Number three on the list of important people in a First Time Home Buyer purchase transaction is the Insurance Agent. Believe it or not, this is something that will need to be decided early in the procedure. The lender in any mortgage transaction will require a homeowner’s insurance policy (also referred to as hazard insurance).This policy protects the property in the case of fire, theft or other damage (except flood or earthquake, those are separate policies and may be optional.) If it is determined that the property that you want to purchase is in a flood zone, flood insurance is not optional, it is mandatory. The flood zone determination will be done with a “flood certification” from a third party provider.

I am always happy to recommend excellent insurance providers who in addition to offering competitive premiums, will fulfill their role when needed without any complications.

You should contact an agent for one-on-one and make arrangements for the insurance, but it is not paid for until the closing. Receiving the binder in a timely manner is extremely important in the closing. Without this assurance from the agent, it could jeopardize your loan closing on time. Give me a call today at 541-342-7576/541-221-3455 Cell or e-mail me for more information about the process.