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Talking about your mortgage: Homeowner’s insurance
Your lender will require that you have a homeowner’s insurance policy (sometimes
called hazard insurance) in effect at settlement. The policy protects against
physical damage to the house by fire, wind, vandalism, and other causes. This
insures that the lender’s investment will be secured even if the house is destroyed.
If you are buying a condominium, the hazard insurance may be part of your monthly
condominium fee; you may still want homeowner’s insurance for your furnishings
and valuables.
Estimated cost: $300 to $1,000 (depending on the value of
the home and the amount of coverage; you can estimate the cost to be about $3.50
per $1,000 of the purchase price of the home).
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Mortgage Terms Defined:Lock-in
refers to a written agreement guaranteeing a home buyer a specific interest
rate on a home loan provided that the loan is closed within a certain period
of time, such as 60 or 90 days. Often the agreement also specifies the number
of points to be paid at closing.
Mortgage Terms
Defined:Thrift institution is a general term for savings banks
and savings and loan associations.
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