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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 can be a helpful option for Colesville, MD homeowners looking to purchase a home without a 20% down payment. This insurance offers additional protection for the lender against any loss due to a homeownerโs inability to repay the loan. In this case, if the Colesville homeowner stops making payments or defaults on their loan, the mortgage insurance company will cover some or all of the outstanding balance. Mortgage insurance premiums are typically either paid up front or included in the monthly payments of the mortgage.
How can I reduce my Colesville mortgage insurance policy cost with a larger down payment?
In Colesville, MD, making a larger down payment can help you reduce your mortgage insurance costs. Not only will it reduce the amount of your loan, but with a larger down payment, lenders are more likely to reduce your mortgage insurance costs -or even remove them altogether. It's also important to shop around with local lenders to make sure you get the most competitive mortgage rate, which can also help lower your costs.
What are the benefits of having a private mortgage insurance policy Colesville?
Private mortgage insurance (PMI) provides an important benefit to homeowners in Colesville, MD by making it easier to get a mortgage. PMI allows lenders to approve mortgages that might not otherwise be approved due to a potential borrower's credit score or lack of a down payment. PMI also helps to make mortgages more affordable, as it helps to spread the cost of the loan over a longer period of time. This can provide a real benefit to homeowners in Colesville by reducing the amount of money they are responsible for paying each month.
Who is eligible for FHA mortgage insurance near Colesville?
Those looking to purchase or refinance a home in Colesville, MD, may be eligible for an FHA mortgage insurance loan. To qualify, the borrower must have a valid Social Security number, be a legal U.S resident, and have a minimum credit score of 500. Additionally, mortgage applicants should have a total debt-to-income ratio of no more than 43%, with a verifiable and consistent monthly income. All applicants must complete a HUD-approved housing counseling program before obtaining an FHA loan.
Who is eligible for USDA insurance from Colesville mortgage insurance companies?
In Colesville, MD, USDA mortgage insurance is available to households below median income levels as established by the Department of Agriculture for the area. This type of loan requires that the applicant falls within the low to moderate-income threshold and is unable to obtain credit from conventional lenders. To be eligible for a USDA mortgage, you must not own another home and show a consistent form of income. All applicants are expected to have a steady and reliable income source and a good credit history. It is possible to have up to 100% of the purchase price of the home funded by the USDA mortgage insurance.
One of the drawbacks of a VA loan in Colesville, MD is the funding fee, which can be as high as 3.6% of the loan amount. VA loans in this area also tend to limit the maximum loan amount and the maximum loan-to-value ratio; potential borrowers should be aware that these maximums are generally lower than those on other loans. Furthermore, VA loan borrowers in Colesville, MD must still meet the regular credit requirements of the lender and pay any closing costs not covered by the VA.
What factors influence the cost of mortgage insurance in Colesville?
A variety of factors can affect the cost of mortgage insurance in Colesville, MD, including the size of the down payment, the length of the loan, the buyer's credit score, the loan-to-value ratio, and the type of mortgage loan. Generally, the more money you put down when taking out a mortgage loan, the lower your mortgage insurance rate will be due to a reduced loan-to-value ratio. A good credit score will also help you secure a lower rate, as lenders tend to offer better terms to borrowers with a strong credit history.
Can I cancel my Colesville mortgage insurance policy early?
Yes, it is possible to cancel your mortgage insurance early in Colesville, MD. Your lender is required to terminate your mortgage insurance when your loan-to-value reaches 78%; however, in some cases, you may be able to cancel your mortgage insurance ahead of schedule if your loan-to-value is less than 78%. In order to do so, you'll need to submit an official request to your mortgage servicer on or before the date your loan-to-value ration changes to 78%.
How do I calculate mortgage insurance for a Colesville mortgage insurance company?
Calculating mortgage insurance can be complex, and it's important to get accurate information for your specific situation. For homeowners in Colesville, MD, the best way to determine mortgage insurance requirements is to contact a knowledgeable loan officer. They can provide answers on what type of insurance is necessary, and the related costs, based on the specifics of your individual mortgage and home loan size. Additionally, they can also help you understand any eligibility criteria and policies for federal or state-sponsored loans.
Who is required to use mortgage insurance companies in Colesville?
In Colesville, MD, all borrowers that have less than a 20% down payment with a conventional loan are required to have mortgage insurance. This applies to primary, investment, rental and vacation properties where the original loan amount is greater than 80% of the purchase price or the appraised value, whichever is less. Mortgage insurance is an additional cost for the borrower and typically increases the loan amount and the resulting monthly payment.
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