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Home Mortgage Closing Costs
Insurance Closing Costs
Homeowner's Insurance
The purpose of homeowner’s insurance is to cover the costs of repairs on property damaged by fire, wind or other disasters that might affect the property value. Homeowner’s insurance normally includes personal liability and theft coverage.
Flood or Quake Insurance
The Federal Emergency Management Agency (FEMA) is responsible for designating what areas are hazard zones. Homes located in an established hazard zone require ‘Hazard Insurance’ in addition to homeowner’s insurance.If any of the property that we look at resides in a hazard zone I will make sure you are informed.
Private Mortgage Insurance (PMI)
When a home is purchased with a down payment that is less than 20 percent of the conventional mortgage loan value, Private Mortgage Insurance (PMI) is required.
Title Insurance
Title insurance protects both the home buyer and the mortgage lender by insuring a clear chain of title. It insures that the seller of the home has a clear title to the home and has the legal right to sell the home to you.