Whether you are buying a home or refinancing your home loan, insurance is important to understand and consider when you’re planning your financial future. Many first-time homebuyers can confuse private mortgage insurance from homeowners insurance, and title insurance. We outline the differences so that you know what to expect when it comes time to refinance or buy a home. What is Homeowners Insurance? Homeowners insurance (sometimes referred to as hazard insurance) policy covers damages to your home and your belongings, and accidents on your property, as outlined in your policy. In contrast to private mortgage insurance (PMI), homeowners insurance is designed to protect you as the homeowner. Homeowners insurance is not always mandatory. For example, if you have paid off your entire mortgage, you are not required to have homeowners insurance. However, it is extremely encouraged to avoid risking what… Read More
Get Started On Your Loan
Let's begin the first step of your new loan. We're always here if you need any help.