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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 a type of insurance policy that protects the lender if the borrower fails to make their mortgage payments in Broadview Heights, OH. The most common type of mortgage insurance is a private mortgage insurance policy (PMI) which is normally paid for in monthly installment payments while the mortgage loan is in effect. PMI protects the lender in case the borrower is unable to make their mortgage payments, by absorbing some of the lender’s losses.
What is the minimum down payment to avoid a Broadview Heights mortgage insurance policy?
In Broadview Heights, OH, the minimum down payment amount to avoid having to purchase mortgage insurance is typically 20% of the purchase price. In some cases, different lenders may offer unique programs with lower down payment options, however, this can impact other aspects of the loan, such as interest rates and loan terms. When shopping around for a mortgage loan, be sure to research all of the options available to you in order to make the best decision for your individual needs and financial goals.
What is a private mortgage insurance policy Broadview Heights?
Private Mortgage Insurance (PMI) is an important investment for homeowners in Broadview Heights, OH who are unable to make a down payment of 20% for the purchase of a home. PMI is an insurance policy that allows lenders to offer loans to buyers with less than 20% for the down payment, protecting the lender if the buyer is unable to make their payments. PMI will be required until the outstanding loan balance is below 80% of the home's value, and most lenders require it to be paid for the entire term of the loan.
Who is eligible for FHA mortgage insurance near Broadview Heights?
People living in Broadview Heights, OH who intend to use their residence as their primary residence are eligible for FHA mortgage insurance. Additionally, FHA mortgage insurance allows co-borrowers to be either U.S. citizens or lawful resident aliens. In order to receive an FHA mortgage insurance loan, the borrower must also have a sufficient credit score, demonstrate a stable employment history, and possess a DTI (debt-to-income) ratio of less than 43%. Furthermore, borrowers must have proof of income to show that they can responsibly afford to repay the loan.
How do Broadview Heights mortgage insurance companies process USDA insurance?
USDA mortgage insurance works by providing mortgage insurance to qualified households in Broadview Heights, OH. This insurance helps protect lenders if the borrower defaults on their mortgage payments. USDA mortgage insurance is available for those who meet certain income limits based on family size and also reflects a property's location and type. In Broadview Heights, eligible households can access a no-down payment mortgage and also get help with closing costs. The USDA mortgage insurance ensures that rural and suburban households can obtain the same terms for mortgages that are available to those living in metropolitan areas.
The VA funding fee is a one-time fee veterans purchasing a home in Broadview Heights, OH using their VA loan benefits are required to pay. The fee is imposed by the Department of Veterans Affairs, designed to offset the cost of the VA Home Loan program, and is usually paid for at the closing of the loan. Borrowers who make a down payment of 5 percent or more are not required to pay this fee. Otherwise, the standard VA funding fee rate is 2.3 percent with some exceptions for disabled veterans.
Are there discounts available for mortgage insurance in Broadview Heights?
In Broadview Heights, OH, there are several options for discounts when it comes to mortgage insurance. For example, some lenders may offer reduced rates for homeowners who have paid off their mortgage early. Additionally, many banks may offer discounts for those who already have a mortgage. Lastly, discounts may be given to those who take an interest in personal finance classes or seminars. The best way to learn about the available discounts is to contact a mortgage banker or broker for more information.
When does a Broadview Heights mortgage insurance policy go away?
Generally, mortgage insurance in Broadview Heights, OH will go away at the same time the mortgage is paid off or when you reach 78% loan-to-value on your mortgage balance, depending on your loan program. The loan-to-value ratio is the amount of the loan compared to the appraised value of the property. If you make additional principal payments, your loan-to-value ratio will decrease and could cause mortgage insurance to go away sooner. The lender could also order an appraisal to see if the loan-to-value ratio has gone below certain thresholds.
Can my Broadview Heights mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender can help you calculate your mortgage insurance in Broadview Heights, OH. They can provide you with a mortgage insurance quote, and assist you in evaluating your monthly payments, as well as outlining the exact amount you need to pay for insurance. Your lender can also suggest the right insurance plan for you, depending on your current circumstances. They can advise you on the duration of the policy, the amount of coverage, and the benefits associated with each plan. Your lender is a valuable source of information to help you determine the best mortgage insurance option for you.
Can I opt out of services from mortgage insurance companies in Broadview Heights?
In Broadview Heights, OH, you may have the option to opt out of mortgage insurance depending on your circumstances. If you have a down payment of at least 20% of the home’s purchase price, have excellent credit, or have a more substantial financial portfolio than the lender requires, you could avoid mortgage insurance. Additionally, lenders offering loans with mortgage insurance usually require a higher down payment to qualify for an opt-out option.
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