When obtaining a new mortgage, you must provide the
homeowner’s insurance information to your lender. From here the lender reaches out to the insurance company
for needed paperwork – this can take five minutes, or up to two weeks to
obtain.
What we are starting to
see in this area due to the wind and hail requirement, is the insurance
companies not providing any sort of “binder” of insurance to the lender. Payment will be required upfront by the
buyer and then the application will be sent off for review and a policy
number. From here, everyone waits
until the insurance paperwork is processed and provided.
It is now more important than ever to provide the insurance
information as far in advance as possible so there are no last minute hold ups!
Contact me today for more information!
Danielle
Hifko
New American
Mortgage
910-581-6398
