All Forum Posts by: Shelby Elder

Ok good to know. I’m not sure how to tell if there is an escrow account or not. I know about half was paid at closing to the insurance agent and I am still supposed to pay the other half after closing. But am considering just switching altogether to a new insurance agent/company before I pay the second half. 

My loan was supposed to be transferred to a new servicer on January 10th, but since it has been so recent, when I call the new servicer they don’t have me in the system yet. I might need to wait another 10 days to give it time for my loan to show up in their database and find out for sure about the escrow account. If there is an escrow account then does that affect the process of how I should go about changing insurance companies?

Hey @Brian Cauldwell, thanks for the response! The annual difference was only about $150. The new policy has a deductible that is triple the amount of the one I was originally going to go with and the broker has been very hard to get ahold of and unable to provide me proof of insurance or any details and I closed about 5 weeks ago

I am just starting to get a bad feeling about working with him. It was a broker and there was no policy number listed or mention of what company my policy is with. I think I would rather just pay an extra $150 for the year and have someone that I can rely on to get ahold of. Again this is my first DSCR loan and rental property so am open to suggestions!

I'm a newer investor and just did my first refi on a rental property. The numbers were tight to make it fit the DSCR ratio and even though I had an insurance guy picked out, my lender said it needed to be a little bit lower so he set me up with a different insurance policy in order to get the loan to close. Now that I have the loan, am I able to switch over to another insurance policy even if it puts the ratio over slightly? Basically my question is does a lender actively monitor things like taxes and insurance after the loan has closed to make sure it still fits their standards?