In response to the COVID-19 pandemic, the Fed lowered the historically low prime interest rate to 0%. Interest rates for 30-year mortgages are currently at historic lows, around 3% for the past few months since the virus outbreak.

These are certainly uncertain times for much of the U.S. economy, but one industry that is still open is real estate. Especially given the current interest rate, many lenders are overwhelmed with mortgage applications.

Late last week, Illinois Governor JB Pritzker issued Executive Order 2020-10 in response to the COVID-19 pandemic. This order implemented a stay-at-home mandate, emphasized social distancing, and identified essential businesses permitted to remain operational. The order took effect on Saturday, March 21, 2020, at 5:00 PM and is set to continue through April 7, 2020.

When buying a home, title insurance serves as a safeguard against ownership disputes caused by title defects. While most financial lenders require buyers to purchase title insurance, you might wonder if it’s necessary when buying with cash.

The home-buying process should be exciting and joyful, but concerns about the legal status of your property’s title can quickly dampen the experience. Ensuring you have a clean and undisputed claim to your property is essential—and that’s where Illinois title agents come in.