Entries by SettlementsLtd

What is Escrow for Taxes & Insurance?

You should discuss with your loan officer whether or not you will be required to escrow for real estate property taxes and homeowner’s insurance as a part of your loan. If you escrow, every month 1/12 of your taxes and insurance will be paid into an escrow account so that the tax and insurance bills […]

What is Mine Subsidence Insurance?

Your homeowner’s insurance policy probably does not cover damage to your home caused by mine subsidence. Western Pennsylvania is one big bituminous coal mine field so the chances are good that your home is located above or near a coal mine. Underground coal has been mined in Pennsylvania for more than 200 years. It extends […]

What is Flood Insurance and do I Qualify?

If you live in a flood zone, flood insurance will be required. Flood insurance coverage must usually equal the lesser of guaranteed replacement costs (unpaid principal balance of the loan may be used if replacement costs are not available) or the maximum available under the National Flood Insurance Program. Your lender will direct you if […]

What is Homeowner’s Insurance?

When you purchase your new home you will want to purchase homeowner’s insurance. If you are financing the purchase through a lender, the lender will require homeowner’s insurance. The lender will probably require that the homeowner’s insurance must equal the lesser of the loan amount or guaranteed replacement value. You should speak with your lender […]

What is Power of Attorney?

A Power of Attorney (POA) is a document in which a principal appoints an agent to act on the principal’s behalf. The “Principal” is the person who has executed the Power of Attorney and appoints an “Agent” to act for him. The “Agent” is the person appointed to act on behalf of the “Principal.”   […]

Who is the Consumer Finance Protection Bureau?

The Consumer Finance Protection Bureau has published a guide for Buyers seeking a mortgage entitled “Your Home Loan Tool Kit – A Step-by –Step Guide”. The link for this toolkit is set forth here. It explains the mortgage lending process and how you can shop for a mortgage lender and a closing or settlement company. […]

Should You Consider a Home Warranty?

Obtaining home warranties can be an important safeguard against problems big and small for new homeowners. But remember, home warranties are not insurance policies. They are policies that provide service for repair or replacement of covered items such as appliances, heating and cooling systems, plumbing and electrical systems. The cost of a one-year standard policy […]

How a Survey Impacts a Home Sale in Pennsylvania

In Pennsylvania the title insurance companies and the mortgage lenders do not require a survey of the property each time a property is sold. Surveys do provide valuable information to the buyer of a property so the question of whether or not to obtain a new survey on a property deserves valuable consideration.   Survey […]

What To Look For During a Home Inspection

A general home inspection is essentially visual, and distinct from those of specialists such as mold, inasmuch as they do not include the use of specialized instruments, the dismantling of equipment or the sampling of air and inert materials. Consequently a general inspection and the report that follows will not be as comprehensive, or as […]