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Compare over 20 top providers in East Point, GA
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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...
Mortgage insurance in East Point, GA works similarly to most other places in the US. This type of insurance provides additional coverage for lenders in case a homeowner is unable to make their mortgage payments. It's most often required for borrowers who put less than 20% down when purchasing a home. Mortgage insurance covers both the lender and the borrower in the event that the borrower cannot make their payments or becomes delinquent. To pay for this additional insurance, borrowers usually have to pay a one-time fee at closing, or they may also be able to choose a monthly payment option.
Can I avoid a East Point mortgage insurance policy with a larger down payment?
Making a larger down payment on your mortgage in East Point, GA is an excellent strategy to avoid paying private mortgage insurance, or PMI. U.S. Department of Housing and Urban Development guidelines state that a loan-to-value ratio of 78% is considered low enough to avoid mandatory PMI. To guarantee you won't be paying this additional cost, a 20% down payment is recommended. With this initial investment, you will be establishing equity in your home and reducing the likelihood you will have to pay PMI or have to refinance in the future.
What is a private mortgage insurance policy East Point?
Private mortgage insurance (PMI) is a form of insurance that protects lenders from default on mortgages in East Point, GA. This coverage is typically required when borrowers deposit less than 20% of the purchase price of their home as a down payment. PMI is designed to protect your lender in the event that you are not able to keep up with your monthly mortgage payments, as it will help cover some of the costs associated with the foreclosure process. Private mortgage insurance may decrease the amount of your monthly mortgage payment, making homeownership more affordable.
What is FHA mortgage insurance near East Point?
FHA mortgage insurance is an insurance program offered by the Federal Housing Administration that helps protect qualified loan participants from loss in the event of default. Most East Point, GA mortgage lenders require FHA mortgage insurance for borrowers with a down payment of less than 20%, which enables these borrowers to purchase a home. This insurance is paid for in the form of an upfront mortgage insurance premium payment, as well as an annual premium that is typically included in the monthly mortgage payment. It is important for future East Point, GA homeowners to understand the implications of FHA mortgage insurance before entering into a loan agreement.
What are the benefits of USDA insurance from East Point mortgage insurance companies?
Residents of East Point, GA may find numerous benefits from obtaining a USDA mortgage insurance, which is a type of government backed mortgage loan. This type of loan often offers lower rates than other types of loans, making it more cost-effective for borrowers. Additionally, buyers can qualify for funding even if they lack a large down payment, allowing them to have more flexible terms and more visibility into their inventory options. These benefits certainly make the USDA mortgage insurance program an attractive option for those living in East Point.
VA loans have some potential drawbacks for borrowers in East Point, GA. While these loan programs are beneficial for veterans and their families, they do require a funding fee on the loan amount. There are also limits on the amount that can be borrowed depending on what type of residence VA financing is being used for. Additionally, it's important to note that VA loans require a borrower to keep a mortgage loan insurance for the entire life of the loan, unlike conventional loans which allow for a more limited coverage time.
How much is mortgage insurance in East Point?
Mortgage insurance costs can vary based on the type of mortgage and the location of the property. In East Point, GA, mortgage insurance is typically 1.75-2% of the loan amount, and is typically added to the monthly mortgage payment. Additionally, how long you'll need to pay for the mortgage insurance depends on the amount of the down payment and the type of loan. If you put down less than 20% of the purchase price, you'll need to pay the mortgage insurance premiums for the life of the loan.
What process do I need to follow to cancel my East Point mortgage insurance policy?
In order to cancel your mortgage insurance when you live in East Point, GA, you will need to contact your lender and provide documentation verifying that your loan balance is 80% or less of the home's current market value. Your lender will then need to provide written notification to the mortgage insurer that they no longer wish to maintain coverage on the loan. Also, some mortgage insurers may require additional information in order to process the request. To help make this process as easy as possible, it is recommended that you provide your lender with all supporting documentation that is required for cancellation.
Is the mortgage insurance calculation method the same for every East Point mortgage insurance company?
The answer to this question varies from lender to lender and is not the same across all institutions. In East Point, GA, mortgage insurance calculations may include taking into account the loan type and amount, the type of property, and the borrower’s credit score, among other factors. An experienced mortgage lender in East Point, GA can give you a detailed overview of the mortgage insurance calculation method they use so you can make the best decision when selecting a lender.
Do I need mortgage insurance companies in East Point?
Whether or not you need mortgage insurance when purchasing a house in East Point, Georgia depends on your individual situation. You'll need to consider things like the amount of the down payment you are able to make and the type of loan you're taking out. If you're unable to make a significant down payment on the property, you may want to consider getting mortgage insurance to cover your loan if you ever default on repayments.
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