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Compare over 20 top providers in Dobbs Ferry, NY
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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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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
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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 important tool that helps protect individuals living in Dobbs Ferry, New York from unforeseen financial dangers. Having a loan and high debt can make it difficult to manage household finances, and if an unexpected event occurs that causes the homeowner to miss a payment or to not have the funds needed to pay the loan off, the mortgage insurance can help cover the difference. It also helps to ensure that lenders in Dobbs Ferry can offer loans with more lenient eligibility guidelines, which increases access to homeownership for individuals with less-than-perfect credit scores.
Can I avoid a Dobbs Ferry mortgage insurance policy with a larger down payment?
Yes, you can avoid mortgage insurance in Dobbs Ferry, NY by making a larger down payment. Generally, a payment of 20% or more of the home's total value is enough to avoid most mortgage insurance plans. A larger down payment can help you secure more favorable loan terms and lower interest rates. Additionally, a larger down payment could reduce the amount of paperwork needed for a mortgage, as well as reduce the amount of time it takes to process the loan. Making a large down payment is beneficial for any homebuyer in Dobbs Ferry looking to avoid mortgage insurance.
What is a private mortgage insurance policy Dobbs Ferry?
Private mortgage insurance (PMI) is an added safeguard to the mortgage lender for protection against default. In Dobbs Ferry, NY, private mortgage insurance may be required to be purchased if the homebuyer has less than 20% down payment. PMI could be the difference between a homebuyer qualifying for a mortgage loan or not. It protects the lender if the borrower defaults on their mortgage, allowing lenders to offer higher loan-to-value mortgage loans with a lower down payment.
Who is eligible for FHA mortgage insurance near Dobbs Ferry?
In Dobbs Ferry, NY, anyone who is a first-time homebuyer or an eligible repeat homebuyer is eligible for FHA mortgage insurance. Individuals purchasing a home in Dobbs Ferry may also qualify if they have a valid Social Security number, are of legal age to sign a mortgage in the state of New York, and intend to use the house as their primary residence. In addition, homebuyers must meet certain credit requirements and have a loan-to-value ratio that falls within the FHA's maximum limits.
What are the drawbacks of USDA insurance from Dobbs Ferry mortgage insurance companies?
In Dobbs Ferry, NY, the drawback of a USDA mortgage insurance is that the borrower must be within specific income thresholds. For example, in 2020, households with an income of $86,850 or less in Dobbs Ferry may qualify. Additionally, the borrower may need to live in a rural area or small town, and many areas of Dobbs Ferry are not eligible. Furthermore, individuals who have previously had a USDA loan may not qualify again. Lastly, there is an upfront fee due at closing and an annual fee to be paid to maintain the insurance policy.
Although VA Loans are generally a great option for active-duty members and veterans, they do come with some potential drawbacks which should be considered before making a decision. One downside of a VA Loan is that in Dobbs Ferry, NY, it can be difficult at times to find lenders willing to offer these more complicated loan types. Additionally, VA Loans also tend to be costly because the fees and insurance costs can be quite high.
Are there discounts available for mortgage insurance in Dobbs Ferry?
In Dobbs Ferry, NY, there are a couple of options available when looking for discounts on your mortgage insurance. One option is to take advantage of the Homeowner Protection Program offered in the state of New York, which provides qualified buyers with a discounted rate on mortgages. You might also look into various mortgage assistance programs specific to New York, which offer discounts and incentives to eligible buyers, such as the Home Safe NY program. Finally, you could consider shopping around for different mortgage insurance providers in your area, as many offer discounts based on loyalty to the company or as an introductory offer.
When does a Dobbs Ferry mortgage insurance policy go away?
The exact time at which mortgage insurance goes away depends on a variety of factors specific to homebuyers located in Dobbs Ferry, NY. Generally, mortgage insurance is removed when the loan-to-value ratio on the mortgage is 78% or less. This typically happens when the homeowner pays off enough of the loan so that the balance left is 22% or less than the property's value. Homeowners in Dobbs Ferry may also refinance their mortgage to get rid of mortgage insurance, or simply choose an appropriate down payment when initially purchasing the property.
Is the mortgage insurance calculation method the same for every Dobbs Ferry mortgage insurance company?
The mortgage insurance calculation methods vary depending on lender preferences and the city you live in especially relevant when it comes to Dobbs Ferry, NY. While there is no universal approach to mortgage insurance calculation, many lenders in the Dobbs Ferry area offer different options with potentially more favorable rates. As for the specifics, your best bet is to discuss with a local mortgage loan provider as they have the knowledge and experience to thoroughly explain the process.
Are there alternatives to mortgage insurance companies in Dobbs Ferry?
Yes, there are alternatives to mortgage insurance that could be beneficial to those living in Dobbs Ferry, NY. One possible option is a loan through FHA. This type of loan allows people to borrow up to 96.5% of the value of their home, allowing them to avoid paying the full 20% down payment and the mortgage insurance that comes along with that. Another option could be the VA loan. This loan is backed by the Department of Veterans Affairs and offers veterans and their families complete financing with no down payment at all. Both of these options could be significant money-savers.
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