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Compare over 20 top providers in Myrtle Grove, NC
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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 Myrtle Grove, NC, there are two types of mortgage insurance: private mortgage insurance (PMI) and Mortgage Insurance Premium (MIP). PMI is typically required for home purchases with a down payment of less than 20%, and is usually paid in monthly installments. MIP is for federally-backed loans such as those insured by the Federal Housing Administration or the US Department of Veterans Affairs, and is paid at closing or over the life of the mortgage.
Can I avoid a Myrtle Grove mortgage insurance policy with a larger down payment?
In Myrtle Grove, NC, you can avoid mortgage insurance with a larger down payment. Depending on the lender and type of loan, you may be able to put less than 20 percent down and still avoid mortgage insurance. Generally speaking, the higher the down payment, the less likely you are to need mortgage insurance. That being said, each lender has their own rules and criteria. It is always best to consult a knowledgeable mortgage broker or lender in the Myrtle Grove area to discuss your individual case and learn more about options available to you.
What is a private mortgage insurance policy Myrtle Grove?
Private mortgage insurance (PMI) is a type of insurance that protects lenders in the event of homeowner default. In Myrtle Grove, NC, PMI is usually required if you put less than 20% down on a home mortgage. Typically, the cost of PMI is paid by the borrower directly to their lender monthly as part of the mortgage payment, and the amount of the premium is based on the loan amount. PMI provides an important safeguard for lenders, so they can offer alternative loan programs with lower down payments, making it easier for more borrowers to purchase homes in Myrtle Grove.
Who is eligible for FHA mortgage insurance near Myrtle Grove?
In Myrtle Grove, NC, individuals who wish to purchase a primary residence may be eligible for an FHA mortgage insurance loan. Generally, the minimum credit score required here is 580, though slightly higher scores may be needed depending on the financial institution. Most participants must complete a housing counseling course prior to settlement. Those ineligible are those who have experienced a bankruptcy, foreclosure, judgement, or deed-in-lieu of foreclosure within the past 3 years. Additionally, if an individual currently has an FHA Loan, they typically are not eligible for additional FHA mortgage insurance.
What are the drawbacks of USDA insurance from Myrtle Grove mortgage insurance companies?
The drawbacks of USDA mortgage insurance in Myrtle Grove, NC are primarily that you must meet income and credit requirements, and, unfortunately, these requirements may prove to be too restrictive for some. Additionally, USDA loans are only available for properties located in rural or suburban areas; meaning if you are buying a property in the city, this financing option won't be available. Additionally, USDA loans require a down payment of 3.5 percent and may also come with higher monthly mortgage insurance premiums than other mortgage programs.
The VA funding fee is a fee charged by the Department of Veteran Affairs to help fund additional VA programs. It is a one-time fee that helps keep the VA loan program running and provides home buying benefits to many eligible veterans living in Myrtle Grove, NC. The exact amount of the fee varies depending on the loan type, loan amount, and military category. Generally, there is no VA funding fee for veterans with a service-connected disability rating of 10% or higher.
What can I do to lower the cost of my mortgage insurance in Myrtle Grove?
If you live in Myrtle Grove, NC, there are a few things you can do to lower the cost of your mortgage insurance. First, you can shop around to compare rates to find the best deal available. Also, you can try to get a larger down payment, if possible, as that can also lower your costs. Additionally, it can be beneficial to make sure that your credit score is up-to-date and that your debt-to-income ratio is as low as possible; mortgage insurance companies can take both of these factors into account to give you a better rate.
What are the requirements to cancel my Myrtle Grove mortgage insurance policy?
To cancel your mortgage insurance in Myrtle Grove, NC, you must begin the process by contacting your lender to determine whether your loan is eligible for cancellation or termination. If your loan is eligible, you must typically meet specific eligibility requirements such as occupying your home as your primary residence, paying your mortgage on time for several years, and your loan must have been acquired by Fannie Mae or Freddie Mac. Depending on the type of loan, you may also need to show proof of a 20% equity stake in the home, and may have to submit a written request for cancellation.
Is there an online calculator for mortgage insurance from a Myrtle Grove mortgage insurance company?
Yes, there is an online mortgage insurance calculator for homeowners in Myrtle Grove, NC. This calculator will help you determine the amount of insurance that will be required for your mortgage in order to protect you from financial losses due to certain events. It will also provide you with estimates for the various types of insurance that may be necessary to give you peace of mind as a homeowner. Additionally, it will provide you with information about the risks involved and quotes for different types of coverage, such as disability and unemployment insurance.
What happens if I don't use mortgage insurance companies in Myrtle Grove?
If you don't get mortgage insurance in Myrtle Grove, NC, you are taking a big risk. Without mortgage insurance, you essentially become the holder of your loan and are responsible for the entire principal balance in the event of foreclosure. This means you may end up owing the bank more than what your home is worth. On the other hand, having mortgage insurance gives you the peace of mind of being able to pay off your loan if something unexpected happens. Ultimately, it's up to you to decide if the added protection of mortgage insurance is worth the cost.
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