I'm looking at buying a home in the Amarillo area and got quoted $3000 per year estimate on homeowners insurance from a general agency. That's got to be too high, right? I'm looking at paying 425-450 for it.

Also, I have 4.5 percent rate with 3% down. I feel like that's just average. I'm certainly open to see what others can offer!

12law said:

---

I'm looking at buying a home in the Amarillo area and got quoted $3000 per year estimate on homeowners insurance from a general agency. That's got to be too high, right? I'm looking at paying 425-450 for it.

Also, I have 4.5 percent rate with 3% down. I feel like that's just average. I'm certainly open to see what others can offer!

---

$3000 seems high for Amarillo without knowing specs of the house. You will be hard press to find insurance for less than $1000 these days. Shoot me an email if you want to talk further, I've helped a lot of people on the Houston board.

casey.woodfin@goosehead.com

Would be happy to give you a second look on rate. 4.5% with no buydown isn't terrible on a 30 year fixed right now, but doesn't mean it can't be better. Based in B/CS but licensed for all of Texas. Let me know if I can provide a second opinion and compete for your business!

kyler.crenshaw@fairwaymc.com

Not to hijack this thread, but also in the process of purchasing a new home. I was wondering is there some place where current percentages for mortgages are posted. We will need to lock in our rate some time in the next four to five months and can do a one time float down, but how do I tell what the rates are doing.

If your loan officer/lender is worth their salt - their job is to monitor that for you daily. I use a software called RateWatch which provides up-to-minute rate adjustments and forecasting reports every day. Don't hesitate to reach out as well if I can assist with that for you. E-mail above

The 10 year US Treasury yield is a one to watch.

As mentioned whomever is making your loan should be updating you.

From your limited info I am guessing you are doing a 97% conventional loan and that rate...with no points...is fair. I locked at 4.375 with not points but 50% down. The first time buyer program you are using is slightly higher depending on credit.

The insurance seems high. I use half of one percent of value as a rough estimate to start with. But I have no way of knowing what your areas recent loss rate is.

Get another quote. Contact the poster above or Leire insurance and Brian Massey. He is an Ag

Thanks guys! I'll be sending messages soon.