- Category: Homeowner Insurance Binder
- Published: Tuesday, 13 March 2012 11:38
- Written by Doug Hartley
- Hits: 4161
You've been looking at houses for months looking for the perfect home to meet your family's needs. You got pre approved for a home mortgage. Finally, you found just the right house for what you need for your family. You get the home loan approved for that home. Then, you have to wait. Wait for the closing date. The closing date is approaching and the lender asks you for a binder be sent to her for closing.
What the heck is a binder? Insurance. Proof of insurance the mortgagee needs to prove that your new home is covered against fire and other perils that could cause damage to it. Often there is a rush to get all the final documents ready for closing within hours before the appointment. We insurance agents have to scramble to get a homeowner insurance quote prepared, accepted by you, an application sent to you signed and sent back and a binder and invoice faxed or emailed to the escrow officer or mortgage broker before the closing time and date.
Waiting until the last minute to look for homeowners insurance can cause panic. We are here to take away that stress. Just have your mortgage broker give us a call or email us. We can prepare a quote and a binder in a flash. We will select from top local and national homeowners insurers at a competitive price. In most cases you don't need to worry about paying for the insurance. It will be calculated in the closing costs. Escrow agents estimate the annual cost of homeowners insurance and include it in the estimated closing fess. By the time you go to the escrow closing conference you pretty much have an idea of how much money you need to bring with you.
We can then bill the lender or mortgage company for the premium. During the year you will probably pay as part of your monthly mortgage bill a small amount that gets placed in escrow to pay next years insurance premium and taxes. That's the T and the I part of Principal, Interest, Taxes and Insurance (PITI) that you have probably heard is included in your monthly mortgage payments.
Call us or email us for a quote. Let us know who your broker or loan officer is. We can get all the information from them to prepare a quote. They can also include a binder request to us so we can have the binder prepared and submitted way in advance of the closing date. This assures we have plenty of time to properly evaluate your new home for the property replacement value.
Call us now for a homeowner quote at 503-489-3143 in Gresham, Oregon.