Bank Submission Mortgage Process

[2BLESSED]

I am finally at bank submission and am soooo excited. Home won’t be ready until December but I am wondering when do I have to shop for HOI? If anyone wants to jump in and give me some pointers, I would appreciate it. This is of course after the bank orders the appraisal right?

[Nelsont]

Now is when you shop.

One of the conditions I received after I submitted my bank app was HOI. You will need to go through the quote as if you are buying but do not buy! Plug in bank of America as the lender and your tentative close date as the start of the policy. Choose the option to bill the lender.

The condition provided the exact address to use for boa.

[2BLESSED]

Thanks! I received an email from my MC yesterday evening that I need to shop for HOI. My MC is the one who will be processing my file until I close so I am happy about that!

Thanks again.

[2BLESSED]

I just got off the phone with an insurance agent who told me that it is too early for them to give me a binder because the home is not finished yet? Home will be completed in December and he asked that I give him a call back in November. Has anyone had this experience with a new construction?

[Nelsont]

Have you tried doing it online? You might be able to trick the system. A live agent will be more inclined to just tell you to wait instead of actually plugging the numbers in.

[2BLESSED]

Thanks I will try that!

[Our1sthome]

Hi 2Blessed!

We are buying a new build and ours won’t be done until December also. I was wondering when we should start shopping for HOI. I’m going to try what Nelsont suggested.

Congratulations to you!!

[southflorida]

The insurance agent is correct, it is too early for them to issue a binder, but you can request an estimate and the Bank can use it for now. That’s what happened in my case.

[Tara585]

I was told to get Homeowner quote for full replacement. But ot given a lender address. Can anyone help me with that? Also how much is too much for a quote?

[Nelsont]

When you go through the motions of buying the quote you will be given the option of paying yourself or sending payments to the lender. Don’t buy it. Send the payment to your lender. If there’s no drop down option then it’s in your loan estimate and the email containing your loan estimate. It should be a boa processing office in Texas.

[Tara585]

Thanks @ Nelsont!

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