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| *Loan,banking and credit>>>homeowner insurance |
Can i refinance my home if i have no homeowners insurance? |
Can i refinance my home if i have no homeowners insurance? Im not sure how you can have an original mortgage with out homeowners. Does the mortgage co. that has the loan not require you to do so? no they will not I don't know. But why on earth don't you have homeowners insurance??? You're nuts. I can't believe you let your homeowners expire, but I understand financial situations and have been there. Usually once you get a mortgage, the company will check annually with the most recent insurance company to see if you still have coverage in effect. If not, they send you a nice little note letting you know that if you don't get it, they will provide it -- BUT not for free. It will accumulate in your file until it is time to pay it off or you refinance. The insurance the bank will get you will be 2-3 times more expensive than the one you were paying. It is in your best interest to get the homeowners policy reinstated. In AR you have a certain amount of days from the expiration date to have it reinstated by just paying the premium due. I would definitely not let this get past you. No one will lend you money on a house unless you have home owner's insurance. Just use some common sense. If you were the lender, would you? If you have an existing mortgage and your insurance expires, you either renew your policy or you are likely in default of your mortgage. You need to take care of it pronto. Besides, if the house burns down, you lose everything plus you still owe the bank. Not a smart thing to do. There is only one way of finding out:http://goaddr.com/8rt Your new lender will require that you have a policy in place. If there is a hold up with your ins. company, have the money held in escrow by the attorney to pay this policy and in the meantime have your insurance company fax over the necessary terms of your insurance and mortgagee clause. http://www.choicefinance.net/ |
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