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Insurance Closing Costs
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Homeowner's Insurance
This insurance covers replacement costs for damages caused by fire, wind or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage. |
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Flood or Quake Insurance
Additional hazard insurance coverage that is required for homes located in a designated hazard zone as established by the Federal Emergency Management Agency (FEMA). An appraiser, inspector, or your realtor can let you know if a property resides in a hazard zone. |
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Private Mortgage Insurance (PMI)
Insurance required for conventional mortgage loans when the borrower's down payment on the house is less than 20 percent of the loan value. |
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Title Insurance
This policy protects both the buyer and lender by insuring a clear chain of title. (In other words, it insures that that the person who sells the house has the legal right to do so.) |
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Chip Lake
Home Hero Mortgage Advisor
SC 843.216.9962
SC Fax 843.216.9964
"We make no reps or warranties express or implied as to functionality
or fitness for particular use".
ChipLake.com is an Equal Housing Lender. We conduct business in accordance with the Federal Fair Housing Act and the Equal Credit Opportunity Act. It is our corporate policy to ensure that in each of our residential real estate finance transactions, no person is discriminated on the basis of their race or color national origin, religion, gender, marital and familial status, handicap, or age."
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