VA Loans thank our military.

If you've ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan or you are refinancing, you may be wondering why you need another insurance policy.

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies: 1) Owner's Policy. This policy covers you, the homebuyer.2) Lender's Policy. This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so we'll only require that a lender's policy be issued.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title plant.

After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.

This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.

Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and that the odds of a claim being filed are slim indeed.

CCCU's Realtor Network gives you access to trusted realtors in the Portland area. As we work with realtors, we will update our website to ensure that you're getting the quality products and services you deserve, from mortgage pre-approval to your closing date.

• FEATURED REALTOR: William Gilliland, Windermere
  With the exception of six years spent in Palm Springs, CA, William has lived in Oregon since 1984. A total of 17 years in Portland has given him the opportunity to live in each quadrant of the city. His natural curiosity and exploration of Portland's uniquely different neighborhoods has provided him with detailed and specific experience to help his clients make better real estate decisions.
  
  William's real estate knowledge and customer satisfaction are a few of the many reasons CCCU has chosen him as one of our top preferred realtors.
  
  You can reach William directly at 503-284-7755 or please visit his website at www.WGHomesPDX.com.
  
  
• Sue Gomes
  John L Scott
  sue@suegomes.com
  office: 503.222.9200
  cell: 360.574.3889
  suegomes.johnlscott.com
  
  
• Amiee Virnig
  Windermere
  avirnig@windermere.com
  office: 503.284.7755
  cell: 503.803.7678
  aimeevirnig.com
  
  
• Sonya Jackson
  Windermere Sandy
  sonyaj@windermere.com
  office: 503.668.4131
  cell: 360.341.5363
  sonyajackson.withwre.com
  
  
• Tim Walters, P.C.
  Re/Max Equity Group
  timwalterspc@gmail.com
  office: 503.545.1880
  twalters.equitygroup.com
  
  
• William Gilliland
  Windermere
  wgilliland@windermere.com
  office: 503.284.7755
  cell: 503.333.6475
  wghomespdx.com
  
  
• Bonnie Roseman
  Living Room Realty
  Portland@realtor.com
  office: 503.719.5588
  cell: 503.515.5973
  rosecityroseman.com

To qualify for a VA loan, you or your spouse must have served: 

• 90 consecutive days of active service during wartime
• 181 days of active service during peacetime
• More than 6 years with the National Guard or Reserves

You have to meet at least one of the service requirements mentioned above. If you haven’t, you must be the spouse of a military member who lost their life in the line of duty, or as the result of a service-related disability. You usually can’t have remarried.

Note: Co-borrowers on a VA loan must be a veteran themselves or the primary borrower's spouse.

The interest rate market is subject to change without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

Lock-In Agreement
A lock is an agreement between the borrower and the lender and specifies the number of days for which a loan's interest rate and points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the lock.

When Can I Lock?
It is your sole responsibility to inform your Loan Officer when you are ready to lock in your loan rate.

Fees
Although fairly uncommon, there are instances where a fee is required, such as on an extended lock.

Lock Period
We offer a wide variety of lock-in periods. 15, 30, 45 and 60 day locks are most common, but extended locks are also available, if needed. Your loan must close and disburse within this number of days from the day your lock is confirmed by us.

Lock Confirmation
Interest rates change often and may be subject to change at any time without notice. Your loan will be subject to interest rate changes until the interest rate is locked in and confirmed by your Loan Officer.

Lock Changes
Once we confirm your lock, your loan is committed into a secondary market transaction. Therefore, any changes to the lock commitment due to extending the lock or changing loan terms may require additional fees. If your loan is not approved or does not close by the date specified for any reason, the locked in rate will be subject to change and certain fees may apply or be forfeited.