All lenders require an opinion, usually by an independent appraiser, of the market value of the property being purchased. This opinion gives the lender some confidence that if the borrower defaults, the lender can recover its loan money from the sale of the property after foreclosure. This insurance protects the lender from loss if the borrower defaults. The borrower will be required to have a policy in effect at closing with the first year s premium paid in full. This insurance is protecting against damage to the property by fire, wind, vandalism and other causes.
Minimum coverage is to be no less that the mortgage amount.
A verification from a surveying firm will assure us that a lot containing a house has not encroached upon any other structures since the last full fledged survey was conducted. On occasion, a complete survey is required to ensure that the house and other structures are legally where you and the seller say they are. We would like to point out that there may be additional costs involved with your mortgage. They would be documented and explained before closing . Ozark Mortgage Site Designed and Maintained by Hip2Click.