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Compare over 20 top providers in Bon Air, 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 is incredibly important to those living in Bon Air, VA, as it provides financial protection for both borrowers and lenders in the case of unexpected financial hardship. Lenders may require it if the borrower has made a low down payment or has a high loan-to-value ratio, which may be common in Bon Air if people are looking to purchase expensive properties. Mortgage insurance will help protect the lender if the borrower defaults on their loan, helping to reduce their risk and allowing them to offer more home loans.
Can I avoid a Bon Air mortgage insurance policy with a larger down payment?
Yes, you can reduce or avoid mortgage insurance by making a larger down payment in Bon Air, VA. Generally speaking, lenders in this area require a down payment of at least 5% when taking out a loan. However, if you can make a down payment of 20% or more you can have the option of avoiding paying mortgage insurance. Making a larger down payment can also reduce the size of your monthly payments and give you more financial stability. With a higher down payment, you will also be better positioned to negotiate lower interest rates with your lender.
What is a private mortgage insurance policy Bon Air?
Private Mortgage Insurance (PMI) is an insurance product designed to help cover a portion of the loan for those with a high loan-to-value ratio. In Bon Air, VA, PMI helps to protect lenders in case of borrower default, such as when an individual cannot make payments. It may be beneficial for homebuyers who are purchasing a home with less than a 20% down payment. If the borrower fails to make mortgage payments, PMI guarantees the lender that the losses in connection with the loan will be paid.
What is FHA mortgage insurance near Bon Air?
FHA mortgage insurance is an essential form of insurance coverage designed to protect lenders when borrowers default on their loan payments. This type of insurance is especially beneficial for home buyers in Bon Air, VA, as it makes it easier to obtain a loan with a low down payment and flexible qualifying requirements. FHA mortgage insurance also offers more competitive pricing than other loan programs, leading to reduced monthly payments with the same level of coverage. Ultimately, this type of mortgage insurance protection allows potential homeowners with limited funds to get the financing they need for their home purchase in Bon Air, VA.
What are the drawbacks of USDA insurance from Bon Air mortgage insurance companies?
The drawbacks of USDA mortgage insurance in Bon Air, VA include higher interest rates than traditional mortgages, a lack of availability in some areas, and closing costs that may exceed amounts allowed through other lenders. Additionally, USDA Rural Development loans have set area limits for loan eligibility, so prospective buyers may have difficulty finding eligible properties within certain zip codes. Property appraisals are also more strict than with traditional financing, making it difficult to secure a USDA loan for certain homes.
While VA loans may have some appealing advantages, there are certain drawbacks which potential buyers in Bon Air, VA should consider. One major drawback is that buyers typically need to pay a funding fee in order to secure the loan. This can be an extreme financial burden in a time of already tight budgets. Additionally, VA loans can be somewhat limiting when it comes to combined VA loan/down payment amounts which can also contribute to a higher cost of purchase.
What factors influence the cost of mortgage insurance in Bon Air?
The cost of mortgage insurance in Bon Air, VA is affected by several factors. Your credit score, loan-to-value ratio, the type of loan, the term of the loan, and the total amount borrowed all play a role in determining the cost of mortgage insurance. Additionally, the area in which youβre buying, the type of property, and the coverage required for the specific loan program can all influence the cost of mortgage insurance.
What are the requirements to cancel my Bon Air mortgage insurance policy?
In Bon Air, VA, the requirements to cancel a mortgage insurance policy depend on the type of policy and the lender. Generally, there must be sufficient equity in the property, no late payments in the past 12 months, and a good payment history in the past 2 years. Additionally, the loan must not have been obtained through fraud, misrepresentation, or other illegal activity. Lastly, your income and credit score must meet the lender's standards for insuring the loan.
Is there an online calculator for mortgage insurance from a Bon Air mortgage insurance company?
Yes! Bon Air, VA based Century Mortgage Corporation offers an online mortgage insurance calculator. The user-friendly interface makes it easy to estimate your monthly mortgage insurance payment. Simply enter in the loan amount, loan-to-value ratio and insurance rate to get an accurate estimate. In addition to an online calculator tool, we also provide a wide range of mortgage services including origination, underwriting, closing, servicing and funding. Our experienced team of loan officers work diligently to ensure customers have the best experience possible.
What happens if I don't use mortgage insurance companies in Bon Air?
Without mortgage insurance, homebuyers in Bon Air, VA may find it difficult to obtain an affordable loan and qualify to purchase a home. Without it, there is a greater risk to the lender if the loan is not repaid in full. This is because mortgage insurance helps to protect lenders from losses that might occur due to the inability of borrowers to repay their loans. Additionally, mortgage insurance provides an extra layer of security to your loan. If something happens and you are unable to make your payments, the insurance will help cover some of the costs.
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