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Compare over 20 top providers in Lexington, KY
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Explore multiple Lexington, KY policies from all the leading insurers and choose the one that fits your needs.
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Our team tailors policies to your unique needs, meaning optimal coverage at competitive rates.
"I was totally lost trying to find the right mortgage insurance until I found PolicyHub. I was able to work with a licensed agent to compare all my options all at one. I got the perfect plan for me at a cheaper rate than I expected."
Barbara Winters
Policy Holder
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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"I lost hope trying to find a mortgage insurance policy that wasn't insanely expensive. Thankfully PolicyHub helped me find the perfect policy that is affordable with high coverage. Thank you!"
Bill Barton
Policy Holder
PolicyHub is the smartest way to protect the people that matter most.
Safeguard Your Family
Mortgage insurance means safeguarding your family in a worst-case scenario. Don't risk it.
Gain Peace of Mind
Far too many Americans are financially blindsided by the death of a loved one. But not your family.
Protect Your Business
Protect your business by ensuring a smooth transition of ownership with the right mortgage insurance.
Beat Estate Taxes
Inheritance or estate taxes is burdensome for your heirs. A mortgage insurance policy can help.
Invest in Your Future
For less than $1 per day, you can make a huge contribution to your family's financial safety.
Build Your Legacy
Through a mortgage insurance policy, you can leave behind a legacy for your loved ones.
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All your mortgage insurance needs in one place.
Private Mortgage Insurance (PMI)
PMI is your solution for buying a home with less than 20% down. It protects your lender, but also enables you to own a home sooner with less upfront cash. It's added seamlessly to your monthly mortgage payments.
FHA Mortgage Insurance Premium (MIP)
FHA's MIP is ideal for those with less-than-perfect credit scores. With an upfront premium and a smaller annual premium, MIP makes homeownership more attainable for a broad range of buyers.
USDA Mortgage Insurance
USDA Mortgage Insurance is tailored for rural homebuyers. With a manageable upfront guarantee fee and a low annual fee, it's a cost-effective way to secure your countryside dream home.
VA Funding Fee
The VA Funding Fee, unique to VA home loans, is a one-time fee that helps sustain the VA loan program for future generations of military homeowners. Depending on your service history, you may even be exempt.
"Highly HIGHLY recommend PolicyHub if you need mortage insurance. They saved me sooo much time and money on my policy, it's nuts. Comparing all the providers at once is a game changer."
Chris Stephens
Policy Holder
Introducing PolicyHub Price Match Guarantee
Our priority is to save you money while getting you the right coverage. If you find a lower rate for a similar policy anywhere else, we'll match it! With PolicyHub, you can rest assured knowing you're getting the best price.
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"I knew I needed mortgage insurance but I didn't know where to go. I talked with a few other companies but the cost was outrageous. I found PolicyHub and found the perfect plan for me at an affordable cost."
Wendy Smith
Policy Holder
Frequent Questions...
Before choosing a mortgage insurance policy in Lexington, KY, make sure to take the time to assess your individual financial situation, needs, and goals. Make sure to consider the policy’s coverage limits, annual premiums, length of term, and any additional fees. Researching the types of insurance available in the area may also help you to understand the benefits and drawbacks of each product. It might also be beneficial to discuss the matter with a qualified insurance agent who can help you to understand the options available to you and make an informed decision.
How does a larger down payment affect my Lexington mortgage insurance policy cost?
In Lexington, KY mortgage insurance costs can be affected positively by putting down a larger down payment when purchasing a home. With a larger down payment, a homeowner can reduce his or her monthly payment and/or have a lower loan-to-value ratio, allowing them to qualify for lower mortgage insurance or even eliminate the need for mortgage insurance altogether. A larger down payment is also beneficial since it means more of your money will already be invested in the property which can bring additional peace of mind.
Who is eligible for a private mortgage insurance policy Lexington?
