Your chosen mortgage broker or loan officer has to meet the lender’s standards, but it is also important for your home insurance policy to cover what it would cost to reconstruct your house in case of a claimable event and not just the value of the mortgage. When obtaining a loan from a bank or other lender, you will be expected to provide proof of an insurance policy sufficient to either rebuild the home or cover the mortgage amount. Even if you have bought thirty homes before, you may not realize that homeowner’s insurance can complicate the mortgage approval process in Boston, MA.
When buying a new house, getting help from a trustworthy insurance agent and an experienced mortgage broker is essential.
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