Home Owners Insurance?

Hazard insurance is indeed your homeowners insurance. At closing you pay for the first year of coverage and a 2-3 month cushion (that way the lender isn't sitting there waiting for your 12th payment to come in before they can send out the renewal). The yearly premium (if you have an account for collection of taxes and insurance, is divided by 12 and added to your monthly payment.

The loan officer who supplied you with the Good Faith Estimate simply estimated the amount of the annual premium. The amount of the insurance will vary from area to area and will also depend on the types of things covered (i.e. earthquake and flood coverage).

As the borrower you have the right to choose your own insurer. This is an excellent time to shop for insurance. Get several quotes for the same level of coverage so that you can make certain you are comparing apples to apples. Most companies will give you a discount if they are insuring your vehicles and home both. When you have decided on your company and agent, make certain your loan officer has the agent;'s name and telephone number and they will make certain that the necessary documentation is in place for closing for you.

Enjoy your new home! If I can answer any other questions for you, feel free to email me.

Doesn't seem high to me considering the cost of the property being insured. but are you sure that it said "monthly" premium rather than annual? However, I am an advocate of dealing with man versus machine. Call the agent that you use for your car insurance and ask for a "quote" on your hazard and car insurances. You can often get discounted prices for having mutliple policies with one company. Good luck.

By the way there is nothing wrong with getting quotes from several companies but keep in mind that they are just taht...quotes. Until they have they actual information necessary from your appraisal they can only give you an estimate. Your actual amount may be higher or lower.

Same thing. They are just calling it Hazard instead of Homeowners. $1900/month for a $700k home in an earthquake area sounds maybe a little steep, but not too far out of line. I am in a hurricane area and pay roughly $200 per month for a $130k home (that's $500k in California $$). Shop around!!

~~i have not ever heard of a coverage overlaying this kind of element. it really is only very routine (yet expensive) upkeep. examine into rebates such as your utilities, you need to qualify for those in case you replace them with power effective ones.~~

I have homeowners ins but I am still being charged on my loan - what can I do?

Try https://tr.im/RIdrZ