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Compare over 20 top providers in Bedford, IN
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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...
Mortgage insurance in Bedford, IN is a type of insurance that protects lenders from default in case of a borrower's inability to make principal and/or interest payments. It's generally required when a homebuyer puts down less than 20% on the home. Mortgage insurance will cover the difference between the initial down payment and the additional percentage of the loan that was not covered by the down payment. Depending on the type of loan, mortgage insurance could be paid upfront at the closing, or included in the monthly mortgage payment.
What is the minimum down payment to avoid a Bedford mortgage insurance policy?
In Bedford, IN the minimum down payment to avoid mortgage insurance is typically 20%, according to most lenders. This percentage is dependent upon the mortgage lender, the type of property being purchased, the amount of the loan, and other factors. It is important to remain aware of all the associated expenses and bank requirements to ensure your loan remains mortgage insurance free. Additionally, an increased up-front down payment may result in a reduced amount of interest paid in the long-run. In certain instances, additional down payments may be necessary to meet the 20% minimum requirement.
What is a private mortgage insurance policy Bedford?
Private Mortgage Insurance (PMI), also known as mortgage insurance, is an insurance policy on a mortgage that protects the lender from any potential losses if a borrower defaults on their home loan. In Bedford, IN, PMI helps to ensure that borrowers are able to purchase a home despite not having enough to cover a down payment of twenty percent or more. PMI helps the lender by reducing the risk associated with the loan and allowing the borrower to purchase a home with a smaller down payment.
Who is eligible for FHA mortgage insurance near Bedford?
Eligibility for an FHA mortgage insurance policy in Bedford, IN depends on a variety of factors, including credit history, income level, and down payment amount. Generally, borrowers must have a credit score of at least 500 and debt-to-income ratios no higher than 43%, though other standards may apply. An FHA loan typically requires a down payment of around 3.5%, and borrowers should be prepared to pay applicable closing costs and other fees.
What are the drawbacks of USDA insurance from Bedford mortgage insurance companies?
In Bedford, IN, some of the drawbacks of USDA mortgage insurance include the requirement to pay an upfront fee, which is usually 1% of the loan amount. Additionally, USDA mortgage insurance does include a monthly fee of 0.35%, which is added to your payment amount, and an annual fee that is divided up into 12 payments and added to your monthly payments as well. These fees are required for all USDA loan borrowers and may not be the most cost-effective solution for those with larger loans.
In Bedford, Indiana, VA loans are available to active-duty service members, veterans, reservists, National Guard members, and certain surviving spouses. Depending on when and in what capacity you served, you might qualify for a 0%-down mortgage backed by the U.S. Department of Veterans Affairs. VA loans can be used to purchase an existing home, build a new home, or a cash out refinancing loan to improve your current home. Eligible borrowers must have a Certificate of Eligibility, obtainable from the local VA office.
How much is mortgage insurance in Bedford?
Mortgage insurance rates vary depending on a number of factors specific to each individual, such as credit score, income, and debt-to-income ratio. Any specific rates for Bedford, IN are determined by the individual lender, so it's best to speak with a qualified mortgage professional in the area to get a better understanding of the exact cost. It's also important to understand that the cost of mortgage insurance will generally factor into the overall cost of the loan.
What are the requirements to cancel my Bedford mortgage insurance policy?
In order to cancel your mortgage insurance in Bedford, IN, you must meet the following requirements. Your mortgage must be current, your loan must have been in good standing for the last two years, and you must have no late payments within the last 12 months. In addition, you must have a loan-to-value (LTV) that is at or below 80%. Finally, you must provide written evidence that you have enough available funds to pay the remaining balance in the event of a default. Once these conditions are met, your mortgage insurance can be cancelled.
Is there an online calculator for mortgage insurance from a Bedford mortgage insurance company?
Yes, there are online calculators for mortgage insurance available to those living in Bedford, IN. By typing in your mortgage amount, the type of loan you are taking out, those living in the Bedford area can calculate the cost of their mortgage insurance. In addition to the online calculators, you can always call a few banks or lenders in the area to get an accurate quote. Specialists in the banking and mortgage lending industries will be best equipped to offer you personalized advice based on your situation.
Who is required to use mortgage insurance companies in Bedford?
All homebuyers who are obtaining mortgages in Bedford, IN and have a loan-to-value (LTV) ratio of more than 80% are required to have mortgage insurance. The LTV ratio is determined by dividing the amount of loan into the value of the house being mortgaged. This insurance protects the lender from certain types of losses which may occur if the borrower fails to make their payments. Mortgage insurance premiums are usually paid by the borrower and can be paid monthly, as a lump sum, or part of the loan repayment.
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