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Let Us Know About Mortgage Changes
Refinancing or otherwise changing your mortgage can save you money and advance your financial goals. But if you make a change to your mortgage or pay off a mortgage or home equity line of credit, please let us know right away. Once informed, we will make the necessary adjustments to your homeowner's insurance coverage.
Most people remember to contact us when they first get a mortgage. However, often the mortgage holder sells the mortgage almost immediately. Or your mortgage company might be acquired by another company; this has been especially common in the last few years. If your mortgage was sold or your mortgage company was acquired, you probably received a letter from the new company asking that you update your insurance with new information. Once informed, we would send updated insurance documents. If you don't let us know, you probably will receive another letter saying that your new mortgage holder is going to take out "forced placement" insurance on your behalf. Although most banks will cancel the placement with no cost to you once they receive notice of insurance, you could end up having to pay for the forced placement coverage.
So before that happens, just give us a call or send us an email at 847-572-0800 or email@example.com with your new information, and we'll be happy to handle the rest.