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FAQ #3 ........... Homeowners Insurance
This will be my third FAQ blog in the ActiveRain contest that Anna 'Banana' Kruchten established in which we are to respond to the 10 most frequently asked questions that we are asked, and we are to do this in 10 different blogs.  My last blog was titled "FAQ #2 ...... What Do You Mean I Need Money For Closing Costs?"  While writing that blog I realized that their is a question that I get on almost every loan that is related to one of the Closing Costs, Homewoners Insurance.
FAQ #3 ......... Why Do I have To Pay For A Full Year Of Homeowners Insurance Up Font When I Am Paying For It Every Month In My Mortgage Payment?
This is one of the shortest explanations that I give, but a very important and confusing one for especially First Time Homebuyers.  It is also an explanation that I usually end up giving again after the loan is approved, and I instruct the Borrower that they now need to go and get Homeowners Insurance, and that the insurance company is going to ask them for the first year's premium up front. 
Homewoners Insurance like any other insurance is paid in ... more

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