How important is it to have the "waiver of homestead rights" portion of the mortgage instrument signed? We get the signature, but it was my understanding that it only applied if the collateral was over a certain size. Is that true?

We do a lot of Iowa lending and to the best of my knowledge, that signature is required on ALL mortgages. I can't point to a statuatory reference but you might try calling Dodie Bauman at Iowa Bankers Association. She and her assistant Ronette Schlatter are Iowa compliance gurus.

I can tell you that you will NOT be able to get title guaranty without the signatures. But it you've worked with ITG at all, you know how they are.

I see no limitation on the amount in the Iowa Code, Sections 561.19 through 561.22.