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Compare over 20 top providers in King of Prussia, PA
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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
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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 King of Prussia, PA is essential because it protects lenders from default and ensures that borrowers will have the resources necessary to make their mortgage payments. By providing a buffer against potential financial loss for the lender, mortgage insurance encourages lenders to make loans to potential homeowners who may not have the best finances or credit scores. In addition, mortgage insurance helps keep mortgage rates lower by reducing the lender's risk in providing mortgages to applicants that do not have a perfect financial profile. Mortgage insurance is beneficial for both lenders and borrowers and is an essential feature of the mortgage process.
Does the cost of a King of Prussia mortgage insurance policy depend on the size of my down payment?
The cost of mortgage insurance for King of Prussia, PA, does depend on the size of your down payment. Generally speaking, the larger the down payment, the lower the cost of mortgage insurance. For example, if you make a 20% down payment on your mortgage loan, you will likely pay a lower insurance cost than if you had made a smaller, 5% down payment. FHA borrowers in King of Prussia are also required by law to pay an upfront mortgage insurance premium, which is calculated based on the size of the loan.
What is a private mortgage insurance policy King of Prussia?
Private mortgage insurance (PMI) is a type of insurance typically paid for by the home loan borrower, designed to protect the lender in the event of a borrower's default in King of Prussia, PA. PMI can help a borrower to qualify for a loan when they don't have a 20% down payment. In the King of Prussia area, PMI can range from 0.5-1% of the loan amount, depending on the individual lender, and must be part of the monthly mortgage payment for as long as the mortgage balance is over 80% of the original purchase price.
What is FHA mortgage insurance near King of Prussia?
FHA mortgage insurance, also known as a Mortgage Insurance Premium (MIP), is a type of insurance backed by the U.S. Federal Housing Administration that protects lenders against any losses associated with a FHA-insured mortgage loan. It is typically required on all FHA loans for purchase or refinance transactions and is paid either in full upfront or financed into the loan amount. In King of Prussia, PA, FHA mortgage insurance can help protect homeowners from financial distress, as the insurance provides additional protection should homeowners be unable to pay their mortgage payments.
How do King of Prussia mortgage insurance companies process USDA insurance?
USDA mortgage insurance works by providing zero-down financing for home buyers in King of Prussia, PA who meet certain income and rural area requirements. It is available to a variety of property types, including single-family homes, condominiums, and manufactured homes. USDA mortgage insurance is backed by the US Department of Agriculture and provides the assurance that the borrower is able to purchase a home with little to no money down. It also offers a competitive fixed interest rate, flexible credit score guidelines, and no monthly mortgage insurance premium.
The VA funding fee for King of Prussia, PA is set in accordance with VA regulations. It is calculated as 2.15% of the loan amount for first-time, active duty veterans using a VA loan to purchase a home. The funding fee increases to 3.3% for subsequent use. There are also reduced rates available for veterans with service-connected disabilities, reservists, and veterans during their first time of using VA loan. The rate varies as per the category of veteran and the length of time since the last loan originated by VA.
What can I do to lower the cost of my mortgage insurance in King of Prussia?
To lower the cost of your mortgage insurance in King of Prussia, PA, you may want to look into increasing the value of your home. Updating its features and renovating the interior of your house could make it more attractive to potential buyers. It could also increase the overall value of your home and, as a result, lower your mortgage insurance premium. Additionally, you can look into refinancing your mortgage. Shopping around for a better rate from different lenders could give you a more competitive rate and you could potentially save money in the long run.
Can I cancel my King of Prussia mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in King of Prussia, PA. Being proactive pays off as cancelling your mortgage insurance early can save you hundreds of dollars each month. For example, refinancing your existing loan could reduce your rate and this, along with its associated costs, could be enough to trigger the cancellation of your mortgage insurance. Alternatively, if the ratio of your outstanding loan balance to the value of your property improves sufficiently, your mortgage insurance may be automatically cancelled.
Is there an online calculator for mortgage insurance from a King of Prussia mortgage insurance company?
Yes, there is an online calculator for mortgage insurance that can help those living in King of Prussia, PA to better understand their own situation. For instance, this calculator can provide a more accurate estimate of the borrower's monthly mortgage and insurance payments. It also provides valuable information about the estimated amount that will be paid towards private mortgage insurance (PMI). With this calculator, potential buyers can better determine the size of a home they can afford to buy. Each request is based on different criteria, such as: annual income, number of years for repayment, down payment, and credit history.
Can I opt out of services from mortgage insurance companies in King of Prussia?
In the town of King of Prussia, Pennsylvania, it is possible to opt out of mortgage insurance depending on the size of the loan and the type of loan. Generally, a loan of greater than 80% of the value of the home will require private mortgage insurance. If the loan meets the criteria for avoiding mortgage insurance, then the lender may waive the requirement for mortgage insurance. Furthermore, if you are able to put more than 20% down on the home, the lender may also waive the requirement for mortgage insurance.
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