| Your
Realtor: Virtual Real Estate Store |
February
2001
  |
All Rights Reserved. |
|
|
|
|
|
Avoid Surprises: Know Your Homeowner's Coverage 
Most
of us sign up for a homeowner's insurance policy when we purchase
a home not only because of the protection it offers us, but also
because of the "required reading" aspect of it to our
mortgage lender. Those institutions lending us the money to make
homeownership possible cover their bases by making sure their own
financial investments are protected in case of fire or natural
disasters.But how much does the average homeowner know about what the typical homeowner's policy covers? According to information available through the Insurance Information Institute and endorsed by the U.S. Office of Consumer Affairs, the Homeowners-3 (HO3) is the most common homeowner policy in the U.S. Some policies are more restrictive than others, so be sure to check up on just what your policy includes. For the purposes of generality, however, the HO3 will be used as an example here. The typical homeowner's policy includes coverage for perils and losses due to fire, lighting, tornadoes, windstorms, hail, explosions, smoke, vandalism and theft. Those owning homes in coastal areas may want to pay 
|
||||||||||||||||||||||||||||
It
used to be that adjustable rate mortgages -- ARMs
-- were a good financial option for many
borrowers. Combine low start rates with more
liberal qualification standards than fixed-rate
financing and ARMs could often be the most
attractive mortgage option for many borrowers.
The
great ride on Wall Street is over, at least for the time
being and perhaps for much longer. In the past year, says
The New York Times, shareholder equity has fallen by an
estimated $2.7 trillion, a big number by any standard and
one which will undoubtedly influence the sale and
financing of real estate in 2001.
YYou
hear about credit scores all the time, but why do lenders
need them and how do they work?