their own optional policy separately. Each type of policy covers different circumstances and dollar amounts.

There's been some debate recently about title insurance. Many home buyers don't fully understand the value of title insurance, while some financial professionals may wonder how valuable it continues to be. But these questions don't dismiss the value of title insurance when a buyer needs to call on their title insurance policy.

While the actual number of title-related claims is relatively small, the real estate and land recording process is not always an accurate one. Title problems can arise, and when they do, they can be staggeringly expensive, time-consuming, and stressful to resolve.

Consider this scenario based on a real-life story:

Jared and Sonia had just barely settled into their dream house when their attorney called them with some unpleasant news: There was a pre-existing lien on the house from the previous owner. And because they were the new owners, the lien was now theirs. Turns out the county clerk had filed the previous owner’s loan paperwork in the wrong place, and it got overlooked.

Thinking their lender’s title insurance covered them, they didn’t bother to purchase a homeowner's policy. Unfortunately, the lender's insurance was of no help because it was a homeowner's issue. This oversight ending up costing them $2,000 to pay off the lien. In this case, they were lucky. What if the lien was for $50,000 or $100,000 instead? Jared and Sonia shudder to think of the possibility and wish they would have purchased a homeowner's policy beforehand.

Again, the chance of title problems are relatively rare, but when they do happen, having title insurance can mean the difference between a straightforward resolution or a nightmare that drags on for weeks, months, or years.

What is the best approach to getting title insurance?

Getting title insurance is a two-part process. First, a thorough search of a title’s history is undertaken to discover any errors or encumbrances. Once that’s completed successfully, the title insurance policy is underwritten.

You have a couple of options when it comes to purchasing title insurance. You can either buy it through a title company or use a larger title and escrow agency. However, there are additional benefits with going to a larger agency that can handle more than just your title insurance.

A title and escrow agency can:

Work as your escrow partner and closing agent. The agency can handle all aspects of your real estate transaction including the execution of critical documents, funding of loans, and signing of paperwork.
Help you stay on top of everything. An agency that offers centralized processing through technology makes it easy to access your documents online and stay on top of the different steps of the real estate transaction.
Help you save money. With a larger agency, you often can get the most competitive price on a title insurance policy.

A large full-service agency can make transactions easier and smoother for both the lender and the borrower. This helps to ensure more accurate and efficient handling of important documents, saving time and money for everyone involved. It can also mean a faster close.

If you're ready to take the next steps toward finding a title and escrow partner, keep us in mind.

At Timios, our goal is to provide lenders and their clients with a fully transparent and empowered experience from start to finish. Our simple, centralized approach provides custom support and 24/7 access to files throughout the entire home-buying or refinancing process.

And, our closing cost calculator provides guaranteed closing costs at the time of calculation, so buyers know exactly what their closing costs will be—even before applying for a loan.

Please visit our site to learn more about the title and escrow process and how Timios can step in and help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

5 ways a closing cost calculator empowers clients

Mon, 18 May 2020 23:21:32 -0700

Transparency, ease, and simplicity

We're guessing that these aren't the first words that come to mind when you think of the title and escrow process.

Let's be honest—a fully transparent customer experience isn't common in the title and escrow industry. To make matters worse, buyers don't always feel like they understand or have control over the process. This can lead to unnecessary confusion for customers and a lack of trust in their lenders.

It doesn't have to be this way.

Giving your clients the right tools can help to make the process more transparent and less stressful. The right tools can help you build stronger client relationships and greater customer satisfaction.

How does a closing cost calculator help build better relationships?

A closing cost calculator helps demystify one of the most confusing steps in the home buying process: completing the deal. It breaks down closing costs for your customers in an easy-to-understand format, showing accurate and guaranteed* closing costs at a glance.

Here's a look at five important ways a closing cost calculator can cut through the confusion and put your client squarely in the driver's seat.

#1: Clients can see closing costs even before buying a home

“Closing costs—what are those exactly?”

Caught up in the excitement of a new home purchase, many clients overlook the reality of closing costs (which can run from 2% to 5% of a loan’s value). For a $500,000 mortgage, that’s anywhere between $10,000 and $25,000. Often lenders don’t fully disclose these costs until just before closing, which can cause clients to feel anxious or worse, misled.

As your clients' trusted lending partner, it's important not to let this happen.

A guaranteed-cost closing calculator provides full transparency and clarity from the get-go. Buyers know exactly what the closing costs and fees will be for a specific home purchase—even before they apply for a loan.

This transparency and clarity means no unwelcome surprises at closing time and a much better experience for everyone involved.

#2: Clients can better understand closing cost terminology

Title insurance. Transfer taxes. Recording fees.

