House Insurance

[Anonymous]

"Your homeowners has been estimated into your closing costs. You need to find a policy and give me the information and I will forward it to title. When your loan closes you will have a 12 month policy prepaid. You will also make a monthly homeowner's insurance payment. So, no, you don't need to pay for the policy beforehand. Everything will be paid through the title/escrow process."  Direct from my broker.  Thank God =)

[Anonymous]

You should see the one year's pre-payment on your GFE. That'll give you an idea how in line you are with the insurance costs that your LO used to come up with your monthly payments.

[WannaHouse]

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@Anonymous wrote:

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@Anonymous wrote:

Your closing costs include one year of homeowners insurance...then it is paid monthly and put in an escrow account to pay it again next year when it's due.

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Must vary.. I had to pay a year outside of closing costs, pre-pay 3 months within closing costs, and then the monthly escrow.  Best to ask the loan officer to be sure..

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This is what mine was as well, but we paid 7 months within closing costs.

[Anonymous]

Umm, yeah, wrote a check on 8/14 and it was cashed on 8/18...even though I was told that it wouldn't be cashed until closing day.

I have my Evidence of Insurability form, and the amount will be "credited" to me at closing, but just know that if you write a check...they WILL cash it!! Most likely before closing too.

[DallasLoanGuy]

one yr of hazard insurance is purchased at closing. + 2 months put into reserves.

all lenders require