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The Yi Team Mortgage

Mortgage Experts in Rockville, MD

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    • Apply with Christa Fitch, NMLS #1792406
    • Apply With Chong Yi, NMLS #198732
    • Apply With Derek Harman, NMLS #882287
    • Apply With Erin Finke, NMLS #536279
    • Apply With John Walowac, NMLS #1414681
    • Apply with Jon Ingram, NMLS #1076922
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What Is Homeowners Insurance?

MORTGAGE 101

What is Homeowners Insurance?

Welcome to Mortgage 101. We help home buyers and realtors understand home loans. You’re in the right place if you’re thinking of buying your first home, if you’re moving to your next home, or if you’re ready to refinance your existing loan.

Home Owners Insurance

Homeowners Insurance is also known as Hazard Insurance. This type of policy protects the home owner and the property associated with the home loan from any catastrophic event, with the exception of flood. Flood insurance is a completely different type of insurance that is required for specific properties.

The lender wants to make sure their financial investment in your home is protected in the event of a fire or other risk.

ABOUT ERIN FINKE

Home Versus Condo

The type of policy you get to insure your home will vary depending on if you own a condo or a single family home.

If you own a condo, your policy would only need to protect from the walls inward. A management company is going to have a policy that protects the building itself. You only need to insure the portion of the home that you own.

If you own a single family home, or town home, that is fee simple, that means that you own the structure as well as the land the property sits on. In this case you will get a homeowners insurance policy that protects the structure of the home as well as the land it sits on.

Is Homeowners Insurance The Same As Mortgage Insurance?

Homeowners Insurance and Mortgage Insurance are two different insurance policies. They protect different things and are two different payments.

Homeowners Insurance protects the home and land it sits on. Mortgage Insurance protects the lender in the event the homeowner defaults on their loan.

Read more about Mortgage Insurance.

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CONTACT US

Chong Yi, CMPS
Producing Branch Manager
Apex Home Loans
NMLS #198732
240-763-1101
chong@theyiteam.com
15245 Shady Grove Road, Suite 430
Rockville, MD 20850

 

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© 2021 Apex Home Loans, Inc. NMLS #2884. For more information regarding licensing for all states in which Apex is licensed, please visit the NMLS Consumer Access Website at https://nmlsconsumeraccess.org. Licensing information as required by GA & NJ: Licensed as a Mortgage Lender by the GA Department of Banking & Finance (61858); Licensed by the State of NJ Department of Banking and Insurance as a Residential Mortgage Lender (2884)