Waiting To Buy Homeowners Insurance Can Be A Big Mistake (especially waiting until the last minute)
Going with the first Homeowner's Insurance quote you get or delaying finding a policy can cause major hiccups in your home buying process. You didn't think it could happen but as mortgage lenders, we see it happen all too often. Your loan is approved and then the Homeowner's Insurance agent sends over the final policy a day or two before closing. We take a look at the premium and *GASP* it is MUCH higher than we anticipated!
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Most of the time, waiting to purchase Homeowner's Insurance causes the payment to jump and pushes the debt-to-income ratio over the allowable threshold. And the Homeowners Insurance Hustle begins and everyone is frantically running around trying to find a lower premium.
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