Understanding closing costs will never be the most enjoyable aspect of buying a home. Between loan fees and the government taking a cut, buyers may feel overwhelmed when trying to understand the different costs involved in finalizing a home purchase.

A closing cost calculator makes it easier for buyers to understand these expenses. It breaks down closing fees and industry terminology in a simple and easy-to-understand, itemized format. Buyers can more easily grasp the meaning of the different closing costs, and how they work to protect them from the hidden risks involved in a home purchase transaction.

#3. Clients can easily compare loan offers

With a closing cost calculator, clients can compare different loan offers and choose the best loan for their needs. Entering different amounts results in accurate closing cost figures for each scenario. And if the company you’re working with guarantees figures at the time of calculation, there's no need to estimate or update costs at a later stage.

#4: Clients can use it before shopping for a home

Although a necessary part of every real estate transaction, closing fees can be easily overlooked or underestimated by home buyers. With a closing cost calculator, clients can better understand closing fees in their area and the true impact on home price.

Even better, clients can get their closing cost figures before shopping for a property. The ability to calculate closing costs before purchasing is especially important as clients save and budget. They'll know exactly what they need to set aside for their dream home. No guessing required.

#5: A closing cost calculator is simple and easy to use

Let's look at a real-world example:

John and Evelyn are wondering what the closing costs will be on a $750,000 house purchase in the 94915 zip code. Using the Timios closing cost calculator, they can quickly find out with a few keystrokes. They just need to enter this information:

Zip code of the property
Purchase price of the property
Loan amount desired

The output of the calculator immediately shows a breakdown of prices for several typical closing costs. These include costs they can and cannot shop for, further broken down into title, government, and other fees.

Based on this information, John and Evelyn can see their guaranteed closing costs without having to apply for a mortgage first. This makes it easier for them to budget and shop for the right home.

The bottom line: John and Evelyn can move forward with greater confidence, knowing exactly what they’ll have to pay.

At Timios, we're committed to providing resources helpful for lenders and their customers. That's why Timios' closing cost calculator guarantees the cost based on the results provided. Our pricing is modified into a compliant, bundled fee, making the guaranteed quote straightforward and accurate.

And we will stand by that quote—even if additional costs come up in the closing process. That’s how confident we are that we can provide the lowest-cost and best client experience for you. Our goal is to make transparency, ease, and simplicity for lenders and buyers a reality in the title and escrow industry.

To learn more, please visit our Closing Cost Calculator page. Try out Timios' closing cost calculator for yourself and see how the closing cost calculator provides transparency and can build better customer relationships.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

How to create transparency for first-time home buyers

Mon, 18 May 2020 14:50:55 -0700

Don't let first-time home buyers go down a rabbit hole.

The purchase process, especially for first-time home buyers, can be convoluted, involving many costs and steps that might take them by surprise. As they try to navigate the many twists and turns, they can feel a bit like Alice in Wonderland.

Eliminate the confusion with a centralized fulfillment process.

The good news is, using a centralized fulfillment process can help a new home buyer feel more in control of the home-buying journey (and less like Alice visiting the Mad Hatter).

Here's how using a centralized system can help you eliminate the "rabbit hole syndrome" once and for all, allowing you to build stronger relationships with your clients, especially first-time home buyers.

Centralization puts your client squarely in the driver’s seat

A fully transparent experience is not common in the traditional title and escrow industry. First-time home buyers often feel like they don’t really understand or have control over the process. This can lead to unnecessary confusion and a lack of trust in their lenders.

What if you could put your clients in control of a totally open experience instead? What if your clients knew what was happening at every step? What if they could access their files any time they wanted?

That's the idea behind Timios' centralized fulfillment system.

Timios provides first-time home buyers with one point of contact and 24/7 access to their files from anywhere. Backing this up is an efficient customer service model that allows clients to reach an empowered employee to address all of their transactional needs along the way.

With centralization, new home buyers feel more empowered and in control, making for a better experience and happier customers.

Centralization keeps everything in one place

Sticky tape isn't a system.

Buying a home has traditionally been a transaction-focused process, involving a series of steps held together with legacy systems and software. As a lender, using a mish-mash of systems and processes to manage workflows just isn't efficient. Worse, it limits your visibility into the progress of each individual transaction or order.

The solution is to get rid of sticky tape processes with a centralized, paperless system.

Today, Timios centralizes all title and escrow transaction processing functions with a highly customizable and flexible proprietary software. This allows you to create a paperless office environment, which means no more wasted paperwork and time.

