topic Re: Homeowners insurance included with mortgage payment questions? in Mortgage Loans

Homeowners insurance included with mortgage payment questions?

smiths38 — Fri, 15 Feb 2013 06:17:54 GMT

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?

Re: Homeowners insurance included with mortgage payment questions?

Anonymous — Fri, 15 Feb 2013 06:21:45 GMT

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.

Re: Homeowners insurance included with mortgage payment questions?

JonRun — Fri, 15 Feb 2013 10:05:35 GMT

I got quotes from other places but the quote I got from my lender's preferred insurance company was much cheaper than the ones I got.

Re: Homeowners insurance included with mortgage payment questions?

Anonymous — Fri, 15 Feb 2013 13:07:47 GMT

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.

Re: Homeowners insurance included with mortgage payment questions?

Anonymous — Fri, 15 Feb 2013 17:18:40 GMT

My homeowner's insurance is $48 per month, $543 a year. The builder's lender informed me of their homeowner's insurance company that only insures new construction homes and that they were usually the cheapest. I got a quote from my company that insures the cars and they gave me a quote of $133 per month. I said no thanks to that. I have everything escrowed minus the HOA dues.

Re: Homeowners insurance included with mortgage payment questions?

Anonymous — Fri, 15 Feb 2013 17:19:08 GMT

And my loan is FHA.

Re: Homeowners insurance included with mortgage payment questions?

smiths38 — Fri, 15 Feb 2013 17:22:41 GMT

Ok,thanks everyone!

Re: Homeowners insurance included with mortgage payment questions?

Anonymous — Fri, 15 Feb 2013 18:36:03 GMT

My lenders insurance recommendation beat all the quotes I got by at least 200 a year.