A good reason for mortgage insurance is because you need it to help you secure your mortgage. Here are 5 practical tips to help you get your mortgage insurance fast.
1. Shop for the best
Like most competitive business, insurance business is an industry with very high competition; you can play this to your advantage by shopping around for the best and cost friendly insurance company. This will take time and lots of patience, but it sure worth it. Get contact of insurance companies from the insurance association or regulatory agency in your locality. You can get more information from insurance agents or use the internet to locate insurance companies in your state.
When you locate one that looks good, do more search on its customer service profile and see what’s their existing customers have to say about them.
2. Mind your location
Your location matters to your insurer; this is because they also care about minimizing risks, so why shouldn’t you use that to your advantage. In finding a location for your home, consider such places that are gated. Gated communities rank higher in consideration for insurance than places that are not. Also, if your home is located close to a fire station, insurance companies would be happy to insure your home because you are not high risk to them. Locating such places might not come easy, but it worth the try.
3. Keep good credit profile
Insurers are very risk sensitive and they care about your credit records as this is a signal about whether their investment in you is secure or an open gasoline left close to the barbeque stand. If you are going to get anywhere to insurance for your home, do make sure your credit record is upright, with integrity and stability, for at least more than 4 months to your filing application for mortgage. Make sure your bills and other financial commitments are kept clean, showing you always respect your commitments and you are credit worthy. Please do not do things that will call your credit integrity to question.
4. Get organized
Nothing like an organized applicant; before you apply, get a firm knowledge of what you would need for your application. Make sure to keep all your records intact and clean. All your financial and payment records well kept and in the right order. Your tax return should be in order, so should be you financial gift, have necessary evidence of transaction and justification for it.
5. Insure the basic
When making request for mortgage insurer, you should know that you are only to insure things that are most needed and not things that you can do away with. Therefore, making any reference to your land is unnecessary and would amount to bloating your policy costs, this is because your land is not at risk, your building and other movable properties are. Removing unnecessary from your list would bring down your costs and lightens the burden of the insurer and making your application looks very much insurable.