Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
PSA: Pay for your insurance ASAP
This is especially for those of us in hurricane areas. I just found out today that if we hadn't paid for our homeowners already we were at risk of having our closing delayed because once a named storm enters the gulf (specific lat/long) no more policies can be issued until it is gone. That means if you aren't paying for the 1st years premiums until closing, you could be screwed. In our case, I paid in full for our policy a couple of weeks ago and it's effective the day of closing. Whew.
Something you may want to look into if it applies in your area.
Re: PSA: Pay for your insurance ASAP
That isn't exactly accurate. There is an insurance term called binding a policy. That means that I agree with my agent to start a policy on a certain date pending payment. Companies will stop binding policies during a storm to prevent people from waiting until a storm to buy a policy and then cancel it. But they will honor any bound policies awaiting payment.
http://www.ehow.com/facts_5784586_meant-bind-insurance-policies_.html
This is correct. This is also true for most natural events such as earthquakes, wildfires, sand storms, etc. It's typically done by zip code or county and is known as a "binding suspension" - at least out here in California.
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Binding suspension is a universal industry term. I have seen binding suspensions during wildfires, pervasive severe thunderstorm warnings (tornado alley) as well as predicted ice storms and tropical storms.
We were told by our LO that we could NOT pay our home owners up front, it had to be done at closing.
We already have a company/agent, etc.
It doesn't matter. Underwriting will pull a FEMA report prior to signing off on the final conditions of your loan. It doesn't matter if you have paid your HOI or not.
Also, if you have any seller concessions, this is one item they CAN pay. Seller concessions can not exceed the closing costs plus the prepaids, so I see no reason to pay it prior to closing.
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