My realtor called today to let us know we'd be closing on our home this coming week. She also said our mortgage guy has put our home owners insurance in place. Is it normal for him to have chosen it for us?! And didn't consult us on it?
2007-03-26 14:23:25 · 7 answers · asked by wifey 2 in Business & Finance ➔ Renting & Real Estate
No, that's not normal. They should give you the option of using their insurance person or your person. I bet their rate is much higher than what you could find, too! You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616162&Type=home
Take care,
Casey
2007-03-27 04:54:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Absolutley not. That is actually the right of the borrower, not the broker. He has someone who does the policys for him, at whatever cost they choose to charge you based on loan amount and replacement value. You should have been told to start shopping for your insurance about two weeks prior to closing, to give you time to find and secure a policy that you choose. It takes only minutes to generate the paperwork once you have secured a policy you wish to purchase, and pay for. It is your responsibility to pay the first year in full out of your own pocket, and then as you make payments if you have included your taxes and insurance into your payments they break the full year premium into 12 monthly payments to be included into your mortgage payment. The higher the annual premium, the higher you pay for the monthly contribution to your escrow account.
The range could be anywhere from $500.00 to over $2,000 for an annual premium. Call your broker right away and tell him you want to know the annual premium, and that you want to look into it yourself, as he is most likley getting some kind of kickback for using someone of his or her choice, and you are not. And you could be paying a lot more than you should be.
2007-03-30 07:04:40 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
If you are closing this week and you have not gotten insurance, someone needed to do it. You can surely get your own and cancel what has been put in place for you.
You can do this before or after the closing.
2007-03-26 21:53:09 · answer #3 · answered by ebosgramma 5 · 0⤊ 0⤋
That's pretty much of an insult, your mortgage agent? I have never heard of anything soooo out of line. Call your real estate agent tell her= hold the phone- We have our insurance in place- have YOUR agent call the mortgage broker and relay the message. Call your insurance company and get your insurance in place- I have never heard of anyone doing this- shaking my head- pretty presumptuous wouldn't you say!!!!!
2007-03-26 18:22:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
answer by Jessa is SPAM I have turned in 3 times. Your question get your own insurance or at least get bids. My best was AAA with my auto insurance saved a bunch. What will work for me might not work for you.
2007-03-26 14:39:43 · answer #5 · answered by retired_afmil 6 · 0⤊ 1⤋
ive never heard such a thing... i am closing on a house on the 6th and have to get my own policy.
2007-03-26 17:57:42 · answer #6 · answered by brookieboo 3 · 0⤊ 0⤋
no it's not normal for anyone to do that. you should've been the first person he/she consulted
2007-03-26 15:21:33 · answer #7 · answered by josephcodner 2 · 0⤊ 0⤋