Going paperless in your office:

Increases efficiency
Facilitates process automation
Makes producing reports a breeze
Means documents are always on hand and can be signed from anywhere, any time
Allows you to proactively identify and resolve roadblocks
Helps eliminate the chance of human errors

Our platform seamlessly integrates with different loan origination systems (LOS). This integration minimizes time-consuming and inefficient data entry while reducing the possibility of losses. It also improves loan processing time for both you and your clients.

Makes communication fast and efficient

Centralization means no more wasted time communicating between parties. With Timios, new home buyers can receive pricing and documents at the touch of a button through their online purchase portal. If clients have any questions or concerns, they can directly reach a knowledgeable employee to address their transactional needs.

It’s a win-win for everyone involved.

Customizes support for every client

Every new home buyer has different needs.

Timios' simplified approach lets you customize support for every individual client, regardless of their different requirements. Our systems complement your processes, so you don't have to change the way you operate.

We offer you a highly scalable platform that allows you to expand as required, enabling rapid growth in your business. And our systems are designed to adapt to meet your local requirements, so you can function without interruption.

Gives new home buyers 24/7 access to their documents and transactions

Buying a home can feel like an emotional rollercoaster to first-time home buyers as they wait for information and the different steps to complete. Giving clients 24/7 access to their documents and transaction status can help reassure them that things are on track and ease their anxiety.

With the Timios Web Portal, clients have:

Round-the-clock access to their documents
Real-time tracking of their transactions
Push notifications when a milestone is completed.

On top of this, clients can reach out to an empowered employee to address their transactional needs at every step of the way. Your clients feel back in control and in the driver’s seat at all times.

Speeds up the closing process

Nothing is worse than wondering if you'll close on time.

We believe that the faster we can close your loan, the better. To speed up the process, Timios provides you with one point of contact and 24/7 access to your files. Every step is transparent and designed to facilitate a close that is ready when you and your client are.

In today's competitive lending environment, being able to offer new home buyers speed and accuracy of service is critical. With clients expecting services in real-time, being able to provide faster and more efficient services is a huge opportunity for lenders looking to set themselves apart.

We believe in offering fast service without sacrificing quality.

Our motto is “One Company, One System” to manage workflows across clients and geographies. Our goal is to revolutionize and simplify the real estate transaction by placing the consumer in control of a totally transparent experience.

To learn more about how to save time and money while reducing manual errors, please visit our site. There you can learn more about the many benefits of using a centralized process and how Timios can step in to help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

How to use your mortgage calculator to build greater client trust

Mon, 18 May 2020 14:41:38 -0700

Are you working on building trust with your customers?

Building trust with customers is an ongoing challenge in the mortgage industry. Many home buyers have been burned by hidden processes or fees in the past. Others don't feel that lenders have their best interests at heart.

Trust, or lack of it, is at the core of how customers feel about you. It determines how likely they are to use your services and recommend them to others.

The good news is, a mortgage calculator is a great way to build a stronger bridge to your customers. With a few simple keystrokes, it clearly breaks down the different costs that make up a loan payment. It's a powerful and flexible tool that provides clarity and money-saving insights as clients approach a housing purchase.

Here are some important ways that using a mortgage calculator can help you build greater trust with your clients.

#1: Mortgage calculators provide instant clarity

“Can we really afford that?”

Home hunting can be an emotional rollercoaster. Nobody wants to set their heart on a home only to discover it's financially out of reach. To avoid disappointment, it's important for buyers to understand what they can afford before they go house hunting or apply for a loan.

That's where a mortgage calculator can help.

By simply entering a few numbers, such as home price and down payment, an immediate loan payment picture emerges. Potential buyers can quickly and easily see what their monthly payment will look like and what they can realistically afford.

Customers can also play with the numbers (e.g., home price, down payment, a one-time lump-sum payment, extra repayments, and interest rate) to see how the monthly payment moves up or down. These handy features of a mortgage calculator make it easy for buyers to compare different homes and loans and weigh up the different options.

#2: Mortgage calculators can save your clients big money

Many buyers may be pleasantly surprised to learn that their payments and total loan cost can be drastically lowered with a few simple changes. For instance, increasing their down payment, making a one-time lump sum payment, or even making bi-monthly payments, can all have a massive impact on the total cost of a loan.

This kind of valuable "insider" information could save your clients hundreds or even thousands of dollars down the line. Yet, many home buyers still don't understand the huge money-saving benefits these small changes can have on their wallet over time.

A mortgage calculator makes these savings instantly clear.

Trying to understand these figures without the use of a mortgage calculator would be impossible for the average person. A mortgage calculator removes the guesswork and makes it easy for clients to understand loan payments and potential savings at a glance.

#3: Mortgage calculators can prevent payment traps

Everyone has different needs in a mortgage. Some people may prefer the predictability of a fixed rate loan where payments don't change over time. Others may prefer the greater flexibility and options of an adjustable rate mortgage. It really depends on a person’s individual budget and lifestyle.

