Homeowner's or Hazard Insurance policy
Last modified December 4, 2021Protects the buyer and the lender against loss due to fire, storms and other natural disasters and multiple hazards. It may also insure against additional risks or perils including personal liability and theft.
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Top 10 terms for First-Time Home Buyers:
- APR (Annual Percentage Rate)
- PMI (Private Mortgage Insurance)
- ALTA (American Land Title Association) Closing Disclosure Statements
- Appraisal Fee
- Legal Description of property
- DOC Stamps on Deed (aka state tax/stamps)
- DOC Stamps on Mortgage (aka state tax/stamps)
- Document Preparation Fee
- Escrow Officer
- Intangible Tax on Mortgage