Buyers, Get Your Insurance Quote During the Inspection Period!
My Buyers waited until they were ready to close to get their insurance quote even though they were advised to get the quote during their inspection period.
Underwriting told them they needed to increase their coverage by $3000.00 which increased their premium by $500. They were already at the upper limit of debt to income ratio and this put them over the mark. They no longer qualified for their loan.
They quickly started calling around to other insurance agents to get additional quotes and found one that worked. Now their file has to go through another step in underwriting with these changes but it looks like they will get their home!
There is a reason that your Oklahoma Real Estate Purchase Contract lists "get an insurance quote" as a suggested item to check out during your inspection period!
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