02-14-2013 10:17 PM
I'm looking to apply for an FHA loan in the very near future.Do lenders require that homeowners insurance and property taxes be included with the mortgage payments?If not,is it usually inexpensive to take the homeowners insurance offered by the lender?
02-14-2013 10:21 PM
I think all lenders will let you choose your own insurance provider. Many require that these be bundled into your payment simply to ensure that you actually maintain them. You wouldn't be able to maintain the property without keeping insurance and property taxes up to date. It's much like a bank requiring you to maintain insurance on a car while you're making payments.
02-15-2013 05:07 AM
I had the same experience as JonRun. The builder/lenders preferred insurance company was more than $60 a month cheaper than any other option I could find.
02-15-2013 09:18 AM
02-15-2013 09:19 AM
02-15-2013 09:22 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO