Some Ideas to Lower Your Mort our Mortgage Payments for Your Home Pur our Home Purchase! chase! As you will be reading in another section of this book in my biography, I am not only licensed as a mortgage loan officer. I am also licensed in five areas of insurance (life, health, property, casualty and title). And I want to offer some ideas to help with managing your insurance, as it pertains to home ownership.
There is an old Biblical verse found in the book of Luke 14:28--31. And it reads:
“ For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,”
“Saying, This man began to build, and was not able to finish. ”
I want to focus on “counting the costs”, which are associated with home ownership, including insurance. When at the closing table, the insurance costs will be shown in the C.D. (Closing Disclosure). This will include the insurance costs for title search, homeowners/property, and a credit life policy that insures payment of any remaining balance to the mortgage lender, if the borrower passes away prior to making the final payment of the loan. There are additional costs of home ownership such as property taxes, HOA fees, maintenance and repairs, and in some case local ordinance fees. And this does not include the settlement fees paid to the agents and for transfer and recording of the deed.
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