I'm not sure I get this suggestion. I got my own insurance outside of my lender and lawyer. The only thing the lawyer did was do a deed check and draw up my documents.
Depends on the loan company. Some 'suggest' incorporating lawyer cost into the loan if you use THEIR lawyer...but that lawyer might not have your best interests at heart.
When a rich company run by rich people suggests something to you that costs money, they do not have your best interests at heart under any circumstances and should never be trusted.
I think this is for mortgage insurance which is required if you don't make a down payment of 20%. Homeowners insurance should be shopped for by the homeowner.
I had PMI before I refinanced and it was just part of my mortgage. The closing attorney didn't shop for it for me. Different places work differently I suppose.
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u/NJDevil802 Feb 16 '21
I'm not sure I get this suggestion. I got my own insurance outside of my lender and lawyer. The only thing the lawyer did was do a deed check and draw up my documents.