Q:We are buying our first home. Our mortgage broker says that we must purchase a title-insurance policy that protects the bank if a dispute arises, but she’s also urging us to buy a separate policy that would cover our own interest in the home. Are two title-insurance policies really needed, or is our mortgage broker just trying to pad her commission?

A:No, your broker is wisely suggesting that you purchase a second title-insurance policy so that your stake in the home will be protected if someone else files a lawsuit that claims ownership of the property.

A title policy protects the holder from a loss sustained by a “defect in title.” For example, if you buy a house and someone (a stranger or long-lost uncle) sues two years later because he or she has a deed to the property signed by a previous owner, the home could be taken away from you if the claim is upheld by the court.

There are two types of title-insurance policies. The first, “lender’s title insurance,” protects the bank against any future claims regarding ownership. Almost every lender requires borrowers to pay the $600 or so for such coverage before making a loan, even though the policy will only reimburse the bank — not the buyer — for losses if a claim is made months or years later.

Should you want the same type of protection that the bank demands, you will need another $500 or so for a separate “owner’s title insurance” policy that can reimburse your financial losses (and maybe legal fees) if a title claim proves successful.

Q:My husband and I have very good credit ratings, so we receive two or three letters each week from banks that offer preapproved credit cards. A column that you wrote said people who check their credit frequently can lower their score. Are these offers hurting our credit score? We are particularly worried because we are planning to refinance our house and want to keep our high credit rating so we can get the best loan deal.

A:There is no need to worry. Many banks cull credit-score ratings to find consumers with the highest ratings so they can offer new cards or loans to top-ranked borrowers. The type of credit inquiries you’re asking about is considered a “soft hit” on your report, which should not have any impact on your overall score.