First time homebuyer question...

[Dulcee]

I'm hoping someone here can explain this to me...

Our seller has agreed to X amount towards closing, which should cover all but $200 of our final closing costs including prepaids. In addition our real estate agent is bouncing back a 1/4 of her commission to us due to the Homes for Heroes program which will cover the remaining. We are working with a FHA loan thus the seller's closing concessions and our real estate agent's commission can be applied towards prepaids. One prepaid is obviously our home insurance for year 1.

To close I know we need our homeowner's insurance in place. How does this work if seller's funds are going towards it? Do we lay it out, it gets written into the Good Faith Estimate and we get it back at closing? Or since we supplied our insurance agent's contact info to our loan officer, does it all go through them? I have a call out to our Loan officer but due to it being after 5 I doubt I'll hear back from her today and I'm just trying to get this straight in my head.



Any explanations would be greatly appreciated. Sometimes I feel like I'm learning a whole other language just to get through this process!

[princessgirls]

Talk to your attorney or the person handling the loan for you. I'd start with the attorney handling your closing.

Best of Luck in your new home!!!

Julie

[Dulcee]

Thanks, we actually talked through it all today and it makes sense.

Unfortunately now we're having a hard time finding a policy because we own a Husky mix! Ridiculous!

[brivers222]

eh, have the dog "stay" at grandpa and grandmas address and then come and "visit" at yours.... What they don't know won't hurt them.


What are the road blocks they are throwing for a owning a dog??!?

[B.O.B]

I wasn't aware that the Husky was on the insurance companies 'bad dog' list. I am near Winston Salem and they frequently ask if we have a 'pit bull' or 'pit bull mix'.I know of many Pit Bulls that are the sweetest most loving dogs but they are on the list here in NC. You may try a different insurance company. I used to have insurance company loyalty until my auto policy was cancelled out of the blue. Shop it around a bit, some insurance brokers sell many brands of insurance. There may be a company that doesn't have Husky on their list. If there is another office selling the same brand of insurance with similar coverages get them to give you a quote, tell them you have a Husky and see what happens. You may find out that your dog isn't a factor with the Corporate underwriting but that the particular broker may have had a past incidence with Husky dogs and is trying to cover all bases with either not writing a policy or giving you a higher price. CONGRATULATIONS on your home purchase!

[Dulcee]

Thanks everyone (and we're also in the Winston Salem area!)

We called around to couple of insurance companies. Funny enough the first call to who we have auto with we said we had a shepherd mix and they asked what she was mixed with, when we said Husky they turned us down. Because shepherds weren't restricted here we offered to have our vet send a letter verifying her as "shepherd mix" no mention of husky but this was no good.

Called the next one, this time around said we have a Shepherd, no mention of mix, annnnd they turned us down because they won't cover shepherds.

Called the next one, admitted to a husky/shep mix and they wanted to up the premium $200 a year due to her.

Ended up doing some research and found out Farmers insurance does not breed discriminate, they also came in the lowest quote of all of them, saving us over $200 a year on homeowners. We'll also be switching our auto insurance as I no longer feel comfortable using a company who discriminates against my dog.

Just another step in the home buying process I guess

[White Rose]

WOW. I did not know you could be turned down for home insurance if you owned a specific type of dog! That just seems crazy to me!

Anyway, Dulcee, you're probably better of switching your auto insurance to the same company. That often gets you a discount for multiple policies.