Condo Unit Owners Insurance Now a Requirement for Mortgages

February 9, 2010

Daily Mortgage Updates

A&N Mortgage Logo9 February 2010 ? A recent new loan requirement is that a borrower must obtain a condominium-unit-owners insurance policy ?also known as HO-6 insurance. This is a good thing; you want your new condo to be covered in case something happens! HO-6 covers the interior walls, electrical wiring, plumbing fixtures, kitchen cabinets, counter tops, wood floors and carpet. Unless the condominium master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. I do suggest that you ask for additional insurance, which falls under HO-6, to include special assessment coverage.

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About Neena Vlamis

Neena Vlamis, President and Co-founder of A & N Mortgage Services, enjoys a challenge. In particular, she and colleagues specialize in finding the best mortgage product for each of their home-buying customers. Whereas many financial institutions shy away from customers who have special financial needs, Neena and A & N boast a winning record with clients from all ends of the spectrum. Neena and the professionals at A and N succeed in home-financing scenarios as a result of their unparalleled commitment to providing honest advice, extensive breadth of personal finance knowledge vis-a-vis home ownership, and their power of being a mortgage bank and broker. These assets, in combination, have built A & N Mortgage Services into the premier originator of residential home loans in the Chicagoland area. Neena Vlamis and A and N Mortgage will identify the optimal financial product and strategy for your specific homeownership need. You can contact her at neenav@aandnmortgage.com or 773-305-LOAN.

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