Your costs when you refinance home mortgage loans

Homeowner's insurance

You will need homeowner's insurance on your property. Either the amount of coverage will need to be sufficient to cover your loan amount(s) or you will need guaranteed replacement coverage.

You may be hesitant
to make a claim in case of loss due to several factors. Some feel that their premiums will be raised or that if they try to obtain insurance again on a future home they will be turned down. I've even heard of homes being considered uninsurable when they were sold to a new buyer because the home had a previous claim. When you refinance is an excellent time to talk to your homeowners insurance agent about your coverage and how you might save money.

Insurance rates vary as much as loan interest rates
so it is a good idea to shop around. Sometimes borrowers opt for a high deductible thinking that they probably won't make a claim unless it's a substantial loss. If this is the case you will benefit from the lower premium associated with a higher deductible.

Lenders vary in how much of a deductible they will allow
Check with your lender for their specific requirements. Then compare the premium cost and confidence in the Company you choose for homeowners insurance before you make a decision.

No more guess work on what your costs will be. Now that you know - Let them show you what they can do for you with a free quote. Apply for your home mortgage refinance with confidence!