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With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Charleston, SC
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Over 20 policy provider comparison.
Explore multiple Charleston, SC policies from all the leading insurers and choose the one that fits your needs.
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Our team tailors policies to your unique needs, meaning optimal coverage at competitive rates.
"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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Step 1
Tell us about yourself.
Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
Compare rates & plans with a pro.
Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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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With PolicyHub getting started is easy. Compare all the rates from all the providers. Get started in under 5 minutes.
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.
Save time and get the best policy with the cheapest rates. Guaranteed.
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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 Charleston, SC works by protecting lenders from defaulting loans of borrowers that make a down payment less than 20%. Typically, the borrower pays a one-time premium at closing, and the lender pays an annual bill. This helps to minimize losses in the event of a loan default, providing the lender with additional protection against potentially large financial losses. Mortgage insurance also makes it possible for borrowers to purchase a home with a lower down payment than would otherwise be required. This allows for the borrower to more quickly access and purchase home ownership without needing a large down payment upfront.
What is the minimum down payment to avoid a Charleston mortgage insurance policy?
In Charleston, SC, the minimum down payment needed to avoid mortgage insurance is typically 20% to 25% of the purchase price. This is slightly higher than the national average, which is often between 10% and 20%. Mortgage insurance is a type of insurance provided by the lender to protect them against potential default by the borrower, so by having a slightly higher down payment, it can demonstrate better financial stability to the lender. This can result in lower interest rates and more favorable terms when it comes to loan approval.
What are the drawbacks of a private mortgage insurance policy Charleston?
In Charleston, private mortgage insurance (PMI) can be expensive due to its additional cost on top of the mortgage payment. This can increase the overall monthly payments for homeowners, making it more difficult to make ends meet. Additionally, PMI does not build equity and protect the homeowner in the event of default, unlike conventional mortgage insurance. Homeowners may be unable to take advantage of lower monthly payments through refinancing if they cannot pay off enough of the principal balance to cancel the PMI.
Who is eligible for FHA mortgage insurance near Charleston?
In Charleston, SC, FHA mortgage insurance is available to most borrowers who meet the specific requirements. These typically include a credit score of 500 or higher, a reasonable debt-to-income ratio, and a down payment of 3.5%. In certain cases, those with a lower credit score and/or down payment may still be eligible to receive FHA mortgage insurance. To determine if you meet the specific requirements of FHA mortgage insurance, it is best to speak with a local mortgage professional.
Who is eligible for USDA insurance from Charleston mortgage insurance companies?
In Charleston, SC, anyone who meets the USDA's income eligibility requirements and is looking to purchase a single-family home in an eligible rural area may be eligible for USDA mortgage insurance. It's important to note, the income requirements vary from county to county. Additionally, there are limits on how much property value is insured with USDA mortgage insurance—so it's wise to check your area's limits prior to beginning the application process. Remember, any failure to meet the USDA's eligibility requirements may exclude you from taking advantage of this highly-beneficial loan option.
VA loans offer potential homeowners in the Charleston area several advantages. Perhaps the most notable is their no-down-payment requirement, making them a great option for those seeking to purchase a home without having to pay money upfront. Additionally, VA mortgage rates are often lower than conventional mortgage rates, and VA loans are not subject to private mortgage insurance (PMI) requirements, potentially resulting in lower monthly payments. Additionally, flexibility in terms of credit score and other requirements make VA loans an attractive option for those seeking to buy a home in the Charleston area.
Are there discounts available for mortgage insurance in Charleston?
Yes, discounts are available for mortgage insurance in the Charleston, South Carolina area. Lexington National Mortgage Insurance Corporation is dedicated to helping local customers save money with specialized discounted plans. With our comprehensive protection with competitive premiums, you can securely finance your home without fear of financial insecurity. We offer discounts for eligible customers such as military personal, first-time homebuyers, and more. Our experienced agents are here to guide you through the process of obtaining a discounted mortgage insurance plan with confidence. Contact us today to learn more.
What process do I need to follow to cancel my Charleston mortgage insurance policy?
In order to cancel your mortgage insurance in Charleston, SC, you must reach out to your lender to initiate the process. They will need to review your financial status including the current value of your home, the amount of interest you have paid, and the original loan amount at the time of purchase. Based on that review, they will determine if you are eligible to cancel the insurance. You will be required to provide documentation about the current value of your home and the initial loan amount and fees paid. After the process has been complete, you should receive confirmation that your mortgage insurance has been cancelled.
Is there an online calculator for mortgage insurance from a Charleston mortgage insurance company?
Yes! Charleston, SC residents looking to calculate their mortgage insurance rates may use an online mortgage calculator. Depending on the size of the loan, the insurance coverage may vary, but an online calculator can help individuals estimate the amount of money they will need to pay to stay safe and covered. Additionally, many financial institutions in Charleston provide a full range of online calculators that can help you to get a better understanding of your financial situation and help you plan for future payments.
What happens if I don't use mortgage insurance companies in Charleston?
If you don't get mortgage insurance in Charleston, SC, you may be faced with some extra challenges when it comes to buying a home or refinancing your existing home loan. Your loan could require a larger down payment or closing costs, your loan may have higher interest rates or stricter qualification requirements, and you may be charged larger out-of-pocket fees if you ever default on the loan. Furthermore, you may be denied a loan altogether if you don't have mortgage insurance.
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