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Compare over 20 top providers in Stillwater, MN
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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 Stillwater, MN serves to protect both lenders and borrowers. It provided lenders a guarantee that they will receive a portion of the loan they provided to the borrower if the borrower defaulted. It also allows borrowers with lower down payments to purchase a home without being required to have a large lump sum saved up. Mortgage insurance premiums are usually collected monthly as part of the borrower's monthly mortgage payment.
What is the minimum down payment to avoid a Stillwater mortgage insurance policy?
In Stillwater, MN, the minimum down payment you'll need to avoid mortgage insurance will depend on the type of loan you get. For conventional loans, you'll typically need at least a 10% down payment, but FHA mortgages have a minimum down payment requirement of 3.5% and VA mortgages are available with 0% down. It's important to keep in mind, however, that a larger down payment also means a lower interest rate and a smaller loan amount. Shopping around and comparing rates from different lenders may also help you find the best deal for your mortgage.
Do I need a private mortgage insurance policy Stillwater?
If you are purchasing a home in Stillwater, MN with a traditional mortgage, you will likely need mortgage insurance if you put down less than 20% of the total home's purchase price when you close. Private mortgage insurance (PMI) protects the lender, not you, if you don't pay or fall behind on your loan payments, and is a common necessity for many buyers in Stillwater. Much like an insurance policy, it will require that you pay a premium each month until you have paid enough of the loan that your loan-to-value ratio reaches 80%.
What are the drawbacks of FHA mortgage insurance near Stillwater?
FHA mortgage insurance can be costly for Stillwater, MN homebuyers since the annual premiums are typically required for the life of the loan. This means, even when a borrower has paid off significant amounts of the loan, they will still be required to make annual payments for mortgage insurance premiums. Additionally, FHA mortgages typically require an upfront, one-time mortgage insurance fee, which can add to the overall cost of purchasing a home. Furthermore, FHA mortgages have more stringent requirements than a typical loan, making it more difficult for many to qualify.
Do Stillwater mortgage insurance companies offer USDA insurance?
Stillwater, MN is a great place to consider buying a home with a USDA Mortgage. USDA Mortgage Insurance offers a fantastic option to those looking to make the most of their finances with 100% financing and low, fixed interest rates, you can minimize your out of pocket expenses while still saving on the overall cost of the house. Furthermore, USDA Mortgage Insurance gets rid of any private mortgage insurance requirement, which can sometimes cost up to 5% of the loan value. All in all, USDA Mortgage Insurance is an ideal option for those looking to purchase a home in Stillwater, MN.
A VA loan in Stillwater, MN has a few drawbacks to consider. VA loans typically come with higher costs due to the upfront funding fee that is required from the VA. This fee is a percentage of the loan amount and varies based on the borrower’s circumstances. Additionally, VA loans typically require the borrower to obtain mortgage insurance which could add to the cost of the loan. Furthermore, VA loans typically have lower maximum loan limits than conventional loans, so potential borrowers should be aware of this when deciding on a loan type.
What can I do to lower the cost of my mortgage insurance in Stillwater?
Looking to lower your mortgage insurance costs? Here in Stillwater, MN, homeowners can take advantage of a variety of options. Talk to your lender about switching to a payment plan that deducts the mortgage insurance premiums directly from your mortgage payments each month. You can also ask them if they accept Lender Paid Mortgage Insurance, which allows you to pay the insurance costs in one lump sum, or if they offer special programs that may offer discounts. Additionally, you can reach out to local real estate professionals to see if they have additional knowledge about how to save on mortgage insurance costs in your area.
Can I cancel my Stillwater mortgage insurance policy early?
Yes, Stillwater residents can cancel their mortgage insurance early. Stillwater Mortgage Solutions offers an excellent mortgage insurance cancellation program. Our highly experienced team of specialists are here to help clients understand the process of canceling their mortgage insurance and to make sure that they are fully informed about any special requirements, restrictions, or fees associated with early mortgage insurance cancellation. With our top-tier service and commitment to our clients, Stillwater Mortgage Solutions pledges to make the process of canceling your mortgage insurance quick and hassle-free.
How do I calculate mortgage insurance for a Stillwater mortgage insurance company?
If you live in Stillwater, MN and want to calculate mortgage insurance, getting expert help is the best way to accurately determine the amount of insurance you need. There are many experienced mortgage brokers in the area whom you can contact to assist you, such as Stillwater Mortgage or Mortgage Solutions. They can provide the necessary calculations and insights, as well as guide you through the process of purchasing a home. Additionally, for mortgage insurance, it's smart to get the advice of an insurance professional that can provide the right insurance coverage for your property and life situation.
Are there alternatives to mortgage insurance companies in Stillwater?
In Stillwater, MN, there are several alternatives to mortgage insurance. A few of the most popular options include a loan-level price adjustment, a piggyback loan, and lender-paid mortgage insurance. A loan-level price adjustment, also known as a rate-based Lender-Paid Mortgage Insurance (LPMI), allows you to take out a second loan at an agreed upon rate, which in turn pays the premium for the first mortgage. A piggyback loan packages two loans into one.
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