I've Lost It!

[JERRY2KONE]

I do agree with you James, but if he is a first time buyer he surely wants to keep things simple and not get caught up with too many differnet payments to worry about. That was my point. Even with using the escrow you get to chose who your insurance company is, so that is totally up to you to do the research and make the right choices. You can also change insurance companies any time you like with most mortgage companies. You do not want the bank choosing your insurance. They will snake you big time.

[lincpimp]

Originally Posted by JERRY2KONE

I do agree with you James, but if he is a first time buyer he surely wants to keep things simple and not get caught up with too many differnet payments to worry about. That was my point. Even with using the escrow you get to chose who your insurance company is, so that is totally up to you to do the research and make the right choices. You can also change insurance companies any time you like with most mortgage companies. You do not want the bank choosing your insurance. They will snake you big time.

True, simple is better sometimes, but he needs to do some homework. We are talking big money here, and a little each month adds up to alot. I am planning on retirement eventually and if I can save 180k by figuring out the house thing I think it is worth it.

I have some friends who have the mortgage co do thier ins and she had to spend days sorting it out when someone made a clerical mistake. I could have made 11 call to my ins co and got that sorted out, but she had to make 20 and still had to pay an increased mortgage payment for a few months till it got sorted. Lesson learned by me, I even told her thanks!