 Homeowners Insurance |
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 Jun 7 2006, 10:40 AM
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#1
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Group: Members
Posts: 56 Joined: 17-December 04 Member No.: 10,930  |
How does it work when you are buying a home? Do I get quotes and pay for the policy and bring proof to closing? Do I pay at closing?
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| Googie |
Jun 7 2006, 10:40 AM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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Jun 7 2006, 11:38 AM
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#2
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 Group: Forum Leads
Posts: 6,663 Joined: 2-June 04 From: Dallas, TX Member No.: 6,168 |
get quotes. pick one you like.
give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there. at closing, there will be a charge for one years homeowners insurance policy to be paid. also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy CreditBoards: Founded on the principle of helping without judging....!!
Tom Burris Mortgage Banker FHA/VA/Conventional I focus on Texas Loans, but lend in a couple of other places. tomburris@dallasloanguy.com http://www.dallasloanguy.com  A home Loan for every Texan...!! My Texas Home Loan Blog Live!!... Texas Home Loan Chat PMs and emails gladly answered. I prefer email. |
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Jun 7 2006, 11:42 AM
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#3
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Group: Members
Posts: 634 Joined: 1-September 05 Member No.: 21,816 |
QUOTE(DallasLoanGuy @ Jun 7 2006, 11:38 AM)  get quotes. pick one you like. give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there. at closing, there will be a charge for one years homeowners insurance policy to be paid. also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check? |
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Jun 7 2006, 12:05 PM
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#4
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Group: Forum Leads
Posts: 6,663 Joined: 2-June 04 From: Dallas, TX Member No.: 6,168 |
QUOTE(aeronsmom @ Jun 7 2006, 11:42 AM) QUOTE(DallasLoanGuy @ Jun 7 2006, 11:38 AM) get quotes. pick one you like. give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there. at closing, there will be a charge for one years homeowners insurance policy to be paid. also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check? who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs. CreditBoards: Founded on the principle of helping without judging....!!
Tom Burris Mortgage Banker FHA/VA/Conventional I focus on Texas Loans, but lend in a couple of other places. tomburris@dallasloanguy.com http://www.dallasloanguy.com A home Loan for every Texan...!! My Texas Home Loan Blog Live!!... Texas Home Loan Chat PMs and emails gladly answered. I prefer email. |
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Jun 7 2006, 12:14 PM
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#5
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Group: Members
Posts: 1,295 Joined: 6-February 06 Member No.: 27,107 |
QUOTE(DallasLoanGuy @ Jun 7 2006, 12:05 PM) QUOTE(aeronsmom @ Jun 7 2006, 11:42 AM) QUOTE(DallasLoanGuy @ Jun 7 2006, 11:38 AM) get quotes. pick one you like. give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there. at closing, there will be a charge for one years homeowners insurance policy to be paid. also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check? who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs. What if our GFE only shows 3 months of HOI on it as a prepaid item? Is that all they will require upfront then? |
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Jun 7 2006, 12:31 PM
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#6
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Group: Members
Posts: 191 Joined: 8-July 05 Member No.: 19,375 |
Your GFE should show the 1 year premium and and additional 3 mo. of HOI
ETA: above applies if you have already picked out the company you are going with and they have given a binder to the title company. This post has been edited by busymom4: Jun 7 2006, 12:33 PM |
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Jun 7 2006, 08:21 PM
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#7
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Mortgage Forum Lead
 Group: Mod Squad
Posts: 8,455 Joined: 22-February 03 From: FL......but I cover most of the US Member No.: 262 |
QUOTE(JennM @ Jun 7 2006, 01:14 PM) QUOTE(DallasLoanGuy @ Jun 7 2006, 12:05 PM) QUOTE(aeronsmom @ Jun 7 2006, 11:42 AM) QUOTE(DallasLoanGuy @ Jun 7 2006, 11:38 AM) get quotes. pick one you like. give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there. at closing, there will be a charge for one years homeowners insurance policy to be paid. also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check? who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs. What if our GFE only shows 3 months of HOI on it as a prepaid item? Is that all they will require upfront then? The LO may be expecting you to pay the first year's premium outside of closing, though he/she should discuss this with you before making a determination. Alot of people will pay for it outside of closing and then they only have to cover the escrow funding for the HOI. fla-tan You are always purchasing your home, either for yourself or for somebody else.
***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. mortgages in 48 states fla.tan@gmail.com emails and PMs gladly answered  Current discount code = CPPSAVINGS  Using this MYFICO link benefits Creditboards |
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Jun 27 2006, 01:21 PM
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#8
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Group: Members
Posts: 171 Joined: 12-September 05 Member No.: 22,095 |
Check this website out
removed by admin You can actually comparison shop homeowners insurance online. They also have online quotes for just about every kind of insurance. Business started 2002/ Inc'd 8/2004
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