Question About Home Binder
As a first-time buyer, I’m feeling quite overwhelmed and confused. My insurance agent is asking me to pay the full yearly premium today, but my mortgage company is still waiting for the insurance binder.
Do I need to pay in full before the binder is sent over, or should I have received the binder first?
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It’s understandable to feel confused as a first-time buyer! In most cases, an insurance binder is a document that proves you have insurance coverage in place and is often required by your mortgage company before closing on the property.
Typically, you may need to pay for at least the first month’s premium to get the binder sent over. However, some insurance companies might require the annual premium to be paid in full before issuing the binder.
It’s best to clarify this with your insurance agent. You can ask if there’s an option to get the binder after making an initial payment. Also, don’t hesitate to reach out to your mortgage company for guidance, as they might have specific requirements regarding this situation. Good luck with your home purchase!