Home Buying in 54901>Question Details

Samanthaolso…, Home Buyer in Oshkosh, WI

When does home owner's insurance get paid?

Asked by Samanthaolson32, Oshkosh, WI Sat Nov 3, 2012

We are closing on a home in two weeks. I was wondering if I need to pay for a years worth of home insurance at closing, need to prepare for this amount of money. My mortgage lady said something about me paying for it, but the realtor said that it is all part of prepaid escrow, that I wont be paying for it at closing. I am confused, do I need to bring the money or not? If it helps, I do have the sellers paying closing costs. Thank you.

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4
have home owner insurance due 3-8-2013 EST paid online 3-7-2013 at 7;34 will payment be accepted
0 votes Thank Flag Link Thu Mar 7, 2013
You will pay your 1st year insurance premium prior to closing and for the following years it will be paid from your escrow by your lender. Your loan officer will be asking for proof of payment for the first year insurance premi before closing.
0 votes Thank Flag Link Sat Nov 3, 2012
If you obtaining a loan, then your lender can tell you if it is rolled into your closing costs. Did you ask the seller to pay part of your closing costs and prepaids. It is considered a prepaid. Contact your lender and they should be able to answer this question for you. You will receive a HUD statement saying what you need to bring to the table at closing.

Tammy Hayes, Realtor
Green Lion Realty
tammyhayesre@gmail.com
0 votes Thank Flag Link Sat Nov 3, 2012
Your lender should have told you that you have to pay for one years of insurance up front. If there are questions I would contact your lender to clarify. Best wishes
0 votes Thank Flag Link Sat Nov 3, 2012
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