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Compare over 20 top providers in Alexandria, VA
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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 Alexandria, VA, mortgage insurance helps protect lenders in the event of a default by borrowers. Usually, this insurance will cover the unpaid or defaulted portion of a loan. When a borrower buys mortgage insurance to protect a lender, the insurer agrees to pay the lender up to the amount of the mortgage principal in the event of a default. Generally, the amount of the premium is determined by factors such as the borrower’s credit score, the loan-to-value ratio of the home, and the insurance company itself.
Can I avoid a Alexandria mortgage insurance policy with a larger down payment?
Yes, you can avoid mortgage insurance in Alexandria, VA with a larger down payment. Generally, the more money you are able to put down up front, the lower your monthly payments and the less likely you'll be required to purchase mortgage insurance. Making a higher down payment can also help you qualify for a better loan with a lower interest rate and a lower loan balance. Providing a larger down payment can also give you access to more loan options in Alexandria, VA.
What are the benefits of having a private mortgage insurance policy Alexandria?
Private mortgage insurance, or PMI, offers many advantages to homeowners in Alexandria, VA. PMI helps protect lenders from potential financial losses that occur if a borrower defaults on a mortgage loan. It also allows borrowers to obtain mortgage loans while having less than 20% equity in the home, which gives buyers greater purchasing power and allows for smaller down payments. With PMI also comes the opportunity for a better loan rate due to risks being negated. Mortgage insurance also reduces the overall cost of a mortgage by lowering the interest rates charged by lenders.
How does FHA mortgage insurance near Alexandria work?
FHA mortgage insurance protects homebuyers in Alexandria, VA from losses incurred by lenders if the borrower defaults on their loan. In order to qualify for an FHA loan, borrowers must make a down payment of at least 3.5%, as well as pay an upfront mortgage insurance premium and an annual premium for the duration of the loan. To ensure the lender's interests are protected, the FHA requires that lenders pay an additional mortgage insurance premium as part of the loan. This premium can be added to the loan balance or charged up front, which is typically done by most lenders in Alexandria.
Do Alexandria mortgage insurance companies offer USDA insurance?
USDA Mortage Insurance in Alexandria, VA provides a low cost insurance guarantee to lenders to help borrowers get affordable mortgages in rural and suburban areas. It is a form of mortgage insurance that protects lenders if a borrower defaults on their loan, allowing borrowers to obtain their loan with a lower down payment than what is typically required for a conventional loan. USDA mortgage insurance also reduces the risk of lenders taking on these mortgages, and they can even help low-income rural and suburban buyers qualify for a loan and purchase a home by reducing the amount of money a borrower needs upfront.
In Alexandria, VA, anyone with a Certificate of Eligibility from the US Department of Veterans Affairs will be eligible for a VA loan. The VA insures such loans, with a maximum guaranty of up to 25 percent of the loan amount. Eligibility requirements include active military service (180 continuous days of active duty), honorable discharge (not dishonorable), and full-time National Guard and Selected Reserve members who have completed 6 years of service.
What can I do to lower the cost of my mortgage insurance in Alexandria?
If you are looking for ways to lower the cost of mortgage insurance in Alexandria, VA, one great option is to consider an FHA loan from the Federal Housing Administration. FHA loans are often more affordable than conventional questions, and they typically require lower down payments—as little as 3.5%—which could also help you save money on your mortgage insurance. Additionally, with an FHA loan, you may qualify for a lower mortgage insurance premium if you have a credit score of at least 580 and make a minimum down payment of 10%.
When does a Alexandria mortgage insurance policy go away?
The amount of time it takes for mortgage insurance to go away in Alexandria, VA, is determined by several factors. Generally, the loan must meet certain conditions such as the principal balance equaling or dropping to 80% or less of the property's original value. The homeowner must also remain current on their payments to the lender. If these requirements are met, the mortgage insurance could be eliminated in as little as two years. However, depending on the individual's circumstances, the mortgage insurance could remain in place for longer.
Is there an online calculator for mortgage insurance from a Alexandria mortgage insurance company?
Yes, absolutely! If you're looking for a mortgage insurance calculator in the Alexandria, VA area then you're in luck. Financial institutions like Fidelity Bank offer a robust online mortgage calculator, allowing you to quickly and easily calculate your mortgage insurance charges before you decide which loan is right for you. Not only can you calculate your monthly payments and total costs, but you can also view a variety of loan options and repayment scenarios, so you can make an informed decision about what's best for you.
Do I need mortgage insurance companies in Alexandria?
The answer to this question largely depends on your specific circumstances. Generally speaking, if you are a resident of Alexandria, VA, and you are looking to purchase a home with a loan-to-value (LTV) ratio greater than 80%, you may likely need to purchase mortgage insurance. On the other hand, if your LTV ratio is lower, you may not need mortgage insurance. It's important to speak with a qualified mortgage broker in Alexandria who is familiar with local and state laws regarding mortgage insurance to determine if it is a requirement.
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