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Compare over 20 top providers in Dania Beach, FL
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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...
Dania Beach, FL offers different types of mortgage insurance, including private mortgage insurance (PMI), loan-level mortgage insurance, and mortgage insurance premiums (MIP). PMI protects lenders in case of default and must be paid for by the borrower if you take out a conventional loan with less than 20% down. Loan-level mortgage insurance is typically required if the borrower has a high loan-to-value ratio (LTV) and is generally associated with higher risk loans.
Can I avoid a Dania Beach mortgage insurance policy with a larger down payment?
Absolutely. Making a larger down payment when looking to buy property in Dania Beach, FL, can help you avoid paying mortgage insurance. Mortgage insurance helps protect lenders from losses in the event of a borrower defaulting on their loan. With a larger down payment, you can reduce the risk of loss and make it less likely that you will default on loan payments. In some cases, this will result in the lender not requiring mortgage insurance. A larger down payment gives you a stake in the property and can build up more equity, helping you to save in the long run.
What are the drawbacks of a private mortgage insurance policy Dania Beach?
Private mortgage insurance (PMI) is essential for many borrowers who don't have enough of a downpayment to purchase a home in Dania Beach, FL. However, it does have some drawbacks, including the cost. While the amount of PMI can vary from lender to lender, it typically adds between 0.30-1.50% of the loan's total cost to the borrower's monthly payments. Additionally, lenders don't always allow homeowners to cancel PMI once they have 20% equity in their homes, so borrowers can potentially be paying PMI for the entire loan period.
Who is eligible for FHA mortgage insurance near Dania Beach?
In Dania Beach, FL, most individuals and families are eligible for Federal Housing Administration (FHA) mortgage insurance, provided they have a minimum credit score of 500 and a down payment of 3.5%. Additionally, to qualify for an FHA-insured mortgage, borrowers must meet certain debt-to-income requirements, typically at or below 43%. Furthermore, borrowers must have proof of a steady source of income for the past two years and have satisfactory credit history.
Who is eligible for USDA insurance from Dania Beach mortgage insurance companies?
In Dania Beach, FL, anyone looking to buy or refinance a single-family home may be eligible for USDA mortgage insurance. The program is available to U.S. citizens, permanent residents, and certain immigrant or non-citizen borrowers who meet certain eligibility criteria. Some of these criteria include income limits, loan limits, and credit requirements. Those interested in USDA mortgage insurance in Dania Beach, FL, should contact their local lender or USDA-approved lender for more information on eligibility.
VA loans are a great choice for many homebuyers in Dania Beach, FL, however, there are a few drawbacks to be aware of. One of the primary drawbacks of a VA loan is a higher funding fee, which can increase the amount of the initial loan. Additionally, VA loans tend to have more rigid requirements than other loans, meaning that not all potential borrowers may qualify. Additionally, many VA loans are assumable, meaning that the original borrower can transfer the loan to someone else who is not the original borrower.
How much is mortgage insurance in Dania Beach?
Mortgage insurance costs vary depending on location, so in Dania Beach, FL it may not be the same as another area. Generally, mortgage insurance is based of the loan amount, loan type, credit score, and down payment. The cost can range from 0.3% to 1.5% of the loan's total amount and is usually paid monthly. On $200,000 loan at 1.5%, mortgage insurance would cost $3,000 per year, or $250 per month on a 30 year mortgage.
When does a Dania Beach mortgage insurance policy go away?
Mortgage insurance typically goes away when the balance of your loan is either paid off or drops to 78% of the original value of the home. For example, if you purchased a home in Dania Beach, FL for $200,000 and your remaining balance is $154,000, mortgage insurance would no longer be required. Alternatively, you may also be able to cancel mortgage insurance early if your loan is in good standing and you make certain improvements to satisfy the requirements of private mortgage insurance cancellation.
Is there an online calculator for mortgage insurance from a Dania Beach mortgage insurance company?
Yes, there is an online calculator for mortgage insurance available in Dania Beach, FL. To use it, simply input your location, desired loan amount, interest rate and down payment. The calculator will then provide you with an estimate on the amount of insurance you will need to purchase. The calculator is free to use, and can save you both time and money. Being informed about the process of mortgage insurance is important, and this calculator is a great way to begin your research. It'll help you determine what type of insurance is right for you, and at what cost.
Do I need mortgage insurance companies in Dania Beach?
In Dania Beach, FL, mortgage insurance is primarily required if you buy a home with a down payment that is less than 20% of the home's appraised value. Mortgage insurance ensures that if the borrower defaults on the loan, the lender is still protected. Mortgage insurance can be paid upfront by the borrower or rolled into the mortgage payments over time. Ultimately, it is up to the borrower to decide if mortgage insurance is necessary. It is important to remember that the lower the down payment, the higher the mortgage insurance premium.
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