Insurance Closing Costs By Judy Walling Edmond, OK Real Estate 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. 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). As we tour houses, I will let you know if the property resides in a hazard zone. 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. 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.) Mortgage Calculator: Sales Price: $ Down: % Interest Rate: % Term: yrs Monthly payment: $ Today's Rates: Mtg Loan     Rate   APR 30-yr Fixed 4.56% 4.71% 15-yr Fixed 4.03% 4.24% 1-yr Adj 3.7% 4.59% * national averages

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