Ready Mortgage Corp
Home | Mortgage Calculator | FAQ's | Contact Info

Insurance Requirements:

Please print this page for your insurance agent.

It is solely your responsibility to provide insurance with a minimum term of your loan (or one year whichever is less). Invoices should not be sent to us, nor will they be paid by us.

You should instruct your insurance agent to provide the declaration page and invoice to both the title company and to us at least 24 hours prior to closing.

We encourage you to begin securing insurance early in the process (NOTE: Any delay in providing acceptable insurance coverage will delay the funding of your loan until such coverage is in place and approved by us.

The mortgage clause in the insurance policy should state:

Ready Mortgage Corp.
P.O.Box 852006
Richardson, Tx 75085-2006

  • All insurance premiums will be required to be on the HUD and paid at closing. We do not accept policies that have been paid for outside of closing.
  • If you have a blanket policy, your insurance agent must provide a declaration page that shows the addition of the new property.
  • If a builder's risk policy is purchased (i.e. HBIS-37), the insurance agent must provide a rider showing total coverage of the property for the term of the loan
  • Coverage shown on the property must also include vacancy, vandalism and malicious mischief.
  • One month policies are not acceptable.
  • Binders are not acceptable.
  • Monthly payment policies are not acceptable.
  • The amount of the insurance policy shall not be less than the amount of the loan.
If a cancellation letter is received stating that your insurance will be cancelled as of a certain date, your property will be placed on a blanket policy for one day (not including weekends) prior to the date shown as the expiration or cancellation date, unless a written notification of reinstatement of that policy or a new policy is received. In the event your property is placed on the blanket policy, a non-refundable $300 placement fee will be charged and an additional $75 per month on top of the cost of the monthly premium for that policy to cover servicing and tracking of the policy. To avoid this situation, please be sure to provide your renewal or reinstatement of insurance 48 hours prior (not including weekends) to the date mentioned.