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Compare over 20 top providers in Detroit, MI
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Over 20 policy provider comparison.
Explore multiple Detroit, MI policies from all the leading insurers and choose the one that fits your needs.
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Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
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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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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.
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Lock in cheap rates.
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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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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.
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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...
Homeowners in Detroit, MI should strongly consider mortgage insurance because it can provide much needed financial protection should they face inevitable hardships such as losing a job, becoming disabled, or dealing with a medical emergency. Even with the strong rebound from the economic crisis of 2008, employment opportunities remain limited in Detroit and mortgage insurance can offer a layer of protection that gives Detroiters peace of mind during an unstable period of their life. In addition, mortgage insurance can help borrowers who don’t have the money for a large down payment get closer to their dream of owning a home in Detroit.
Does the cost of a Detroit mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Detroit, MI depends on the size of the down payment. Usually, if the buyer is able to put down a minimum of 20%, then the cost of mortgage insurance is reduced significantly. However, if the down payment is less than 20%, the buyer will be subject to paying an annual premium that can increase the overall mortgage payment significantly. Detroit is a great city for potential homebuyers, as there are several financing options available with low down payment and more lenient credit requirements.
Do I need a private mortgage insurance policy Detroit?
In general, if you are buying a home in Detroit, MI with a down payment of less than 20%, then you will likely need private mortgage insurance. PMI helps protect lenders in case a borrower stops making mortgage payments. In addition, in Detroit it is required by Fannie Mae and Freddie Mac on conventional loans if the borrower has less than twenty percent down. PMI may be a bit of an extra expense but it could also help you obtain a loan when you don't have the traditional 20% down payment.
Who is eligible for FHA mortgage insurance near Detroit?
In Detroit, Michigan, most people who wish to purchase a home with an FHA loan are eligible for FHA mortgage insurance. Generally, individuals must have a credit score of 580 or higher and sufficient income to cover loan payments and other associated monthly costs. Individuals with lower credit scores than 580 may also be eligible but must have a minimum 10% down payment on the home in order to qualify. Those with bankruptcy or foreclosure on their credit records may also qualify for FHA mortgage insurance but will need to wait 3-7 years post bankruptcy or foreclosure before they can make a purchase.
Who is eligible for USDA insurance from Detroit mortgage insurance companies?
Residents of Detroit, MI may be eligible for USDA mortgage insurance if they meet the program's income limits and credit guidelines. Generally, those eligible must have an income that is less than 115% of the median income for the area. Additionally, borrowers must meet acceptable credit requirements and demonstrate repayment ability and a willingness to timely repay debt. Residents in rural areas who participate in the USDA program may also be eligible for a loan guarantee.
To be eligible for a VA loan in Detroit, Michigan, individuals must be either a veteran, eligible spouse of a veteran, or an active duty service-member who has served for 90 consecutive days during wartime or 181 days during peacetime. Additionally, the individual must meet the lender’s credit and income requirements associated with the loan, as well as provide the required documentation to prove VA loan eligibility. Furthermore, individuals must also take a VA homebuyers class prior to loan approval. All information surrounding VA loan eligibility is available through the Detroit VA office.
How much is mortgage insurance in Detroit?
In Detroit, MI, the cost of mortgage insurance will depend on a few factors, such as the loan to value ratio; the amount of coverage; the credit score; and the type of loan. Generally speaking, mortgage insurance is a percentage of the loan amount and ranges from 0.3% to 1.15%. Additionally, there may be an upfront fee of up to 1.75% that is balanced over the life of the loan. Lastly, it is important to speak with a mortgage specialist to see what insurance options are available for you when purchasing a home.
Can I cancel my Detroit mortgage insurance policy early?
In Detroit, MI, you may be able to cancel your mortgage insurance early. It depends on the specific details of your loan, such as type of loan, loan amount, amount borrowed, and the date you took out the loan. You should contact your lender and inquire about early cancellation possibilities. Furthermore, some Detroit homeowners may be eligible for mortgage insurance cancellation tax benefits through the State of Michigan's Homeowners Value Loan Program. Depending on your situation, this may allow you to cancel your mortgage insurance more quickly and save money by eliminating future premiums.
How do I calculate mortgage insurance for a Detroit mortgage insurance company?
To calculate mortgage insurance in Detroit, MI, you should reach out to a qualified professional financial advisor. Landing on the best mortgage insurance plan for you requires detailed analysis of your financial situation. In addition to your income and assets, you should also consider the current market conditions for properties in Detroit. It’s important to analyze how much home you can afford and look at the different insurance policies available that could provide you with the most coverage at the best rate. A financial advisor can provide you with guidance and customized plans to ensure that your mortgage insurance coverage is tailored to your specific needs.
What happens if I don't use mortgage insurance companies in Detroit?
If you don't get mortgage insurance in Detroit, MI, it's important to understand that not having it may limit the type of loan you can qualify for and the amount of loan you can receive if you do qualify. Without mortgage insurance, borrowers typically need to have a higher credit score and make a larger down payment in order to qualify for a loan. Additionally, mortgage insurance helps the lender cover any potential losses if the borrower fails to make payments.
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