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Buying title insurance is a pretty straightforward process. A title company will walk you through the process and will do almost all of the work itself. Still, there are some things to know about how to find a good title insurance company and how much the service costs.

When buying title insurance, look to your lender for the best recommendation. Its interests intersect with yours because its guaranteeing a large loan based on the property youre using as collateral. Also, your lender will likely require you to get title insurance. Never rely on a seller’s recommendation as it could be biased.

The Real Estate Settlement Procedures Act, or RESPA, prohibits a lender, real estate agent, attorney or other person or entity involved from requiring the buyer to use a particular company. Homebuyers can shop for title insurance and a provider that best fits their needs.

The price of title insurance is regulated in many states, so there shouldnt be much of a price difference between companies. The average title insurance policy has a one-time premium of about $1,000, covering all upfront work and ongoing legal and loss coverage. However, premiums can range from $200 or so to more than $2,000.

You want to find a title insurance company that has been around for a long time and will continue to be around. Verify that the underwriter is financially sound by checking financial solvency ratings at companies such as Demotech Inc. and A.M. Best Co. Also, research the underwriter and title company, or the attorney, to see what other customers have said about their service.

Homebuyers often pay for title insurance, so it’s in their interest to shop around for it. Some jurisdictions may require sellers to pay for it. Even if the buyer pays, title insurance is still an expense that can be negotiated by a real estate agent and split by both sides or paid entirely by the seller. If youre not paying for title insurance but still want to choose the company, you may have to share some of the costs.

If the seller is pushing their title company, you may want to avoid it because it could lead to the same results from when they originally bought the house. A new title insurance company could find new records or summaries that a previous search didnt unearth. This will give you a better chance of fixing any problems before you buy the home.

Published with permission from RISMedia.

Utility bills seem to go up every year”and every year we hear the call to save our nation’s natural resources. Financial management site Quicken.com suggests seven savvy ways to save on electric, gas, and water bills while helping to save our planet in the bargain:

• Pull the plug. Appliances that have a clock or operate by remote, as well as chargers, suck electricity even when not in use. In fact, of the energy used to run home electronics, 40 percent is consumed when the appliances are off”so pull the plug when not in use.
• Insulate the water heater. The newest models have plenty of insulation, but if yours is vintage 2004 or earlier, wrap it in an insulating jacket and save 10 percent”about $30 a year”on your water heating bill.
• Set the washer to cold. Use cold water to wash clothes and save 50 percent of the energy you would use for hot water. Also, set your dryer on the moisture sensor, not the timer, and cut energy use by 15 percent.
• Go low-flow. Older shower heads send as many as 5.5 gallons per minute (gpm) down the drain. The new fixtures go as low as 1.5 gpm, saving 7,300 gallons and $30 – $100 a year.
• Run full loads. Run full loads of clothes and dishes. Most of the energy used is to heat a set amount of water, so running smaller loads wastes both energy and water. Also, air-dry dishes for added energy savings.
• Retrofit your faucets. Consider faucet aerators, which screw into your faucet threading and cut the water flow from 3 – 4 gallons per minute. Aerators blend water and air, reducing the flow without sacrificing pressure. At $0.50 – $3 apiece, the devices are some of the cheapest green gadgets available.
• Go drip. For gardens, consider installing a drip irrigation system, which maintains moisture in the soil. Drip irrigation can reduce water loss by 50 – 60 percent when compared with hand-watering or sprinkler systems.

Interested in more real estate tips? Feel free to contact me directly.

Published with permission from RISMedia.

Renters insurance is relatively inexpensive, costing between $15 and $30 per month, according to the National Association of Insurance Commissioners. For less than $1 per day, renters can protect all of their possessions and not be held liable for an accident in their rental home.

Even themost miserly renters can save on renters insurance by adding safety features to the property they’re renting. Here are four upgrades insurers may offer discounts for:

Smoke Detectors
Landlords should already have smoke detectors installed in rental units. Most states require them by law, so if your rental doesn’t have them, ask your landlord to buy smoke detectors and install them. Smoke detectors alert you to a fire quicker, hopefully giving you time to get outside to a safer location, or to possibly put out the fire quickly and minimize property damage.

