20 Days of Real Estate: Days 11 to 15 in Review

Editor's note: As a bonus to TheStreet.com's special 20-part series on real estate, TheStreet.com University is pleased to publish reviews of each set of stories in the series. This review covers the third set in the series, parts 11 to 15.

Part 11. Refinance Your Way Out of Trouble
Soon, subprime borrowers who have been able to manage their credit but who will be unable to make their mortgage payments once their low, "teaser" mortgage rates are reset could potentially receive refinancing help from Fannie Mae(FNM Quote) and Freddie Mac(FRE Quote).

Key Points

• The congressionally chartered but publicly held Fannie Mae and Freddie Mac have committed to purchasing subprime loans, adjusting their credit requirements and rolling out new products that include 30- and 40-year fixed-rate and adjustable-rate mortgages.
• These two housing agencies will expand the number of lenders that offer their products to 2,000 from 500.
• Some subprime borrowers will not be able to refinance because their initial loans feature prepayment penalties or they owe more money than their property is currently worth.

To learn more, click here to read the full story.

Part 12. Homeowner's Insurance: What You Need to Know
When it comes to owning a home, having your property sufficiently insured is often a requirement, not an option. Many lenders actually prefer to escrow your insurance premiums (and property taxes) as part of your mortgage payment.

Key Points:

• An insurance company can provide you with a comprehensive homeowner's policy (or "hazard insurance") that will cover all of the related structures of your property and its contents (such as your personal belongings), and protect you against any property related lawsuits. However, flood insurance needs to be bought separately via the National Flood Insurance Program.
• There's a good chance that your initial mortgage will be sold to another institution. If this happens and your insurance premiums are included in your monthly mortgage payments, inform your insurance company and call your new loan servicer at least two weeks before any premiums are due, to confirm payment.
• If you need to file an insurance claim, keep thorough records of all repair or replacement estimates and receipts, and if the damage is due to a large disaster, place your claim immediately.

To learn more, click here to read the full story.