real estate

What is a home warranty?

 

What is a home warranty?

The Bankrate.com financial term of the day is: "Home Warranty" Or "Homeowners Warranty."

When you buy a house, you're looking for a home sweet home -- not a money pit. A home warranty, or homeowners warranty, can protect your bank account from some of the expensive things that can go wrong with a newly purchased property. For as long as the policy is in force, it will pay for repairs on major home features and appliances, such as the heating and air conditioning, the plumbing, and the refrigerator. On a new home, a warranty also might guaranty the workmanship of the construction.

Buying a home can be a big financial undertaking. A home warranty, or homeowners warranty, can prevent additional expenses in the early going if your purchase isn't perfect.

To compare home loans, visit the Mortgage Rates section at Bankrate.com.

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