Unfortunately, too many home buyers have fallen into the trap of signing onto an adjustable interest or honeymoon rate loan they didn't really understand. The payments looked great in the beginning—but over time, buyers fell into a panic as rising interest rates pushed their monthly payments out of reach.

Nothing causes a greater lack of trust than when a client feels a lender steered them toward a loan that wasn't in their best interests. A mortgage calculator shows how payments can dramatically increase based on rising interest rates. For your client, this valuable information could prevent serious financial losses down the line.

#4: Mortgage calculators demystify loan payments

Many home buyers may not understand that many costs make up a loan payment—it’s not just principal and interest. There are also property taxes, insurance, and other fees. Without understanding why these costs are there, it can feel confusing or overwhelming to borrowers.

A mortgage calculator makes it easier for a client to understand the different costs that make up their monthly mortgage payment, such as:

Principal: Clients see how much of the monthly payment is going to the original loan amount and how much equity is accruing each year.
Interest: Clients see how much of their payment will go to interest every month and, conversely, how much interest they can save by making more frequent and/or additional payments.
Taxes, insurance, and other fees: Clients clearly see how much they're paying toward the maintenance and security of their loan, so there are no hidden fees or a sense of being misled.

For these reasons and more, a mortgage calculator is a powerful tool that should be part of every lender’s customer service arsenal.

Transparency = Trust

Building trust with clients represents both a challenge and an opportunity for lenders. We believe that overcoming this challenge involves empowering clients by placing them in control of a totally transparent experience at all times.

Even today, the title and escrow industry tends to be segmented, with a greater focus on separate transactions rather than a smooth, cohesive process. At Timios, we believe that taking a more holistic approach from start to finish benefits both lenders and buyers.

By taking a bird's-eye view of the entire process, it’s possible to facilitate all areas of the home-buying transaction—not just those related to title and escrow. We aim to bring it all together into a fully integrated process that allows you to customize your workflow to your needs.

To learn more about building trust with your customers, please visit our landing page. There you can learn about how to create greater transparency with your customers, resulting in better relationships.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

‍Legal Disclaimer: The information provided on this document does not, and is not intended to, constitute legal advice; instead, all information and content available on this document are for general informational purposes only.

Helping first-time home buyers avoid costly mistakes

Mon, 18 May 2020 14:39:21 Z

Buying a new home is one of life’s great adventures.

As with all exciting adventures, the home-buying process also comes with certain risks. To help first-time home buyers avoid mistakes and buyer’s remorse, it's important to lay out the hidden risks and costs that could haunt them later.

By explaining what they should look out for when buying a home, you help build trust with people who might be skeptical. On the flip side, you can set proper expectations with those who might be too trusting or naive.

By establishing transparency from the beginning, you can set the stage for greater confidence and help build quality, lasting relationships with your clients.

Here are five common risks that new home buyers face and how to avoid them.

Risk #1: Skipping the mortgage pre-approval process

Getting a mortgage pre-approval is one of the most important steps in ensuring the home-buying process goes smoothly. Yet, it’s surprising how many first-time home buyers gloss over this step.

While obtaining a mortgage pre-approval can take a bit longer up front—clients will have to comb through their credit files and dig up paperwork—it can save them a lot of grief later.

With a pre-approval in hand, first-time home buyers know exactly what they can afford and won’t be as tempted to overextend their budget. And when they find the right home, they can put in an offer with greater confidence, knowing that things are less likely to backfire later.

By helping clients understand the importance of getting a mortgage pre-approval—not just crunching numbers at the kitchen table—you give them greater bargaining power and peace of mind.

Risk #2: Not taking the time to research lenders

A loan isn't just a piece of paper, it's a long-term relationship.

Signing on the dotted line is a big commitment. With so much at stake both financially and personally, it's important that new home buyers think carefully about their options—not just jump at the first loan offer that comes their way.

While interest rates, points, and other costs are important, it’s also necessary for clients to consider their personal situation, a lender's service levels, reviews, and more. By pointing out the pros and cons, buyers can get a better idea of what they're committing to.

The fact is, some loan companies don't have the lowest rates, but often have other benefits that make them the best partner for a particular client and situation. This is why it pays to help first-time home buyers step back and weigh their options.

Risk #3: Getting a mortgage that doesn’t fit

Mortgages come in many shapes and sizes. What works wonderfully for one first-time home buyer could spell trouble for another.

Before letting a client sign up for a loan, it's critical that they understand what they're signing up for. Some new home buyers may not fully understand the ramifications of an adjustable rate mortgage until their payments climb out of reach. Others may feel burned because they're stuck in a fixed-rate loan and can't break out without incurring hefty fees.