In Lexington, KY, borrowers who make a down payment of less than 20% of the purchase price of a home may be eligible for private mortgage insurance. Depending on the lender's criteria, other factors such as loan to value, debt-to-income ratio, credit score, and loan type (conventional vs. FHA) might also be taken into consideration when determining eligibility. In any case, it is a good idea to do your research beforehand to make sure that you fully understand the requirements and all of the associated costs.
Who is eligible for FHA mortgage insurance near Lexington?
Homebuyers located in Lexington, Kentucky who meet the U.S. Department of Housing and Urban Development's (HUD's) definition of a qualified borrower are eligible for FHA mortgage insurance. Typically, this includes those who have a valid Social Security number, demonstrated the ability to pay for mortgage insurance, completed a HUD-approved housing counseling program, and have a valid checking account. In addition, borrower qualification and down payment requirements may also factor into FHA eligibility in Lexington, KY.
Who is eligible for USDA insurance from Lexington mortgage insurance companies?
Anyone looking to get a mortgage loan in Lexington, KY that meets certain criteria may be eligible for USDA mortgage insurance. These criteria include income, credit score, and residency. Generally, income is limited to a certain amount so that the borrower's income is enough to cover both the mortgage and all of their monthly expenses. Additionally, the credit score requirement varies but must typically be a minimum of 640. Lastly, some homes are eligible for the program based on the location of the property, so the residence must be located inside the designated program area (e.g. within Lexington city limits).
In Lexington, KY, veterans are eligible for the VA loan program, which provides a unique set of benefits. These include easier qualification requirements, no down payment (unless required by the lender or the purchase price is more than the value of the home), no private mortgage insurance requirement, and a lower interest rate. VA loans also offer closing costs that may be paid by other parties, such as the seller, builder, or lender. This makes the amount owed at closing much less than the borrower would have to pay with a conventional loan.
Are there discounts available for mortgage insurance in Lexington?
Yes. In Lexington, KY, homebuyers can enjoy discounts on mortgage insurance with certain lenders. For example, USAA offers discounts up to 50 percent off of their mortgage insurance rate. Additionally, The FHA insured mortgages offer discounts for those meeting certain criteria. And with Guild Mortgage, homebuyers can enjoy a reduced mortgage insurance rate as well. Depending on your situation, one of these lenders may be able to provide the lowest rate on mortgage insurance, making buying a home in Lexington, KY even more affordable.
Does the mortgage insurance termination process vary by Lexington mortgage insurance policy?
Yes, the mortgage insurance termination process can vary among lenders, especially ones located in different cities and states. In Lexington, KY, loan providers have their own specific process and timeline for mortgage insurance terminations. For lenders based in Lexington, borrowers should reach out to them for specific directions and requirements. These could include type of loan, current interest rate, and timeline for when the termination request can be made. Be sure to gather all the necessary information for the lender before submitting a request to ensure a smooth and successful mortgage insurance termination process.
Can my Lexington mortgage insurance company help me calculate my mortgage insurance cost?
Absolutely! Our Lexington, KY-based lenders are here to provide expert advice and assistance in calculating mortgage insurance. We can help provide you with an accurate assessment of your monthly mortgage payments. We will go over the details with you so that you can make the most informed decision. Furthermore, our expert team can provide guidance on which type of mortgage best suits your current financial situation. We strive to help you obtain the best rates and terms for your loan so that you can stay on top of your mortgage security.
Who is required to use mortgage insurance companies in Lexington?
In Lexington, KY, mortgage insurance is generally required for home buyers who make a down payment of less than 20%. Borrowers who have a credit score below 780 typically need to purchase mortgage insurance to qualify for a mortgage loan. Additionally, lenders also require it when the loan amount is over 80% of the home's appraised value. Mortgage insurance helps protect the lender should the borrower default on their loan payments. It is important for prospective home buyers to research and understand the mortgage insurance requirements of their lender prior to obtaining a loan.
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