Many mortgage lenders in Texas are asking for Evidence of Insurance at the very beginning of the loan application process. In most cases, they are not asking the landlord or homeowner to get coverage on the property they are looking to get a new mortgage for.
When a mortgage broker or mortgage officer is writing a new loan for your home or investment property, they want to be sure that you are “insurable”. This means that you have coverage on your current properties and home. They want to see that you don’t have any issues that would make it difficult for you to get new insurance.
Usually you will want to order the new policy on the property you are getting a loan for within about one week of closing.
It is not uncommon for you to feel “under-the-gun” since you are only a few days from closing, but from an insurance standpoint it is better to wait until you are little closer to closing.
Insurance can only insure someone’s “interest” in a property. If you contact us a month before closing and ask us to get you a policy on your new investment property, a rental home across town, it can be a little tricky.
Technically neither you nor the mortgage company have an interest in the home or homes until closing. So if we try to write that policy too far in the future, we are writing something that may be considered illegal.
If you have a great mortgage officer and are looking to get closed on a property in about a week, contact us today by clicking on the big “Quote” button on the this page and we can quickly get you the policy that you need.