Home Buying in Philadelphia>Question Details

Malita215, Home Buyer in Philadelphia, PA

Once I get homeowner's insurance, can I change the monthly payment and will it reflect on my mortgage?

Asked by Malita215, Philadelphia, PA Fri Apr 12, 2013

I know that I have to buy a policy before purchasing a home. I am interested in getting a security system once I'm moved in. What happens to my monthly payment since the insurance would be included in the mortgage payment?

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Philip J. Cunningham Sr’s answer
This is a question you should ask the Mortgage Company when you are shopping for a mortgage. They are the people that deal with the mortgage company rules Call me in my office 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sat Apr 13, 2013
Before you close on the property you will get a policy. Let's say it is $600. The lender will bill you for it at closing and they will start adding $50 to your monthly payment so next year there will be $600 in the escrow account to be able to pay for the policy next year with that money that is set aside. Let's say that during the year you manage to reduce the amount of the policy so the bank will be now taking out too much each month and you will have an overage next year and they might just have to add $40 each month next year. The bank's escrow dept won't reduce the monthly amount they are adding until next year.
0 votes Thank Flag Link Fri Apr 12, 2013
Ok, makes sense. So once I get that policy and quote, I'm locked in for that and the only way I will see a price change is with some sort of credit?!
Flag Fri Apr 12, 2013
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