Home Insurance Brokers

Finding insurance brokers to buy homes can be daunting. The average consumer has no idea what questions to ask in connection with buying or financing their dream home. Home insurance brokers are equipped to inform and guide the consumer through the arduous process of mortgage financing. We’ve got the following steps taken as a resource for potential homebuyers.

The mortgage industry has been challenged for the past two years to say the least. Those mortgage brokers who have managed not only to “survive” but thrive through challenges are customer-driven individuals. Additionally, they offer roadmaps to their clients. In an interview with a successful insurance officer, we were able to find some of the steps (they give their clients) that make them successful.

1. Find the amount you can borrow. The monthly payment on your first mortgage will only be part of your monthly housing expenses. You will also have to pay property taxes, homeowners insurance, and repair and maintenance costs. Set a budget and stick to the mortgage payment you can afford. Our new Home and Mortgage Repayment Calculator can help you estimate down payment and come up with the maximum insurance amount for your mortgage.

2. Keep track of mortgage rates. A lower rate can mean big savings on any home insurance. Talk to your insurance officer about the current rates. If you’re concerned that rates may go up before your insurance closes, ask the insurance officer for an interest rate lock, which can ensure that you’ll be able to get the rate that was offered to you.

3. Choose a mortgage broker. A well-qualified home insurance broker can teach you more about how to get your first mortgage and what types of mortgage products should suit your needs. The home insurance broker that offers the lowest interest rate may not offer the most tenure or the best service — two benefits you likely need when getting your first mortgage.

4. Save for down payment. You will need to make a down payment to get your first mortgage. If your down payment is less than 20 percent of the home’s purchase price, you’ll also need to pay for mortgage insurance, which protects the lender in the event you default on the insurance. Some insurance programs, such as the FHA, allow you to use a gift from a family member or other source as part of your down payment.

5. Arrange all your documents. When you’re ready to apply for your first mortgage, you’ll need to give the insurance officer copies of your recent payment slips, tax returns, and bank statements. Preparing these documents in advance will make the process easier.

Home insurance brokers offer a map for an individual to follow. In addition, housing insurance brokers act as a tour guide. The right tour guide will be willing to spend time making sure that people fully understand their options.

The tips above were provided by Tanya James of Caltexfunding. For more information on home insurance brokers, mortgage protection, new home calculators or a mortgage repayment calculator, see the caltexfunding source site and find the Tanya James resource.