So, it's always worth sitting down with your clients to get a realistic picture of their lifestyle and spending habits. Make sure they understand the different costs that make up their monthly payment, how interest rates work, and how and when payments could rise (or fall). They will likely thank you later.

Risk #4: Not taking advantage of first-time home-buyer programs

Many first-time home buyers may feel apprehensive about entering the housing market. They may be worried about coming up with a large down payment. Or they may be concerned about a less-than-perfect credit history.

Not all first-time home buyers are aware they may qualify for government-insured loan programs, which have more lenient criteria than conventional loans. By laying out these programs to buyers, you can help ease their fears, help them qualify more easily, and reassure them you're on their side.

Risk #5: Not factoring in closing costs

Undisclosed closing costs are one of the easiest ways to lose trust with clients.

Many buyers tend to put closing costs out of their mind. They may not want to think about shelling out thousands of dollars at closing time, or they don't understand what closing costs are or what they’re for.

To make matters worse, many lenders can’t disclose these costs until just before closing. This can cause first-time home buyers to feel unnecessary stress and anxiety in the days leading up to closing.

It’s important not to let clients fall into this void. How? By providing closing costs up front with a closing cost calculator.

A closing cost calculator breaks down the numbers and provides guaranteed costs* at the time of calculation, so buyers know exactly what they’ll pay—even before buying a home. It’s a great tool that can help build trust and prevent unwanted surprises later.‍

Building trust is an opportunity for lenders

Building ongoing trust with clients is both a challenge and an opportunity for lenders. One way to overcome this challenge is by empowering first-time home buyers with the right information and putting them in driver’s seat from start to finish.

To this end, we believe it’s time to do away with fragmented systems in the title and escrow industry—systems that prevent buyers from taking control of the home-buying process. At Timios, we’ve designed a system that supports a fully transparent, holistic process throughout the entire real estate transaction.

When buyers know what’s happening at every step, it empowers them and helps build greater trust with their chosen lending partner: you.

To learn more, click here. You can get insights about creating stronger partnerships with clients throughout the home-buying experience and how Timios can step in to help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

* Timios, Inc. is committed to assuring all title settlement fees are disclosed accurately from the day of origination and transmitted for final disclosure to the consumer. We have modified our pricing into a compliant, bundled fee making your guaranteed quote simple and accurate.

4 key questions to ask when choosing an escrow partner

Mon, 18 May 2020 14:37:07 Z

What makes for a great—not just OK or good—escrow partner?

Finding a reliable, honest title and escrow partner can be challenging. As you’ve probably discovered, the type of services offered and the level of customer satisfaction can differ drastically across companies.

In the fast-paced world of real estate, the services you get (or don't get) can often mean the difference between closing on time or having things drag out, resulting in lost money or frustrated clients.

Because choosing the wrong title and escrow company can be an expensive proposition for lenders, here are four key questions you should always ask when evaluating a title and escrow partner.

#1. Do they offer centralized fulfillment?

For too long now, the real estate industry has relied upon separate processes and complex steps all glued together by legacy software. Basically, it's a mish-mash of inefficient activities that make it difficult to see into the progress of each transaction or order.

In a world driven by high customer expectations, it's no longer a sound way to do business. Clients want real-time information and quick answers to their questions. That's why finding an escrow partner who can offer you centralized fulfillment is critical.

What is centralized fulfillment?

Simply put, centralized fulfillment means being able to consolidate all processing functions in one place. It creates visibility into order flow and highlights processing bottlenecks, enabling you to quickly find solutions. Centralized processes are the key to speed, transparency, and customer satisfaction.

As you evaluate a title and escrow company's technology and systems, be sure to ask:

Can I access all my information from a single dashboard?
Does it offer real-time order status updates and tracking?
Does the technology offer built-in process automation?
Will it integrate with my loan origination system?
Does it offer best-in-class reporting capabilities?
Do they offer and guarantee an accurate closing cost calculator?

If an escrow company can't answer yes to all these questions, it may be worth looking around until you find a company that can.

#2. Will their system complement how I do business?

Lenders are busy people with a million things to do.

The last thing you want to do is bang your head against a system that doesn't complement or integrate with your existing workflows. That's why it's important to find an escrow partner who can offer you a platform that’s compatible with how you already work.

What does that look like?

Specifically, the system should integrate with your clients’ loan origination systems (LOS), so clients can receive pricing and documents seamlessly. The system should be compatible with local requirements and designed for scalability when your business grows.

The best systems adapt to your requirements and processes, so you don’t need to change the way you work.

#3. Do they provide a dedicated support team?

