Compare over 20 mortgage insurance policies in as little as 5 minutes.
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 Cranston, RI
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Cranston, RI policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
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.
Get started in less than 5 minutes.
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.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 important feature of home buying that protects Rhode Island residents in the Cranston area against loan default. In a nutshell, lenders require borrowers to have a mortgage insurance policy in case they cannot make their loan payments. A mortgage insurance policy will help cover expenses like foreclosure fees, missed interest payments, and legal fees should a borrower be unable to fulfill obligations. The policy assures that the lender won't suffer an extreme monetary loss in the event of a home loan default.
Does the cost of a Cranston mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Cranston, RI is partially determined by the size of the down payment on a home. Generally, the larger the down payment, the lower your mortgage insurance cost will be. Additionally, lenders may have specific standards for the size of down payment needed to require mortgage insurance. As a result, the specific rules for down payment size and mortgage insurance cost can vary by lender in Cranston, RI, so it's important to make sure you understand these details before making an offer on a home.
What are the drawbacks of a private mortgage insurance policy Cranston?
In Cranston, Rhode Island, one of the primary drawbacks of private mortgage insurance is that it increases the borrower's monthly mortgage payment. PMI, as it is known, is generally required when borrowers don’t have a 20% down payment and instead opt to put down the minimum amount required by the lender. PMI can add thousands of dollars to the borrower’s mortgage payments over the life of the loan and may significantly reduce the borrower’s ability to save for other expenses or investments.
Who is eligible for FHA mortgage insurance near Cranston?
In Cranston, Rhode Island, individuals who are at least 18 years old and who meet the FHA's credit and income requirements are eligible for FHA mortgage insurance. Usually, applicants must also demonstrate that they are capable of making a down payment of about 3.5% of the loan amount and have a credit score of 580 or higher in order to qualify. Additionally, potential homebuyers must provide proof of employment and legal residency in the United States. This insurance covers all FHA mortgages and makes it possible for families of most income levels to purchase a home.
How do Cranston mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Cranston, RI is a great way to secure your home purchase or refinance. The program operates under the Rural Development Housing program, which is funded and overseen by the USDA. It assists eligible home buyers purchase a home with 100% financing and no down payment by providing financing assistance for up to 100% of the appraised value or purchase price of the home, whichever is lower. This eliminates the need for a down payment. USDA mortgages also allow for no or low closing costs, and provide no additional monthly mortgage insurance from the borrower.
The VA funding fee is a one-time fee charged by the Department of Veterans Affairs (VA) on most loans for RI veterans living in Cranston. This fee helps cover losses that the VA may experience due to borrower default. The fee may be paid in cash at the time of the loan or it may be included in the loan amount. The amount of the fee is determined by several factors including the Military Status, VA Home Loan Usage, and Time of Service of the veteran. In general, many veterans who are first-time buyers in Cranston can expect to pay 1.
What can I do to lower the cost of my mortgage insurance in Cranston?
In Cranston, RI, there are a few options for lowering the cost of mortgage insurance. One option is to increase the amount of your down payment. By providing a larger down payment, you can often receive a lower premium. Also, certain lenders offer discounts for automatic payments and for shorter loan terms. Review the terms of your mortgage insurance policy to ensure you are getting the best possible rate. Additionally, it's recommended that you shop around and compare rates from different lenders. Compare their terms, deductibles, and discounts, to find the best possible deal.
What process do I need to follow to cancel my Cranston mortgage insurance policy?
To cancel your mortgage insurance in Cranston, RI, the first step is to contact your homeowner's insurance provider. The provider will then conduct an inspection of your property to determine if you are eligible for cancellation. This typically includes a review of your equity position, payment history, and personal finances. If you are eligible for cancellation, the provider will submit the cancellation paperwork to the Cranston Registrar of Deeds for review and processing. Once the paperwork is received and approved, your mortgage insurance policy will be canceled and you will be removed from the associated mortgage insurance coverage.
Can my Cranston mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in Cranston, RI can help you calculate your mortgage insurance. They will have the necessary tools and experience to accurately discuss and assess your current financial situation. This includes having a clear understanding of the required down payment, the length of the loan, and other non-negotiable factors that may impact the overall cost of the mortgage insurance. Your lender can provide you with a detailed breakdown of the applicable insurance payments and help you make sure that everything should be covered.
Who is required to use mortgage insurance companies in Cranston?
Mortgage insurance in Cranston, Rhode Island is required of all home buyers who finance more than 80% of their home's purchase price. This is to protect lenders as a loan with less than 20% down typically carries a higher risk. Generally, all loans written in Rhode Island require borrowers to pay for mortgage insurance if their loan-to-value (LTV) ratio is greater than 80%. Moreover, if the down payment is less than 20% with a conventional loan, mortgage insurance must be purchased and maintained for the duration of the home loan.
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved