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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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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
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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 Lakewood, OH, homeowners must have mortgage insurance to protect them from the uncertainty of life. There are 3 main types of mortgage insurance commonly used in the Lakewood area. Private Mortgage Insurance (PMI) is required for home loans with a loan-to-value (LTV) ratio greater than 80 percent. Mortgage Insurance Premium (MIP) is required for all Federal Housing Administration loans. Lender-paid Mortgage Insurance (LPMI) is available for qualified borrowers and is paid by the lender in exchange for a slightly higher interest rate on the loan.
What is the minimum down payment to avoid a Lakewood mortgage insurance policy?
In Lakewood, OH, the minimum down payment to avoid mortgage insurance varies by lender and mortgage product, but typically it is around 20% of the purchase price. However, some lenders might be able to provide an option with a lower down payment. It is helpful to speak with a local real estate professional to review the current mortgage insurance rules and regulations, and to assess which loan product is right for you. Additionally, with certain low down payment alternatives, mortgage insurance may be required but does not necessarily incur added costs.
Who is eligible for a private mortgage insurance policy Lakewood?
Residents of Lakewood, OH who are seeking a mortgage loan typically must pay for private mortgage insurance in order to protect the lender from any losses in case of default. Generally, borrowers who make down payments of less than 20 percent of the purchase price are eligible for this type of insurance. However, in rare cases and depending on the lender, eligible borrowers may be able to make a down payment of 10-15 percent without having to pay for private mortgage insurance.
What is FHA mortgage insurance near Lakewood?
FHA mortgage insurance is a type of insurance that helps protect lenders from the risks associated with FHA-insured loans in Lakewood, OH. This insurance will take effect if the borrower defaults on the loan, ultimately reimbursing the lender. FHA mortgage insurance is a one-time premium paid at closing and can be financed, allowing for borrowers to pay off the insurance simultaneously with their mortgage. This particular type of loan also requires a borrower to pay an annual mortgage insurance premium which can be reduced after 11 years if the loan balance is below 78% of the original value.
What are the benefits of USDA insurance from Lakewood mortgage insurance companies?
Living in Lakewood, Ohio, USDA mortgage insurance offers many financial benefits. USDA mortgage insurance enables borrowers to purchase a home with no money down, meaning that those in Lakewood will be able to buy a home without having to save a substantial down payment. What's more, USDA mortgage insurance offers extremely competitive interest rates, meaning monthly mortgage payments will be as low as possible. In addition, borrowers in Lakewood can take advantage of the more flexible homeowner's insurance options that come with USDA mortgage insurance, saving additional money.
The VA Funding Fee in Lakewood, OH is a one-time cost paid by the homebuyer to help cover a portion of the Department of Veterans Affairs (VA) mortgage program. The fee is a percentage of the loan amount and can be up to a maximum of 3.6%, except when a down payment of at least 5% is made then the fee is decreased to 1.8%. The fee can be financed, but the VA also offers a one-time reduction or exemption for veterans receiving VA compensation for disabilities. For military members, the VA funding fee is waived entirely.
What can I do to lower the cost of my mortgage insurance in Lakewood?
In Lakewood, Ohio, one of the best ways to lower the cost of your mortgage insurance is by shopping around for the best rates. Doing research and talking to lenders in the area can help you find a better deal. Additionally, you can look into options like increasing the amount of your down payment to put more equity into the house. Adding a larger down payment (20%-25%) can help to lower the cost of your home insurance as well. You may also want to consider switching from PMI to lender-paid mortgage insurance, as this could potentially provide you with an even better rate.
What process do I need to follow to cancel my Lakewood mortgage insurance policy?
To cancel your mortgage insurance in Lakewood, Ohio, contact the local branch of your mortgage lender who services the loan. This branch will provide the information needed to initiate the cancellation process. Generally, this includes providing proof that your mortgage balance has been reduced to meet the lender’s guidelines, typically 80%, that you are current on your mortgage payments and that you are in good financial standing. Anything additional that may be needed will be provided by your mortgage lender. Additionally, you may need to contact your mortgage insurer and arrange a cancellation application and fee if applicable.
How do I calculate mortgage insurance for a Lakewood mortgage insurance company?
If you are in the process of buying a home in Lakewood, OH, calculating mortgage insurance is an important step. Depending on the type of loan you select, there may be a requirement to purchase mortgage insurance. In many cases, mortgage insurance is also known as Private Mortgage Insurance (PMI) and protects the lender if a borrower defaults on the loan. To calculate mortgage insurance costs, you should first review your loan application with your lender to determine if mortgage insurance is required.
Do I need mortgage insurance companies in Lakewood?
In Lakewood, OH, whether you need mortgage insurance or not will depend on your individual circumstances. Lenders typically require mortgage insurance when a borrower puts down less than 20% when buying a home. Mortgage insurance is used to protect the lender in the event of a borrower default. If you are putting down less than 20% of the purchase price, you will likely need to speak with your lender to confirm if mortgage insurance is required.
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