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:
- Real Estate and Mortgage Disclosures
- Consumer Mortgage Disclosures are a Federal Regulation.
- Due on Sale Clause
- Federal Home Loan Bank or FHLB
- APR (Annual Percentage Rate)
- Federal tax lien
- PMI (Private Mortgage Insurance)
- General liens on property
- Gift letters in mortgages
- Good Faith Estimate or Loan Estimate