Home Binder Inquiry
As a first-time buyer feeling overwhelmed and confused, I have a question. My insurance agent is asking for the full annual payment today, but my mortgage company is awaiting the insurance binder.
Should I pay in full before the binder can be issued, or is the binder supposed to be sent over first?
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As a first-time buyer, it’s common to feel overwhelmed with all the processes involved. Generally, an insurance binder is a temporary document that proves you have insurance coverage while your policy is being finalized, and it can typically be issued before you pay the full premium.
However, some insurance companies require you to pay the premium upfront before they will issue the binder. It might be best to clarify this directly with your insurance agent. You can ask if there’s a way to receive the binder while confirming your payment arrangement. If your mortgage company needs the binder, it’s in everyone’s best interest to ensure that it’s handled efficiently. Don’t hesitate to ask questions until you’re clear on the next steps!