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Home Owners Insurance

TammyDoubleBTammyDoubleB
in Buying A Home

My husband and I are getting an FHA loan for the house we are purchasing. We've already been approved and are just waiting to schedule the closing. We are shooting for July 20.

My question is this...our mortgage broker got a quote on our behalf for the home owners insurance and has been operating under the assumption we are going with this insurance company. However, I have also been shopping both my auto and the home owners insurance since my auto insurance is about to expire as well. If I choose to go with another insurance company, could this hold up the closing or cause any problems?

TIA!

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Re: Home Owners Insurance

  • GeorgiaRiahGeorgiaRiah member
    100 Comments Second Anniversary

    You have to let your mortgage broker know who you choose.

     

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  • jandd421jandd421 member
    Second Anniversary First Comment
    GeorgiaRiah is right, then they'll contact the HOI company of your choosing and have them send an updated declarations page with the loan number, and as long as you have the correct amount and they know how much the yearly premium is, it can take anywhere from 5 mins to 2 days to update it. It's usually no big deal.
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  • LoveKissLoveKiss member
    Fourth Anniversary 500 Comments 5 Love Its
    We had to provide a copy of our paid invoice to our lender before our loan could be sent to underwriting. It was a conventional loan, so the process could be different for FHA. But if it is the same, not having your homeowner's insurance settled could delay the process.
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  • Shadow2641Shadow2641
    We are doing a FHA loan as well. We did our own insurance, it was actually never offered to us for our mortgage company to do it. There was a page in our contract for us to fill out the information for the insurance (ie-the company, agent, phone number, etc). We don't have to pay it until we go for the closing (we could pay it in advance too, but if the mortgage falls thru who wants to wait for a check?).....anyways hope that helps. Just make sure you let your mortgage company that you are going to through your own company and just give them the companies information.
    <a href="http://www.thenest.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Home D
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  • TammyDoubleBTammyDoubleB
    Thanks, everyone.
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  • Boxx123Boxx123

    You can see this site:

    http://www.quotes-center.com/homeowners-insurance-average-cost/

    Hope it helps.  


     

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