Three out of five home fire deaths are from fires in properties without working smoke alarms, and 37 percent are from fires where no smoke alarm was present. The risk of dying in a home fire is cut in half when a smoke alarm is working.

Fire Extinguishers
Insurers may also offer discounts for having a fire extinguisher that’s working. One in a kitchen can keep a stovetop fire from spreading to your other possessions. They should be checked monthly to ensure they’re working, and the extinguisher should be easy to get to and not blocked in a closet by coats or anything else.

Deadbolts
If a burglar tries to pick the locks on your doors, a deadbolt can add an extra line of defense for a few dollars. The high volume of foot traffic in apartment complexes can increase the chances of a break-in. Add deadbolts to front, back and side doors.

Security System
A home security system can be as expensive as you want to make it. You can hire a professional alarm company to install a burglar alarm and other forms of surveillance, or you can install video cameras yourself. An around-the-clock security system can alert tenants and police to harm and can prevent the loss of your property.

Whatever upgrades you’re considering adding, first discuss them with your landlord and point out that not only will they save you money on renters insurance, but also likely save money on homeowners insurance for the property for having the extra safety measures.

Published with permission from RISMedia.

So a babe is on the way? Congrats! Along with the chaos of, well, everything that is to come, your finances are about to experience an upheaval, as well. According to the U.S. Department of Agriculture, it will cost upwards of $245,000 to raise a child born in 2013 to the age of 18″and this does not include college. Feeling that bank account burn already? Below are five tips for rocking your budget as a new mom or dad.

1. Tweak the budget. Your new little one is going to cost a pretty penny. From hospital costs to diapers and child care, budgetary stress is an added strain on you as a new mom or dad. Look for any unnecessaries you can slash to make room for more baby dollars. The more prepared you are, the better.

2. Track your spending. Don’t just make that budget and set it aside. Set a monthly meeting with your spouse to look over your spending, make sure you’re on track, and identify any problem areas or potential saving pockets.

3. Learn your tax credits. I bet you didn’t see this one coming. Being a parent has some advantages at tax time, so talk to your tax professional about what you may be eligible for.

4. Automate, automate, automate. Not only can automation help you avoid bouncing bills, but by having money withdrawn from your account, you can pad up your savings, too. Figure out how much you can part with every month and automatically squirrel it away into an emergency savings account, a college savings account, or both.

5. Set financial goals. While creating a budget and savings plan is great, setting goals for your family can help you stay on track. Looking to have a set amount in a college account by the time your kid hits 18? Do the math and decide how much you need to save monthly to hit it. Is an annual family vacation a must? Figure out how to stash some cash for that, and then make it happen. Also, stay well informed on real estate market trends if you’re looking to buy a home or move up to a larger one.

Above all, don’t forget to be realistic, and forgive yourself if it takes some time to get on track. Parenting is a lifelong adventure!

Published with permission from RISMedia.

So you’re looking for a home loan? Before you find yourself up to your knees in brand new terminology, brush up on these common phrases:

FICO score
These are the credit scores that the majority of lenders use to determine your credit risk, and the number makes a very big difference in terms of what interest rates you are offered on a mortgage. This score boils your credit history down to a three-digit number that tells a lender whether you’re creditworthy. What is the FICO score based on? The biggest players are past payment history and outstanding debt. The average FICO score falls between 600 and 800, the median being 723.

Full documented loan
A full documented loan means that both income and assets are disclosed and verified. Income is used in determining the applicant’s ability to repay the mortgage and formal verification requires the borrower’s employer to verify employment.

APR
This stands for Annual Percentage Rate. It’s a calculation that measures the net effective cost of borrowing. It takes into account some costs of getting the loan (including any applicable points), most loan fees and mortgage insurance. The APR is the most consistent means of determining price disparities between lenders.

Good Faith Estimate
This is a list of settlement charges that will occur with your new loan. Within three business days of receiving the loan application, the lender is obliged to provide the good faith estimate to the borrower. The good faith estimate gives the borrower the opportunity to review associated costs on the loan before proceeding.

Published with permission from RISMedia.