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PITI- Insurance Portion
I know this is a really stupid question and I should probably know the answer because we already own a condo.
We have started to look for a new place (townhouse, larger condos and SFH). One of the places we were looking at had a proposed monthly payment (PITI) on the listing sheet, assuming 20% down.
Can someone explain the insurance aspect of this to me? I am not talking about PMI (as this would be with 20%). The place we looked at had projected taxes of $6K and annual insurance of $1,300.
When I bought our condo, no one said anything to me about homeowner insurance payments during the buying/closing process. Of course I knew that I needed it; but I was able to shop around various companies and in the end, we have pretty decent coverage for a fraction of the $1,300 quoted above.
The place we are looking at is about $125K more than our current condo; so it is not some huge leap.
I guess my question is, once we purchase this place, will we be able to shop around for homeowner's insurance like we did with our condo, or will the lender require this from a vendor they select?
Insurance costs vary so widely depending on the company and level of coverage you choose; I don't know how they could come up with $1,400.
Re: PITI- Insurance Portion
Have you seen my monkey?
Same here. We had to prepay also the first 6 or 12 months (can't remember which) and then I think we could switch to paying a month at a time (so that we'd always be 6 to 12 months ahead). Our lender required proof of payment before we could be cleared to close. Also I had questions about what happened if our sale fell through at the last minute (it was a short sale) or if our closing got pushed back and our agent just said call and let them know and it would either be refunded or prorated.
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BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
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