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HAZARD INSURANCE

Most lenders require you to escrow your Hazard Insurance (Home Owners Insurance) this is to ensure that if something catastrophic where to take place and the property were destroyed the property would be rebuilt and the lender's collateral would not be gone.
 

 
 

 

 
 

At closing most lenders require 2/12 at the time of settlement and will escrow 1/12 every month of your annual premium. This cost will be added to your monthly payment.

Mortgage lenders require borrowers to maintain an amount of hazard insurance on the property that would cover the full cost of replacing the home.

 
 
 
 
       

 

 

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