For your clients, buying a home can often feel like a convoluted process, with many steps they may not understand or be familiar with. How can you help your clients stay on top of things without getting a headache?

The answer is: You shouldn't have to do it on your own. It’s better to find an escrow company that can offer you a dedicated support team for you and your clients.

What does “dedicated support” mean?

For starters, an escrow company should be able to offer you and your clients multiple points of contact. Clients should be able to reach an empowered employee who can address all of their questions and concerns and have 24/7 online access to their files and paperwork.

The escrow team should be informed and educated across the entire real estate industry. They should be able to answer questions about a wide range of real estate topics: everything from how to use and understand a closing cost calculator to the vesting of title.

If a prospective escrow company can't offer this level of customer service, it may not be the right partner for you and your clients.

#4. Can they help me close faster?

Nothing is worse than missing a closing date. Not only can it result in lost profit, but it also stresses out home buyers too.

A great title and escrow partner is one that is committed to helping you close on time, every time. How does this happen? It happens when a company offers a suite of integrated products, technology, and services all working together to create transparency, centralization, and efficient workflows throughout the entire real estate transaction.

When you’re able to stay on top of things at every step of the process, it’s far less likely that something will fall through the cracks and cause an unnecessary delay.

What makes a great escrow partner?

As you evaluate different escrow and titles companies, keep in mind that a great escrow partner is always committed to providing the right technologies, service levels, and resources for their customers.

At Timios, we have a motto: “One Company, One System.” We believe it should be easy to manage your different clients across different geographies. It should be a seamless, integrated, and satisfying experience for both you and your clients.

We're committed to providing the resources and tools that are helpful for you and your customers, including our guaranteed cost closing calculator. If you're looking for an escrow partner you can always count on, keep us in mind.

To learn more about creating a more holistic and integrated process in your business, please click here.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

When will I break even on my mortgage refinance?

Mon, 18 May 2020 14:22:30 Z

Perhaps you’re wondering if it’s time to refinance your home.

If you're like most people, your mortgage payment represents the biggest chunk of your monthly budget. It makes sense to try to save money on your mortgage whenever possible. A well-timed home loan refinance can be the ticket to saving thousands of dollars.

But before you jump at the opportunity to redo your loan, remember that refinancing costs money. Just like applying for a new home loan, there are appraisal fees, underwriting, and closing costs to consider.

A big part of the refinancing process is calculating when you would break even on these costs and reap the benefits of a lower interest rate. In some cases, it can take two or three years to break even and start saving money—but it’s often worth the wait.

If you're trying to decide if refinancing is right for you, here's a look at when refinancing can be a good idea and how to calculate your own break-even point.

Why do a mortgage refinance?

Refinancing is the process of getting a brand new loan to replace your old one.

By far, the number one reason homeowners refinance is to lock a lower interest rate. A general rule of thumb is that if you can reduce your interest rate by .75% or more, and you're planning on keeping your home for two years or more, it's worth looking into a mortgage refinance.

But there are other good reasons to consider refinancing, such as:

Lowering your overall monthly payment and giving your budget a break
Reducing the term of your loan (e.g., going from a 30-year to a 15-year loan)
Switching from an adjustable-rate mortgage to a fixed-rate mortgage (and vice versa)

So, when it comes to your mortgage, it pays to keep tabs on your current interest rate. When interest rates drop, refinancing could definitely offer you a better deal. Even a one or two percentage point drop can save you thousands in interest over the long haul.

No-fee vs. fee-based mortgage refinancing

The bad news is, there's no such thing as a free refinance.

Because you're effectively applying for a brand new loan, you'll still need to shell out for things like appraisal fees, underwriting, and closing costs.

The good news is, you can choose to pay the costs up front or go with a no-fee refinance. With a no-fee refinance mortgage, you aren't required to pay thousands of dollars up front. Rather, these initial costs are waived by the lender and rolled into the new mortgage payment, which you can pay off over time—just like your principal and interest.

Keep in mind that some lenders will charge a higher rate if you waive your closing costs. If you know you're keeping your home for the long term, paying your closing costs up front can help you save even more interest.

In either case, refinancing with a more favorable interest rate is almost always worthwhile if you plan on staying in your home for some time.

How to calculate your break-even point

Remember that your break-even point is the time it takes to recoup the costs of refinancing and start saving money. So, how do you calculate it?

Here’s a quick example.

Let’s say you owe $300,000 on your existing mortgage. Your current interest rate is 4.5%, with 25 years left on the term. You've done some checking around and learned you can upgrade your mortgage to a 30-year term at 3.25%.

Using a mortgage calculator, you discover that you can save $214 a month at the lower rate of 3.25%. You've also talked to your lender, and she's informed you that the cost of processing your mortgage refinance is $3,500.

