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
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.