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Compare over 20 top providers in Chesapeake, 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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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.
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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...
Choosing the right mortgage insurance policy can be confusing, especially in an area like Chesapeake, VA with a wide variety of lenders offering many different policies. To find the right coverage for you, it's important to compare policies by considering their factors including the amount and type of coverage offered, annual premium cost, and the length of policy. Additionally, researching contractors in your area to determine if they are licensed and insured can help to make an informed decision as to the level of policy needed.
Does the cost of a Chesapeake mortgage insurance policy depend on the size of my down payment?
In Chesapeake, VA, the cost of mortgage insurance will depend on the size of your down payment. Generally, the larger the down payment you make, the lower your premium rate for mortgage insurance will be. Additionally, special programs are offered in Chesapeake which may help you further reduce these costs. It's important to research all available options to get the best and most cost-effective coverage for your mortgage insurance needs. If you require assistance with navigating and selecting the right program for you, speak to a mortgage professional in the community who can guide you to the best solution for your specific financial situation.
What are the drawbacks of a private mortgage insurance policy Chesapeake?
One of the drawbacks of private mortgage insurance in Chesapeake, VA, is the cost. Private mortgage insurance can add a significant amount to the monthly mortgage payment. Additionally, private mortgage insurance does not entitle the borrower to any tax credits or discounts that are sometimes associated with FHA or VA loan programs. Private mortgage insurance is also not transferrable between lenders, so if a borrower chooses to refinance with another lender the private mortgage insurance must be paid again. Keep in mind that private mortgage insurance is required in many cases even if the borrower can provide a large down payment amount.
What are the drawbacks of FHA mortgage insurance near Chesapeake?
Living in Chesapeake, VA, an FHA mortgage insurance may appear to be an attractive option, but there are a few drawbacks to consider. First of all, the upfront cost of this type of mortgage is usually much higher than a conventional loan. Additionally, the mortgage insurance premium (MIP) is usually costlier than private mortgage insurance (PMI), which is associated with conventional loans. In addition, FHA mortgages have more stringent qualification standards and the length of the loan term may sometimes be limited to 30 years.
Who is eligible for USDA insurance from Chesapeake mortgage insurance companies?
In Chesapeake, VA, anyone interested in purchasing a home may be eligible for USDA mortgage insurance. Eligibility varies based on factors such as income level, credit score, and whether the applicant's intended residence is located in a rural designated area. Applicants must also prove that they use the home as their primary residence. Those interested in applying need to meet all of the program's criteria and are encouraged to complete a full application to determine their eligibility.
The VA Funding Fee is a one-time fee that is usually paid upfront and is charged to veterans who use a VA home loan to purchase a home in Chesapeake, VA. This fee helps to offset some of the costs incurred by the Department of Veterans Affairs for administering the VA Home Loan Program. The fee amount is based on a variety of factors, such as type of loan, type of service, and down payment amount. Generally, these fees range from 1.25% 3.3% of the loan amount, depending on these factors.
What factors influence the cost of mortgage insurance in Chesapeake?
Cost of mortgage insurance in Chesapeake, VA is typically determined by several factors, ranging from the size, type, and amount of the loan, to the creditworthiness of the borrower. Your residence’s location, the total cost of the property, and the length of the loan also directly influence the overall cost of your mortgage insurance. Additionally, other variables such as the Loan-to-Value ratio are also taken into consideration in order to properly customize the cost of the insurance specific to your situation.
When does a Chesapeake mortgage insurance policy go away?
The specific timeline for when mortgage insurance would go away in Chesapeake, Virginia would depend largely on the insurance provider. Generally speaking, mortgage insurance is removed once a certain amount of the loan amount has been paid off by the borrower. In most cases, this will be when the loan has been paid down to 80% of its original value. However, some lenders may require the loan to be at below 79%, 75%, or even 70% in order to remove the mortgage insurance.
How do I calculate mortgage insurance for a Chesapeake mortgage insurance company?
In order to calculate mortgage insurance for Chesapeake, VA, you must first have an idea of the amount you plan to borrow for your mortgage. You can then use a loan calculator to determine the amount of mortgage insurance you'll need to cover the loan. You'll also want to make sure you check with your lender as different lenders offer different mortgage insurance rates. Additionally, keep an eye out for special incentives or credits that may help you save on your monthly payments. Understanding and researching all the options available to you is the best way to calculate the right mortgage insurance for your situation.
Who is required to use mortgage insurance companies in Chesapeake?
In general, anyone in Chesapeake, VA who has a mortgage loan and puts down less than 20% of the total purchase price will be required to carry mortgage insurance. This insurance helps protect the lender against non-payment of the loan and can be paid for either up-front or added to the loan payments over time. Mortgage insurance is also known as Private Mortgage Insurance (PMI) and is typically required if the loan to value ratio is greater than 80%. If you are unsure if you are still required to carry mortgage insurance, it's best to speak to a licensed mortgage professional.
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