To get your break-even point, simply divide the cost of the refinance by your monthly savings, or $3,500/$214. That means it will take just over 16 months to hit your break-even point. After that time, you get to pocket that extra $214 every month. That's $2,500 a year in savings.

So, as long as you can stay put for 16 months, you'll break even on your refinancing efforts. Of course, it’s a better deal for you if you can stay longer.

No-fee loans don't have a break-even point.

Break-even calculations only apply to loans with fees. If you go with a no-fee loan, there's no break-even point to calculate. Simply subtract your new loan payment from your old loan payment, and that's your monthly savings.

One thing to keep in mind.

It’s always a good idea to talk to your lender or financial advisor to break down the numbers to see what you’ll be paying in total interest with a mortgage refinance. For example, if you refinance to a longer term, you may end up paying more in interest, even if your monthly payment goes down.‍

We put you in the driver's seat

If you're ready to take the next steps toward refinancing, we're here to help.

At Timios, our goal is to provide a fully transparent and user-friendly experience from start to finish. That means keeping you in the loop at every stage of the process: You always have full access to your files and an open line of communication to the professionals who can answer your questions.

We also know that staying within your budget is important. Our closing cost calculator provides guaranteed closing costs at the time of calculation, so you know exactly what your closing costs will be—even before applying for a loan.

Refinancing is a great way to maximize your mortgage. We’re here to ensure that nothing stands between you and the people who can help you save money.

To learn more about interest rates and what to keep in mind when considering a mortgage refinance, please click here.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

Refinancing your mortgage on a property held in a family trust

Mon, 18 May 2020 14:19:59 Z

A revocable living trust is a way to have greater control over your assets. By putting property and other assets into a trust, your beneficiaries can sidestep the probate process and the hassles and costs that go with it.

While moving property to a trust means you no longer technically own it, you can still refinance property held in a trust. However, some conventional lenders can’t or won't refinance a mortgage on a property held in trust. To work around this, you’ll have to temporarily move the property out of the trust and return it to individual ownership. After refinancing, you can place the property back into the trust.

We'll discuss how to do this properly, including making sure you’re covered by title insurance throughout the process.

What is a living trust?

A living revocable trust is a legal instrument that places assets in the name of a trust and out of individual ownership. Because individuals don’t own anything (the trust does), it protects your assets from probate court—a process which can drag out for months or years, and worse, eat a hefty chunk of your estate.

Can I refinance property held in a trust?

Yes, properties held in a living revocable trust can be refinanced. However, refinancing a mortgage held in a trust involves specific steps which may occur outside of the refinancing transaction. It’s important to ensure it’s done correctly so there’s no lapse in your homeowner’s title insurance coverage.

Why would I want to refinance property in a trust?

Refinancing a mortgage is the process of obtaining a new loan, often with better terms than the original loan. There are many reasons you may want to consider refinancing property held in a trust. These include securing a lower refinance rate, changing from an adjustable rate mortgage (ARM) to a fixed-rate mortgage, or shortening the length of the term.

What do I need to do to refinance property in a trust?

The best place to start is by contacting your lawyer and financial advisor. You’ll need to find out if the trust gives the trustee the power to take out a refinancing mortgage on the property. If so, the trustee may be able to sign for the loan. In this case, the trust will be responsible for the repayment of the mortgage, using the property as collateral.

But often it’s not as simple as this.

The trust may not allow the trustee to pledge the property to be used as collateral, or, for various reasons, the lender may be unwilling to refinance property held in a trust. If this is your situation, the property will have to be taken out of the trust and returned to individual ownership with a transfer deed. Once this is done and the property is re-titled, you can apply for a new refinancing mortgage on the property.

How to take property out of a trust

Along with the new loan application paperwork you'll have to complete, your lender may require the title to be transferred into your name before refinancing. You can have a lawyer or title and escrow company do the title transfer for you.

Putting the property back into the trust

After you've taken a property out of the trust for refinancing, it’s extremely important to ensure your home is transferred back into the trust after the process is complete. If you or your lender forget to transfer the property back to the trust (it does happen), your asset will be forced through probate, defeating the purpose of the original trust.

To put the property back into the trust, you'll need another deed to transfer the title to the trust. Making sure this is done correctly is important. Your lawyer or title company should help by preparing the document and reviewing what is currently filed on record for the property. Once you have executed the new deed, the title company can help you record it on public record.

If you're looking for a title and escrow company who can ensure accurate and efficient handling of your mortgage refinance, keep us in mind.

Timios offers a wide range of title insurance products and services to ensure your refinancing process is a smooth one. To help you, we offer 24/7 access to your files, real-time status tracking, and an empowered customer service team to answer all of your questions.

