Refinancing Home Mortgage
I’m trying to get a mortgage for a house. The house will cost 85.000, but I’m just a loan for 63,000. When I received my payments were approved 450 per month. This includes homeowners and property taxes. Now you two weeks before closing, and my bank decided that I did not cover enough and I said I had total replacement cost of $ 185,000, only on the square on foot from my house. Then they said I was in a flood zone A area and I need all the insurance cover against flood … but it only covers the water heater and heating? What I need is … Is it illegal to ask for the bank, I have full ownership of replacement? And it is true, and insurance against floods for stoves and heaters? Any ideas what I should do?
Assuming that you borrow money and use the dwelling as collateral, it is perfectly legal to take for a bank or mortgage company to protect their investment.
But who is still working on your loan an error in the interpretation of the provision of insurance risk to investors has made. Your risk / fire insurance contained a provision to have “full replacement coverage.” Most measures are already incorporated this provision insurers make mistakes all the time in the definition of these terms.
Contact your loan officer and ask him, Senior Credit Officer to contact us for clarification. You can increase the customer has this issue as a service for the customer to be heard. Mortgage lenders are very busy right now and it is easy for your credit to get through the cracks. You can make a pest.
This is about mortgage information questions.
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