What is the difference between owner’s title insurance and lender’s title insurance and which do I need?

Title insurance is policy of insurance that protects the insured from financial loss if certain problems are discovered regarding the rights to ownership of property. The lender’s policy insures that the bank or mortgage company is covered in the event of loss. Most lenders require that you purchase lender’s policy as a condition of the loan. The owner’s policy is typically purchased when you by the property and is effective during the entire ownership of the property. The owner’s policy is always optional.

What is a homestead?

In Massachusetts, effective March 16, 2011, MGL c.188 as amended by St.2010, c.395, provides that a homeowner is automatically protected for up to $125,000 in home equity without filing (an official document). For those who file for homestead protection, by recording a document at the Registry of Deeds, the homestead protects up to $500,000.
Note: In New Hampshire a homestead applies by operation of law. Thus a specific document need not be recorded.

I was told that I have a “recission period” for my refinance. What is that?

A recission period is a three day period, that is prescribed by federal law, in which you can elect to cancel the transaction, without cost. When you refinance, you should receive an official notice that tells you the day on which the period ends. Any monies that are due to you as a result of the transaction will be held during that cancellation period and disbursed only after it expires.