How to Get a Mortgage: Meet the Insurance Agent is a mortgage borrower's premiere guide to financing and buying a house. You've met your Realtor, lender, inspector, appraiser, and title insurance companies. Now introducing your insurance agent.
A home and fire insurance agent is another valuable team member for buying a house.
It's not enough to shop for cheap home insurance. You want a great agent too.
I'll admit I have my favorites! My favorite homeowners insurance agent over the years has always been Richard.
Shopping for home and fire insurance can delay a transaction when you're buying a house. Richard understood the importance of closing on time. He often stood out as the hero of a timely transaction!
So look for a representative like Richard who spends adequate time answering your questions and cooperating with your mortgage lender.
Mortgage lenders require borrowers to purchase a homeowners insurance policy.
The insurance policy should make provisions for a house to be rebuilt to today's standards if damaged by fire. Additional coverage for belongings and homeowner liability are usually available.
Insurance quotes need to consider loan amounts. The lowest coverage may not satisfy your mortgage requirements. So ask your lender how much insurance you'll need to eliminate unpleasant surprises on the day of closing.
Tip: Condominium insurance included in homeowner dues may not provide adequate coverage. Discuss this with your insurance agent.
Here is a true story illustrating why you should continue to protect a home, your largest investment, with fire insurance even after you pay off a mortgage.
One of our friends, with retirement in mind, paid off his mortgage but forgot to renew the home and fire insurance. Not long after, California fires ravishing the hillsides destroyed his home. With no insurance reimbursement to rebuild the house or replace his personal belongings, he was forced to postpone retirement.
Please visit my homeowner's insurance service provider directory.
We've reached the grand finale of How to Get a Mortgage series, your premiere guide to buying a house. Meet escrow and the HUD 1 Settlement Statement.
Find out why escrow is the watch dog of the home loan process.
What if you could ask a mortgage insider how to get a mortgage and how to buy a house? Now you can!
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Little did I know in the next 10 minutes my entire life would change - Kate's personal story.
How to Buy a House Part 1 Meet your real estate agent and save yourself heartache and headache.
How to Buy a House Part 2 Meet your mortgage lender - Expect more than quoting the lowest rate or taking an application.
Check out List of Mortgage Companies, a local lender directory.
How to Get a Mortgage Part 3 Meet your home inspector and avoid buying a money pit.
How to Get a Mortgage Part 4 Meet your real estate appraiser - Does an appraisal assures you of a good deal?
How to Get a Mortgage Part 5 Meet your title insurance companies for coverage resulting in peace of mind.
How to Get a Mortgage Part 6 Meet your homeowners insurance agent because there is more to it than the cheapest quote.
How to Get a Mortgage Part 7 Meet your escrow and closing disclosure form, the guardian of your real estate transactions.
Title, Abstract Services and Escrow Agents, a mortgage service provider directory.
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