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Compare over 20 top providers in East Providence, RI
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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, also known as PMI (private mortgage insurance) is insurance that helps protect lenders from default by covering some or all of the monetary losses if a borrower defaults on their mortgage loan. In East Providence, RI lenders will typically require mortgage insurance if a home buyer has a down payment of less than 20% of the purchase price. Mortgage insurance can be costly but is typically part of the closing costs. The premium payments vary depending upon the type of loan, the loan amount, and the borrower's credit score.
How can I reduce my East Providence mortgage insurance policy cost with a larger down payment?
A larger down payment when purchasing a home in East Providence, RI, can provide many benefits, one of which is the ability to reduce mortgage insurance costs. Increasing the down payment size is one way to lower the amount of mortgage insurance a borrower will need to pay, so if you want to lower your monthly housing costs, making a larger up-front payment can be a smart move. Additionally, this can mean lower monthly payments, allowing you to save more money for other things.
What is a private mortgage insurance policy East Providence?
Private mortgage insurance (PMI) is an insurance policy that protects mortgage lenders in East Providence, RI. It is important because it provides lenders with security if the borrower that they have loaned money to is unable to pay back the loan. With PMI, if the borrower defaults, the insurer pays the lender so that they do not incur a large loss. This means that with PMI prospective homeowners in the East Providence area can free up capital for other investments or use it as a down payment.
What is FHA mortgage insurance near East Providence?
FHA mortgage insurance is a form of Insurance typically required by the Federal Housing Administration (FHA) on most home loans in East Providence, RI. Purchasing this insurance helps protect mortgage lenders in the event of a borrower not being able to fulfill the loan obligation. The insurance also provides borrowers with an additional layer of protection as it can allow them to refinance into a more favorable loan in the event their circumstances change.
Do East Providence mortgage insurance companies offer USDA insurance?
USDA mortgage insurance provides East Providence, RI residents with an opportunity to purchase a home without a large down payment or perfect credit score. It requires borrowers to contribute at least 3.5% of the home's purchase price, which is dramatically lower than what conventional lenders require. Furthermore, USDA mortgage insurance financing doesn't require borrowers to pay private mortgage insurance, making the cost of owning a home more affordable. In conclusion, USDA mortgage insurance is an excellent option for those looking to purchase a home in East Providence, RI without having to make a large down payment or paying for private mortgage insurance.
VA loans have a strict income limit, making them unavailable to some East Providence residents. Furthermore, VA loans require borrowers to pay a Funding Fee which can increase their total loan costs and annual percentage rate. Additionally, VA loans only apply to certain residential properties in the area, so potential borrowers may find themselves unable to secure a VA loan if their desired home is ineligible. Buyers must exercise due diligence to make sure their home is acceptable to ensure they can get the highest benefit from their VA loan.
What can I do to lower the cost of my mortgage insurance in East Providence?
To lower the cost of your mortgage insurance in East Providence, RI, you should look into refinancing your home. Refinancing your home could result in reduced interest rates, which can translate to lower monthly payments. Another option could be to increase the down payment on your mortgage. By increasing the down payment, you may be able to eliminate the need for mortgage insurance altogether. Finally, you may want to speak with a mortgage professional to explore other cost-saving opportunities related to your specific situation.
Can I cancel my East Providence mortgage insurance policy early?
If you live in East Providence, RI, you may be eligible to cancel your mortgage insurance early. You will need to contact your lender to discuss the possibility since each mortgage has its own set of regulations and requirements. Factors that may influence the eligibility of early cancellation can include the length of time you have held the mortgage, the value of the home, and if you have remained current on your payments. If your lender allows it, they will provide you with a list of any additional paperwork you need to submit in order to complete the application.
What factors are considered when calculating mortgage insurance for a East Providence mortgage insurance company?
When calculating mortgage insurance in East Providence, RI, there are many factors to consider. The size of the down payment, the type of mortgage, the borrower's credit score, the loan's purpose, the loan-to-value ratio, and the loan term are all factors that must be evaluated when assessing mortgage insurance costs. Generally, the higher the borrower's credit score, down payment amount, and loan-to-value ratio, the lower the cost of mortgage insurance and the more competitive the interest rate can be.
Do I need mortgage insurance companies in East Providence?
Whether or not you need mortgage insurance in East Providence, RI will depend on the type of loan you are applying for. If you are applying for a conventional loan, mortgage insurance may not be required if you are making a down payment of at least 20 percent of the purchase price. However, if you are getting an FHA or other government-backed loan, you will be required to obtain mortgage insurance until you reach a certain level of equity in the property. Talk to your lender about your specific situation to determine if you need mortgage insurance.
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