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Compare over 20 top providers in Eagan, MN
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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 is incredibly important for Eagan, MN homeowners because it provides an extra layer of financial protection in the event of a default. By having mortgage insurance, homeowners can rest easy knowing that they won't be forced to forfeit the property they worked hard to purchase if they're unable to keep up with their payments. Additionally, Eagan, MN homeowners can take comfort in knowing that, should a disaster strike, their mortgage insurance could be used to help cover the costs associated with repairing any damage that might occur to their property or to their home's appraised value.
How can I reduce my Eagan mortgage insurance policy cost with a larger down payment?
If you live in Eagan, MN and want to reduce the cost of your mortgage insurance, one way you could do so is by making a larger down payment. If you already have the funds saved, that will not only reduce the cost of your mortgage insurance, but it could also help you secure a better rate on your mortgage loan. Additionally, there are several programs available in the Eagan area that provide down payment assistance.
Who is eligible for a private mortgage insurance policy Eagan?
In Eagan, MN, anyone interested in purchasing a residential property may be eligible for private mortgage insurance. Private mortgage insurance, also known as PMI, is available at competitive rates to those with limited down payments. In some cases, buyers with good credit history or appropriate loan-to-value ratios may even be eligible for private mortgage insurance without a down payment. To be eligible for PMI, applicants must satisfy their lender's requirements in terms of credit score, debt-to-income ratio, and other criteria.
Who is eligible for FHA mortgage insurance near Eagan?
In the city of Eagan, Minnesota, individuals that are at least 18 years of age are typically eligible for FHA mortgage insurance. In addition, applicants must have a valid social security number, along with reliable employment history and sufficient income to support the loan repayment. Furthermore, applicants must also have a credit score in good standing, as well as a decent debt-to-income ratio. Other specific eligibility requirements and guidelines can be obtained from local lenders or approved FHA agents.
Do Eagan mortgage insurance companies offer USDA insurance?
USDA mortgage insurance, also known as USDA Rural Development Guaranteed Loan, is designed to help home buyers in Eagan, MN and other rural and suburban areas obtain affordable loans with no down payment. The U.S. Department of Agriculture guarantees the loan amount, so banks can offer up to 100% financing with favorable interest rates and repayment options. USDA mortgage insurance can make the dream of home ownership possible for those with limited funds, and it can also help keep monthly payments low. In addition, it also includes reduced upfront and recurring fees compared with conventional loans.
Eligibility for a VA loan in the city of Eagan, Minnesota depends upon an individual's circumstances. Generally, veterans who have served in the US Armed Forces or who are currently serving, unmarried surviving spouses of veterans, and active duty members of the Coast Guard, National Guard, or commissioned officers in the Public Health Service, NOAA, and the Civil Air Patrol are eligible. Homeowners in Eagan who are current or former members of the military and who obtained an honorable discharge, veterans, and active duty members of the Armed Forces can benefit from a VA loan in this community.
What factors influence the cost of mortgage insurance in Eagan?
There are many factors that influence the cost of mortgage insurance in Eagan, MN. Some of the most common are the size of your down payment, the term of your loan, the type of mortgage you choose and the interest rate. Your credit score is also a factor that can influence the cost of mortgage insurance, as applicants with higher credit scores may qualify for lower rates. Lastly, the location of the property you are financing may also play a role in the cost of your mortgage insurance, with premiums typically being higher in areas with higher median home values.
When does a Eagan mortgage insurance policy go away?
In Eagan, MN, mortgage insurance typically goes away once you've paid off enough of your loan to reach 78% of the original principal loan balance. The exact amount of time this takes depends on when you started paying your mortgage and how much of a down payment you initially made. As you make your regular payments, the principal balance goes down, and the point where your insurance no longer applies is known as the automatic terminations point. If you make a large additional payment, the principal balance goes down and your mortgage insurance might go away earlier than originally estimated.
How do I calculate mortgage insurance for a Eagan mortgage insurance company?
Calculating mortgage insurance in Eagan, MN is a fairly straightforward process. First, calculate your loan-to-value ratio (the amount of your loan divided by the purchase price or appraised value). Then, calculate the mortgage insurance rate which will be determined by the loan-to-value ratio and the type of loan you are applying for. For example, an FHA loan generally has an annual mortgage insurance premium rate of 1.35% (as of 2021). Lastly, multiply the mortgage insurance rate by the loan amount to reach your total mortgage insurance cost.
Are there alternatives to mortgage insurance companies in Eagan?
Yes, there are alternatives to mortgage insurance in the Eagan, MN area. If you have sufficient home equity, you may be able to apply for a Home Equity Line of Credit (HELOC) loan to help cover the costs of your mortgage insurance. In addition, some lenders can offer borrower-paid mortgage insurance (BPMI) that can provide an alternative to paying for mortgage insurance up front. For those who don't have enough home equity, taking out a private mortgage insurance policy can also be an option.
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