The contract was signed, the mortgage was approved and the buyer was set to close on the $299,000 home in Royal Palm Beach.
Then the buyer, on the cusp of becoming a first-time homeowner, learned how much insurance would cost: $4,700 a year. The big premium pushed his monthly payment past the lender's comfort level, and approval for the loan was yanked
Rill calls taxes and insurance, once little more than an afterthought for home buyers, "a double whack on the head" — and countless homeowners are feeling the pain.
"It's squeezing buyers," Rill said. "At least it's not a triple whack. Insurance and taxes are going up, but prices are softening."
Tags:
Squeezing Buyers
Big Premium
Insurance and Tax
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