Yes, Title Insurance is needed on any mortgage that is obtained through Traditions Mortgage. It is used to protect the borrower and the lender against any title defects, liens, or other matters. Lender's Title Insurance is required and protects the lender up to the loan amount. The owner may choose to take take out additional insurance called Owner's Title Insurance to cover the difference between the loan amount and the value of the property. Owner's Title Insurance is optional.