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Compare over 20 top providers in Brookhaven, GA
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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.
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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...
In Brookhaven, GA there are two major types of mortgage insurance to consider when purchasing a home. First is Private Mortgage Insurance (PMI), which protects the lender should the borrower default on the loan. It can be required if the borrower has a down payment less than 20% on the home. The second type of mortgage insurance is FHA mortgage insurance, which is required if the borrower has an FHA loan with a down payment of less than 20%.
Does the cost of a Brookhaven mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Brookhaven, GA will depend on the size of your down payment. For those who make a down payment of less than 20 percent, the cost of mortgage insurance is based upon the amount of the loan and the borrower's credit information. If you have a downpayment of 20 percent or more, you should still expect to incur some mortgage insurance fees, but it will typically be a lower fee than if you had made a smaller initial down payment.
Who is eligible for a private mortgage insurance policy Brookhaven?
In Brookhaven, GA, all borrowers with an FHA loan are generally required to pay for private mortgage insurance (PMI) unless the loan is for 15-year terms or less and the down payment is greater than or equal to 20%. However, there are situations where FHA borrowers may not qualify for PMI, such as if the borrower; has at least a 20% down payment, meets the residual income requirements, and has a Debt-to-Income ratio of 45% or less. Additionally, certain veterans are eligible for loan programs where they are exempt from PMI.
What are the drawbacks of FHA mortgage insurance near Brookhaven?
One of the drawbacks of FHA mortgage insurance for homeowners in Brookhaven, GA is the high cost associated with it. On top of the cost of the mortgage, the borrower may end up paying a considerable amount for the insurance premiums. For FHA loans, the upfront premium paid at closing can range from 1.75 to 2.25 percent of the loan amount, while the annual premium (paid in monthly increments) typically ranges from 0.45 to 1.05 percent of the loan amount.
Who is eligible for USDA insurance from Brookhaven mortgage insurance companies?
Eligibility for USDA mortgage insurance in Brookhaven, GA is based on many factors, including income, credit score, and location. USDA mortgages are designed to help lowand moderate-income families live and work in rural areas--as such, properties located in Brookhaven would need to be within a designated rural area to qualify for the loans. Furthermore, credit scores need to be above a certain threshold, and monthly mortgage payments should not exceed 29% of total monthly income. Lastly, the asking price for the property must fall within USDA loan limits for the area.
The VA Funding Fee is a one-time fee that applicants may have to pay when obtaining a VA-backed home loan in Brookhaven, GA. The fee offsets the cost of providing VA loans, and helps to ensure that home ownership remains affordable for all veterans. The percentage of the funding fee varies depending on the down payment amount, whether the veteran has used their VA home loan before, and other factors. The funding fee can range from 1.4% to 3.6% of the loan amount.
What can I do to lower the cost of my mortgage insurance in Brookhaven?
One way to potentially lower the cost of your mortgage insurance in Brookhaven, GA is to take advantage of the Property Assessed Clean Energy (PACE) loan program. PACE loans offer a low cost and often no-money-down financing for various energy efficiency and renewable energy home improvements. The resulting savings from efficiency upgrades can significantly reduce your monthly mortgage payments and make mortgage insurance more affordable. Additionally, the grants and low-interest loans available through the City of Brookhaven's energy efficiency programs can also help cover the costs of upgrades which contribute to improved energy efficiency.
What process do I need to follow to cancel my Brookhaven mortgage insurance policy?
If you are in Brookhaven, GA and you would like to cancel your mortgage insurance, the first step you need to take is to contact your lender. Your lender should be able to provide you with information about the process of cancelling your mortgage insurance, as well as any required fees. They should also confirm whether you are eligible for a refund of any payments you have already made. Once you have received all the information from your lender and determined that you are eligible to cancel, you should submit the required paperwork in a timely fashion to ensure your mortgage insurance is properly cancelled.
What factors are considered when calculating mortgage insurance for a Brookhaven mortgage insurance company?
When calculating mortgage insurance, several factors can come into play and vary from area to area. In Brookhaven, GA, elements such as the borrower's loan-to-value percentage, property type, cost of living, and credit scores are typically considered. Loan-to-value is often regarded as the driving factor in determining mortgage insurance, as it is a measure of how much of the original loan value is taken away by the insurance. Property type is also important since condos or planned unit developments are considered higher risk and may have different insurance requirements.
Do I need mortgage insurance companies in Brookhaven?
It depends on the home loan you choose in Brookhaven, GA. If you're getting a loan insured by the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA), you're required to carry mortgage insurance that's paid as a part of your monthly mortgage payments. If you're financing a modest home with a conventional loan and making a down payment of less than 20%, you will also be required to have private mortgage insurance (PMI) to protect your lender in case of default or nonpayment.
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