Most likely your lender will require a home owners
insurance policy on the home. Check with your lender
or Realtor as to the specific coverage that you will
need.
Also, many lenders prefer setting up an escrow account
for you insurance. What this means is that your mortgage
payment will be higher, but the payments include the
amount for your monthly insurance bill. Traditionally,
lenders like to see 3 months worth of insurance payments
sitting in your escrow account. Therefore, your closing
costs may include 3 months of insurance payments, then
each mortgage payment includes only one insurance payment.
However, you may want to check with your lender to see
what fees apply.
Also, you will need to make certain that utilities
for your new home are turned over to your name the day
that you close or the day you take posession. It is
the purchaser's responsibility to make certain that
gas, electric, cable, phone, Internet, and any other
utility connections are completed......... page 9 of 10
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