YOU & YOUR LENDER: Your relationship with a Covington lender can potentially last 30 years.  That's a long time to be unhappy!  So make sure you find a lender and loan that fits your needs.  Your Realtor® can help.  Be sure to ask your lender these five important questions:

1-What types of mortgage loans do you make?  Which are the most popular, and why?

2- What type of mortgage loan would be best for me?

3- Will I have to buy private mortgage insurance?  If so, how much will it cost and how long will it be required?  (PMI is usually required if you put down less than 20 percent.  Most lenders will let you discontinue the policy when you reach 20 percent equity by paying down the loan.  But you'll likely have to initiate the change.  Lenders are required to cancel your PMI only when you reach 22 percent equity.)

4- How long is your lock-in period (the time that the quoted interest rate will be honored)?  Will I be able to obtain a lower rate if rates drop during this time?

5- Are there any charges or penalties for pre-paying the loan?

HOMEOWNER'S INSURANCE: According to the Insurance Information Institute, to obtain Covington homeowner's insurance at a good rate, follow these simple steps:

* Maintain good credit.  Increasingly, insurers are using credit-based insurance scores to determine premiums.

* Buy your homeowners and auto policies from the same company and you'll usually qualify for savings.

* Ask about other discounts.  For example, retirees who are home more than working people may qualify for a discount on theft insurance.

* Review your policy limits and the value of your insured possessions annually.  Some items depreciate and may not need as much coverage.

* You can usually obtain discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks.

* Raise your deductible.  Avoid making claims under $1,000.

And finally, seek insurance as soon as your offer to purchase property is accepted.  You must have homeowner's insurance to purchase a home.  And you don't want to be told at closing that the insurer has denied your coverage!

Credit Score Answers:

(1) 677; (2) 720; (3) 620