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Compare over 20 top providers in New Rochelle, NY
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"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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"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...
In New Rochelle, NY there are two main types of mortgage insurance: Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP). PMI is usually required for borrowers with a down payment of less than 20%. This type of insurance helps to cover the lender in the event of a default. MIP is a type of insurance required for FHA loans and guarantees that the lender will be repaid if the borrower defaults on their loan. It is paid for by the borrower and is paid upfront, or in monthly installments that are part of your mortgage payments.
Can I avoid a New Rochelle mortgage insurance policy with a larger down payment?
Yes, making a larger downpayment on your mortgage can help you avoid mortgage insurance. If you're in New Rochelle, NY, a 20 percent downpayment is typical, but making a larger downpayment can reduce your loan-to-value (LTV) ratio, or the amount of money you borrow against the value of your home. Lower LTV ratios, in some cases as low as 80 percent, can help you avoid having to take out private mortgage insurance (PMI).
What are the benefits of having a private mortgage insurance policy New Rochelle?
Private mortgage insurance in New Rochelle, NY can offer homeowners a variety of benefits. This type of insurance allows borrowers to pay a smaller down payment, which can free up funds for homeowners to allocate to other costs such as renovations, furniture, or major expenses. In addition, private mortgage insurance provides greater flexibility with loan amounts and offers borrowers access to more lenders. Private mortgage insurance is also an affordable option, as it can be paid in installments over a set period of time rather than a lump sum upfront.
What are the benefits of FHA mortgage insurance near New Rochelle?
FHA mortgage insurance can provide significant financial benefits to New Rochelle homebuyers. FHA-insured home loans help individuals obtain loan approval who may not qualify for conventional financing. New Rochelle buyers may also benefit from lower down payments and attractive interest rates. Additionally, because they require lenders to be less risk-averse, buyers may have better access to mortgages regardless of their credit history or current financial situation. FHA mortgage insurance also allows for a gift from family members or others to fund the down payment on a mortgage.
Do New Rochelle mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in New Rochelle, NY provides borrowers with low to moderate income or limited savings with 100% financing for purchasing a home. Unlike a traditional mortgage, borrowers pay an upfront one-time fee to the US Department of Agriculture for the coverage of the loan. This means that borrowers don't have to pay private mortgage insurance each month. USDA mortgage insurance in New Rochelle, NY is a great option for borrowers who don't have the cash for large down payments but want to own their own home, as this type of loan requires zero down payment.
Though many people in New Rochelle, NY know about the benefits of a VA loan, it's important to consider the potential drawbacks, too. One drawback is that the VA loan cannot be used for a second home or an investment property. Additionally, if you are looking to purchase a condominium, there are additional approval requirements. The VA also sets limits for the amount a veteran can borrow, typically up to the conforming loan limit. Lastly, VA loans require a funding fee of up to 3.3% of the loan amount which must be paid at closing.
How much is mortgage insurance in New Rochelle?
The cost of mortgage insurance in New Rochelle, NY can vary depending on the type of mortgage loan you have, the value of the property you are purchasing, and the amount of the down payment you are making. Some mortgages may require Private Mortgage Insurance (PMI), which is an additional cost to cover the lender in case of default. PMI is a fee paid to the lender on top of the monthly mortgage payment. It typically amounts to .3 to 1.5 percent of the total loan value, but it can vary depending on the lender.
What are the requirements to cancel my New Rochelle mortgage insurance policy?
In New Rochelle, NY, when it comes to canceling your mortgage insurance, the requirements vary depending on the location and type of loan that you have. Generally, you must have made all payments on time, be current on your mortgage, and have enough equity in your home that meets the mortgage lender's criteria. The lender may also require you to have a minimum credit score, be employed, and possess other assets to obtain the required equity. Additionally, you must also provide the lender with your mortgage insurer's certification and/or a current Title Report.
What factors are considered when calculating mortgage insurance for a New Rochelle mortgage insurance company?
When calculating mortgage insurance in New Rochelle, NY, several factors are taken into consideration such as credit score, the borrower's debt-to-income ratio, the length of the loan terms, as well as the loan-to-value ratio. Additionally, the property type and location of where the property is in New Rochelle, NY will also be considered in order to determine the final mortgage insurance rate. The rate will also depend on the insurance provider and the plan chosen.
Are there alternatives to mortgage insurance companies in New Rochelle?
In New Rochelle, NY, mortgage insurance is not the only option available for homeowners. Other potential alternatives include a loan assumption, increasing the down payment, a piggyback loan, and a home equity loan/line of credit. A loan assumption involves taking over the existing financing when purchasing a home, usually from the prior homeowner. Increasing the down payment amount can reduce the need for mortgage insurance from the lender, as it will lower the loan to value. A piggyback loan involves taking out two loans simultaneously, with the combination covering the property's purchase cost.
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