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Compare over 20 top providers in Great Neck, NY
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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 Great Neck, NY works to protect lenders in the event of a borrower defaulting on the mortgage loan. This insurance helps the lender cover the losses from a borrower’s inability to make payments. Generally, mortgage insurance is purchased by the borrower and added to their monthly payments. Typically, mortgage insurance is required if the borrower doesn’t have a 20% down payment and is making a loan greater than 80% of the home value. Without it, a lender may not be willing to offer as good a loan terms or not approve the loan at all.
What is the minimum down payment to avoid a Great Neck mortgage insurance policy?
In the Great Neck, NY area, the minimum down payment to avoid mortgage insurance varies depending on the loan type and the individual lender’s requirements. Generally speaking, borrowers will need to put down at least 20 percent of the purchase price in order to waive the mortgage insurance requirement. Borrowers can also opt for alternatives to avoid paying mortgage insurance, such as lender-paid mortgage insurance or a piggyback mortgage. It is important to speak with a mortgage lender to discuss all of the available options and to calculate which solution works best for the borrower's circumstances.
What are the benefits of having a private mortgage insurance policy Great Neck?
Private mortgage insurance (PMI) in Great Neck, NY can provide many beneficial financial advantages. PMI can help lessen your up-front costs, allowing you to finance a larger portion of your home. It also gives you access to more competitive interest rates and potential tax benefits. Most importantly, PMI helps make homeownership in Great Neck more achievable, as you'll be able to lower your down payment. By having PMI in place, you can gain peace of mind knowing that your home is protected in case you face financial difficulties.
Who is eligible for FHA mortgage insurance near Great Neck?
Homebuyers in Great Neck, NY who wish to qualify for Federal Housing Administration (FHA) mortgage insurance should meet all the standard loan requirements set by the Department of Housing and Urban Development (HUD). Eligible borrowers must have a minimum credit score of 580, a steady income, a stable job, and enough funds saved up for a down payment and closing costs. In addition, they must live in the home they purchase and buy a home that FHA insurance covers.
Do Great Neck mortgage insurance companies offer USDA insurance?
USDA mortgage insurance is a loan program that offers Great Neck, NY residents an opportunity to purchase a home with a low down payment. This loan program is backed by the United States Department of Agriculture, and it can help to make home ownership more affordable for individuals whose income does not qualify them for a conventional loan. It requires an upfront premium of 1.0% of the loan balance that is applied to the loan amount, as well as an annual premium of 0.35%.
The VA Funding Fee is a one-time fee that is charged to Veterans in Great Neck, NY in order to partially offset the costs of providing VA loans. The fee is typically charged as a percentage of the loan amount in addition to regular closing costs, such as the appraisal. The VA Funding Fee varies based on factors related to the Veteran's situation, such as whether they are first-time VA loan users or if they have used a VA loan before. Generally speaking, the VA Funding Fee ranges from 0.5%-3.6%.
How much is mortgage insurance in Great Neck?
The cost of mortgage insurance in Great Neck, NY can vary greatly based on a number of factors, including the size of the mortgage and the borrower's credit score. Generally, when comparing quotes, the costs range from 0.50% to 1.50% of the loan amount annually. However, if you are paying for private mortgage insurance, the cost may be higher. It's important to contact a mortgage lender or broker in your area to discuss your options and get an estimate of the cost of mortgage insurance in Great Neck, NY.
What are the requirements to cancel my Great Neck mortgage insurance policy?
In order to cancel your mortgage insurance in Great Neck, NY you must meet certain requirements. Your lender or servicer must agree that the loan-to-value ratio is 75% or lower, as calculated by an appraisal; you must not be delinquent on your mortgage payment; and you must have made at least five years of consecutive payments. Additionally, you must have had no more than one payment 30 days late within the preceding 12 months. Lastly, you will need to submit a completed loan-to-value calculation worksheet along with a property appraisal report.
How do I calculate mortgage insurance for a Great Neck mortgage insurance company?
It is important to understand the pricing dynamics to calculate mortgage insurance in Great Neck, NY. The primary way you can calculate mortgage insurance is to obtain quotes from multiple lenders as rates can vary from lender to lender and can significantly impact the overall cost of the loan. The final cost of the mortgage insurance will be determined depending on the loan amount, interest rate, the borrower's credit score and loan term. Understanding these important components and taking the time to perform an in-depth comparison between lenders can help you make the most informed decision on your mortgage insurance coverage.
What happens if I don't use mortgage insurance companies in Great Neck?
If you are looking to purchase a home in Great Neck, NY and don't get mortgage insurance, you may experience difficulty qualifying for a loan. Mortgage insurance helps make a loan more attractive to lenders by reducing the risk of the borrower defaulting. Without it, lenders may be hesitant to approve the loan since the borrower can no longer cover the losses of the loan in the event of a default. You may also be required to put down a larger down payment without mortgage insurance, meaning more of your own money will be at stake should you default on the loan.
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