We aim to provide a totally transparent and helpful experience, so you know what's happening at every stage of the refinancing process.

Please visit our site to learn more about the title and escrow process and how Timios can help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.

Top credit considerations when home-buying or refinancing a mortgage

Mon, 18 May 2020 14:16:46 Z

Looking to buy a home or refinance your mortgage?

If you're concerned about how multiple credit checks can impact your credit rating when shopping for a mortgage, you're not alone. The fact is, there's a lot of conflicting information about pulling credit with different lenders. How do you separate fact from fiction?

The good news is, securing the best mortgage rate doesn't mean your credit has to take a hit. In this article, we'll clarify when credit checks affect your credit score and when they don’t. We'll also look at some ways you can improve your credit rating before buying a home or refinancing a mortgage.

Armed with the right information, you can make an informed choice and put yourself in the best financial position when applying for a loan.

Why your credit score matters

When it comes to getting a low mortgage rate, your credit score plays a big part.

For better or worse, lenders lean heavily on your credit and payment history when determining the kind of loan and interest rate you can get. Even a few blips in your credit file could negatively impact your ability to get a loan or secure a great mortgage rate.

In general, the better you’ve maintained your credit, the better the mortgage rate you’ll qualify for. Even one or two points less in interest could mean thousands of dollars saved when buying a home or refinancing your mortgage—so it pays to nurture your credit rating.

Will credit checks hurt my credit score?

Many people are concerned about hard credit checks (a hard check, or pull, happens when you actually apply for credit). While it might sound weighty, a single hard credit pull has a minimal impact on your overall credit score. You might lose a few points, but it’s not that big of a deal.

The much bigger issue is when several hard checks occur in a short time period. For example, if you apply for several credit cards (even if you’re just after some airline miles). These activities are noted in your credit file and could suggest to lenders you’re short on cash or about to go on a spending spree. In this case, too many hard checks could hurt your credit and ability to get a loan.

What about credit checks for home loans—are these treated the same way?

No. The major credit agencies (Equifax, Experian, and TransUnion) know there's a difference between applying for five credit cards versus applying for five home loans. They understand that you may be shopping around for the best mortgage rate (and not trying to buy five houses!).

To make life easier for home buyers, credit agencies have different rules for mortgage inquiries. If you apply for several loans within a specific time period, usually 14 to 45 days, they’re treated as a single inquiry. Each agency has its own timeframes and rules (some even lump credit card inquiries together with mortgages). It’s worth checking which rules apply.

So, if you’re in the market for a loan, don’t be afraid to shop around for the best mortgage rate. Not only is it a smart idea, but it could also save you thousands of dollars. As long as you do it within the timeframes set out by the credit agencies, it won’t hurt your credit.

How can I improve my credit before buying a home or refinancing my mortgage?

If you’re considering applying for a mortgage, there are a lot of things you can do to improve your credit score. Here are some things to consider 6 to 12 months before applying.

Prioritize paying down existing debt. Not only does paying off debt feel great, but it can also give your credit rating a big boost. By paying off your credit cards and loans, it lowers your debt-to-credit ratio. This shows lenders you're good at managing credit and not overextending yourself. When applying for a home loan, your debt-to-credit ratio should never exceed 30% (which means you’re using 30% of your available credit).
Do not take out any new debt. If you're tempted to apply for new credit before applying for a home loan, you may want to wait. Taking out more debt will increase your debt-to-income ratio, and if it’s too high (over 43%), this can be a serious red flag to lenders. Ideally, it should be 36% or less.
Fix any errors in your credit file. There’s nothing worse the combing through your credit history and finding unwanted surprises. Be sure to read through your credit report periodically and correct any errors immediately. It can also be a good time to remove unnecessary card holders and keep an eye on any loans you may have co-signed.

You're entitled to one free credit report every year. In addition, many credit card companies offer complimentary credit monitoring, making it easy to keep tabs on your credit file. Checking your credit won't impact your credit score, but it will help safeguard your credit rating.

If you're ready to take the next steps towards getting a home loan, keep us in mind.

At Timios, our goal is to provide you with a fully transparent, empowered, and enjoyable experience from start to finish. Our simple, centralized approach provides you with custom support and 24/7 access to your files throughout the entire home-buying or refinancing process.

We also know that your budget is important. Our closing cost calculator provides guaranteed closing costs at the time of calculation, so you know exactly what your closing costs will be—even before applying for a loan.

Please visit our site to learn more about the home-buying process and how Timios can help.

With over 250,000 transactions and $40 billion in total closings, remaining true to our values has made Timios one of the fastest growing title and settlement services companies in America.