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insurance payment at closing
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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insurance payment at closing
I understand that when you close you pay a year up front and put 2-3 months into escrow.
you dont pay your insurance thru your mortgage right? so when do you start paying the insurance? so you pay it every month or is it something that you pay next year for your next years policy?
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Posted 4/15/09 10:31 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: insurance payment at closing
We paid for our first year before closing and faxed the receipt to our attorney and brought the originals to closing.
Now, 1/12 of our next year's insurance is paid with our mortgage (and put in escrow) and the mortgage company will pay it when it's due next year.
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| Posted 4/15/09 10:41 AM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: insurance payment at closing
ok so your mortgage company pays your insurance. so now what happens if you sell your house? do you get back the unused insurance money?
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| Posted 4/15/09 10:45 AM |
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sj-girl
Happy Family of 4
Member since 5/08 5654 total posts
Name:
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Re: insurance payment at closing
Posted by enewedded
ok so your mortgage company pays your insurance. so now what happens if you sell your house? do you get back the unused insurance money?
if you sell your home, you need to contact your insurance carrier, they may ask for to sign something ( which is normal) they will pro rate the unused portion and send you the refund
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| Posted 4/15/09 11:27 AM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: insurance payment at closing
ok so 1 more question
if you pay your insurance to your mortage company wach month, what is the 3 months in escrow for?
Does this get applied to your policy or does it get returned to you?
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| Posted 4/15/09 11:28 AM |
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