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Homeowners insurance Policy Options
Homeowners insurance evolved in the late 1950s, when the insurance industry needed a single comprehensive policy to cover not only the house but also the contents and liability. The result is a standard policy that has two parts: property coverage and personal liability.
Continue reading...Paying Your Homeowners Insurance on Your Own
27 December 2011
Although most conventional loans with a 20 percent or more down payment allow you to pay homeowners insurance and taxes on your own, some lenders give you the option of paying them monthly as part of your loan payment (see above). This means less paperwork for you and you don’t have to write big checks [...]
Continue reading...The Basics of Homeowners Insurance
11 December 2011
A homeowners policy protects the homeowner if the home is damaged or destroyed in a variety of ways, as stated in the policy. A buyer is required to have homeowners insurance while there is a mortgage balance to be paid off. If you have a single-family home, your mortgage lender requires you to have an [...]
Continue reading...Purchasing Insurance for Your New Home Part (2)
7 December 2011
These can include earthquake insurance or flood insurance if the home is in a designated flood area, as well as mortgage life insurance, title insurance, and private mortgage insurance, all of which will be discussed in this chapter.
Continue reading...Purchasing Insurance for Your New Home
3 December 2011
Your home is one of the most important, and expensive, assets you probably will ever have. Yet for many home buyers, purchasing the insurance to cover their investment is a back-burner consideration.
Continue reading...The Basics of Homeowners Insurance Part (2)
30 November 2011
As an example of the necessity of having homeowners insurance, Dale and Janelle found a renovated bungalow in an upscale but older area. They hired a professional inspector who gave the property a good report and their FHA loan closing went smoothly. However, during the move-in, Janelle turned on the tub and another faucet to [...]
Continue reading...Tips on Avoiding Bad or Predatory Lenders (3)
29 November 2011
The lessons Manual and Geri learned from this: Never pay more than the credit report fee, normally $40 to $75, upfront. And only after credit and income ratios look good should you pay for the appraisal costs and small inspections that may be required in your area. Be wary of application fees. Good lenders won’t [...]
Continue reading...Tips on Avoiding Bad or Predatory Lenders (2)
25 November 2011
Manuel and Geri found out the hard way about bad lenders when a relative pressured them to use a friend in the mortgage business. They had found a cute bungalow close to their children’s school and made an FHA offer with a four-week closing date. The loan officer took their application and explained that he [...]
Continue reading...Tips on Avoiding Bad or Predatory Lenders
21 November 2011
The mortgage industry shelters good, bad, and downright scary loan officers and companies, so you need to exercise vigilance and use the tools offered in this chapter to avoid pitfalls. Although there are plenty of good, honest, hard-working lenders in the business, too many buyers fall prey to slick advertising, unrealistic rate quotes, or going [...]
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