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Compare over 20 top providers in Blacksburg, 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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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 Blacksburg, VA is insurance that protects lenders from the risk of borrower default. If a borrower fails to make their mortgage payments, the insurance will cover the balance of the loan, meaning the lender will not suffer any loss. In some cases, mortgage insurance can also reduce the amount of money needed for a down payment. This can be especially useful for individuals without the means to make a large down payment.
What is the minimum down payment to avoid a Blacksburg mortgage insurance policy?
The minimum down payment to avoid mortgage insurance in Blacksburg, VA can vary by lender, but in general it's usually 20% of the purchase price. Depending on the particular mortgage product, the down payment may be slightly higher, but this amount is the usual minimum. To ensure that mortgage insurance is avoided, borrowers should speak with an experienced loan originator to determine the best loan and down payment options for their specific situation.
What are the drawbacks of a private mortgage insurance policy Blacksburg?
In Blacksburg, Virginia, one of the most significant drawbacks of private mortgage insurance is the cost. In many cases, PMI fees are included as part of the monthly mortgage payment, and this cost can be quite high, especially in comparison with the down payment that needs to be made in order to obtain the loan. Additionally, if the market value of a house drops, it can take some time for the value to rebound, so homeowners could find themselves paying premiums on a house that is worth less than what the loan is for.
How does FHA mortgage insurance near Blacksburg work?
In Blacksburg, VA, FHA mortgage insurance works by requiring borrowers to pay an upfront mortgage insurance premium (UFMIP) as well as an annual insurance premium. The UFMIP is currently 1.75 percent of the loan amount and is paid as a one-time fee, usually included in the closing costs. The annual insurance premium will typically be paid monthly and is based on a percentage of the loan balance, varying depending on the loan term and amount borrowed. FHA mortgage insurance helps protect lenders by providing back-up insurance for lenders should a borrower default on their loan.
What are the benefits of USDA insurance from Blacksburg mortgage insurance companies?
As a homeowner in Blacksburg, VA, you may be eligible for a USDA mortgage which could provide you with many benefits, including mortgage insurance. USDA mortgage insurance is beneficial because it allows you to pay less on an upfront fee which can save you hundreds of dollars on closing costs. This insurance also allows you to qualify for a loan with a lower interest rate, making your mortgage payments more affordable. Furthermore, USDA mortgage insurance protects lenders in the event of a foreclosure, meaning that they will suffer less from losses.
Depending on which county you are in, the cost for origination and closing costs can be relatively high in Blacksburg compared to other areas in Virginia. Additionally, VA loans do not always cover 100% of the purchase price, such as when a homebuyer wants to make renovations. Furthermore, for those without full veteran status, the loan amount will often be limited to 90% or less of the purchase price. On the other hand, VA Loans provide more flexibility in terms of credit score requirements, and do not require mortgage insurance premiums, making them a great option for many homebuyers.
What can I do to lower the cost of my mortgage insurance in Blacksburg?
Lowering the cost of your mortgage insurance in Blacksburg, VA could be achieved in a few different ways. First of all, shopping around for the best rates offered by different insurance companies could prove to be beneficial. Looking into alternative lenders may be a better option in some cases as well. Homeowners could consider increasing their deductible amounts to reduce premiums. Increasing the amount of the down payment can also result in a lower amount of mortgage insurance to pay for. In addition, it's important to research whether there are any local state-specific programs that offer discounts or other cost-savings incentives.
Can I cancel my Blacksburg mortgage insurance policy early?
You may be able to cancel your mortgage insurance early in Blacksburg, VA, depending on the mortgage lender and the type of policy you have. FHA insurance policies typically require an annual premium for the life of the loan. If you have private mortgage insurance, you may be able to cancel it once you have accumulated sufficient equity in your home. The cancellation process can vary according to the amount of equity you have built (typically 20 percent or more) and the policy you have, so it's important to contact your mortgage lender directly to see if you meet the criteria for cancellation.
What factors are considered when calculating mortgage insurance for a Blacksburg mortgage insurance company?
In Blacksburg, VA, when calculating mortgage insurance, the major factors considered are the expected loan-to-value ratio (LTV), credit score, term of the loan, and type of loan. Generally, loan-to-value ratio is calculated by taking the loan balance and dividing it by the appraised value. For Virginia, borrowers should aim for an LTV of no more than 90%, which can lower the cost of mortgage insurance. Credit scores are also important, as those with scores of 700 or higher often pay a lower mortgage insurance rate.
Can I opt out of services from mortgage insurance companies in Blacksburg?
Yes, you can opt out of mortgage insurance in Blacksburg, VA. Mortgage insurance is a requirement for most mortgage lenders that offers lower down payment options, but can be quite expensive. There is assistance available for low to moderate-income mortgage lenders so you may still be able to qualify for a mortgage with zero down payment. You'll want to speak to your mortgage lender to see what options are available as rates can vary based on individual circumstances. Also, inquire about different loan programs that you may qualify for in Blacksburg, VA.
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