Mortgage brokers typically do a binder check before sending the closing packet to title companies. You may have an estimated closing date, but you should mention to your agent that your closing date may change.
It is important to note that at the time of the quote you are unsure of the exact closing date. Obtaining a property insurance binder is as simple as contacting an insurance agency, like TheGannAgency, and taking out a homeowners policy to cover the dwelling you are purchasing. Mortgage companies require insurance coverage for the property in order to protect their financial investment. Property insurance binders are important since real estate transactions involving a home purchase are usually completed through financing done with a mortgage. Because closing dates can change right up until the last minute, insurance companies rarely have enough time to provide the full policy, that includes the dec page, to the buyer and the title company prior to the closing.
This temporary document is used in place of the insurance policy’s declarations page (dec page). What is a Home Insurance BinderĪ home insurance binder is a temporary document issued by an insurance agent on behalf of the insurance company to provide proof of insurance to the buyer of a real estate property. We’ll stick with the most common names throughout this explanation.
When hearing these different names just know they’re referring to the proof of property insurance.
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