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Compare over 20 top providers in Clayton, NC
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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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"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...
Mortgage insurance is an insurance plan designed to protect the homeowner in Clayton, NC if they are unable to meet their mortgage obligations due to an unexpected event. The policy covers the lender's losses in case of default, and is typically required if the loan-to-value ratio of the mortgage exceeds 80%. Mortgage insurance also allows buyers with smaller down payments to buy more expensive homes. It's important to note that mortgage insurance does not protect the homeowner from default, but instead covers the cost to the lender of a possible foreclosure.
Can I avoid a Clayton mortgage insurance policy with a larger down payment?
Yes! Making a larger down payment is one of the best ways to avoid paying mortgage insurance in Clayton, NC. Depending on the mortgage type, a minimum down payment of at least 20% of the home's value will likely eliminate the need for private mortgage insurance. A higher down payment can also make it easier to qualify for a more competitive loan, reducing the interest rate or lowering your monthly payments. Ultimately, the more you are able to put down, the more likely you'll be able to avoid mortgage insurance, saving money just in time for NC's warm summer months.
Do I need a private mortgage insurance policy Clayton?
In Clayton, North Carolina, it depends on the lender and the type of loan you are interested in. Generally speaking, if you are looking to purchase a home with a down payment less than 20%, then you will likely be required to obtain private mortgage insurance (PMI) by your lender. However, if you have the option of increasing your down payment percentage to 20% or more, you may be able to avoid paying PMI. Ultimately, it is important to reach out to a local lender in Clayton to get advice on whether or not PMI is required in your situation.
Who is eligible for FHA mortgage insurance near Clayton?
In Clayton, North Carolina, anyone looking to buy, refinance, or improve a single family, multifamily, or manufactured home with an FHA loan may be eligible for FHA mortgage insurance. Applicants must maintain a valid Social Security number, demonstrate the ability to make regular deposits into a checking or savings account, and have a 680 credit score or higher to qualify. Additionally, applicants must occupy the property as their primary residence, prove the property is a suitable health and safety risk, and have a valid driver's license or state issued ID.
What are the drawbacks of USDA insurance from Clayton mortgage insurance companies?
The primary drawback of USDA mortgage insurance in Clayton, NC is that the homeowner must adhere to strict income guidelines. The borrower's maximum annual income must stay below 115% of the median income for their area, and this limit decreases further depending on the number of household occupants. Additionally, some lenders impose specific credit score requirements, meaning the borrower may need to have a reasonably high credit score in order to qualify for a USDA funded mortgage. Thus, those with lower incomes and/or lower credit scores may face difficulty when attempting to obtain a USDA mortgage.
Residents of Clayton, NC who are active duty military, veteran, or a qualified surviving spouse are eligible for a VA loan. To be approved, applicants must provide evidence of their service from the Department of Veterans Affairs. The loan provides 100% financing, and no down payment is required. Additionally, private mortgage insurance is not needed with a VA loan, making it an ideal home loan option for Clayton area residents. VA loans also have more relaxed credit guidelines, making it possible for many borrowers who would not normally qualify for a conventional loan to purchase a home within Clayton.
Can I negotiate the cost of my mortgage insurance in Clayton?
Yes, you can negotiate the cost of your mortgage insurance in Clayton, NC. Depending on the lender, you may be able to get a discounted rate, or even have the cost waived altogether. To negotiate the cost of your mortgage insurance, first discuss it with your lender. Ask them if they can lower the rate or waive it altogether, and see if they are willing to negotiate the price. It is also helpful to look for different lenders who may be able to offer a better rate for your mortgage insurance. Shopping around can sometimes be the best way to get a discounted rate.
When does a Clayton mortgage insurance policy go away?
Mortgage insurance in Clayton, NC usually goes away when you have reached a certain amount of equity in your home. Generally, mortgage insurance is only required when you have 20% or less equity in your home. Equity is calculated by subtracting the amount you owe on your loan from the appraised value of your home. Once you have reached a certain level of equity, your lender no longer requires mortgage insurance. It can be a lengthy process, depending on the value of your home and the terms of your loan, but it can be the best way to cut back on your monthly payments.
How do I calculate mortgage insurance for a Clayton mortgage insurance company?
Mortgage insurance for those living in Clayton, NC can be calculated based on a variety of factors, including loan type, loan amount, loan-to-value ratio, the borrower's credit score, and the insurer's guidelines. As lenders are likely to require mortgage insurance on home loans with loan-to-value ratios of over 80%, it is recommended to contact your lender directly to get an accurate estimation of your mortgage insurance amount. Furthermore, it is important to also research what is available from private mortgage insurance companies, as this could potentially save you money in the long term.
What happens if I don't use mortgage insurance companies in Clayton?
If you don't get mortgage insurance in Clayton, NC, you're taking on a greater risk in the event of an accident, illness or job loss. You could be faced with an increase in monthly payments or the possibility of losing your home should you be unable to make the payments, without the benefit of insurance to buffer the effects of a hardship. It's in your best interest to speak with a mortgage insurance specialist in Clayton to find out what kind of coverage you need for your particular situation.
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