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Compare over 20 top providers in El Paso, TX
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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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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest 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.
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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...
In El Paso, TX, there are two types of mortgage insurance – private mortgage insurance (PMI) and mortgage insurance premium (MIP). PMI is typically required when a homeowner puts down less than 20% of the home’s price as a down payment. MIP is mandatory for all Federal Housing Administration (FHA) loans since these loans are backed by the federal government, and is based on the duration of the loan and the amount borrowed.
How does a larger down payment affect my El Paso mortgage insurance policy cost?
In El Paso, TX having a larger down payment can lower your mortgage insurance cost as the loan amount will be lower resulting in a lower mortgage insurance premium. This could potentially save you money in the long run as there will be fewer ongoing expenses. A larger down payment smaller will also increase your equity in your home meaning that you will have more ownership in the property. Ultimately, a larger down payment can lead to financial savings explained in terms of insurance premiums and increased home equity.
Who is eligible for a private mortgage insurance policy El Paso?
Eligibility for private mortgage insurance in El Paso, TX can vary depending on the insurance provider. Generally, to qualify, you must have a debt-to-income ratio that doesn’t exceed 43%, have a credit score of 650 or higher, and select a loan type that requires PMI. You also must be able to show proof that you have the ability to pay the loan on time and in full. Additionally, most insurance companies will require you to invest at least 20% as a down payment when buying a home.
How does FHA mortgage insurance near El Paso work?
In El Paso, Texas, FHA mortgage insurance helps make purchasing a home affordable by providing a low down-payment option. The FHA mortgage insurance premium (MIP) is a type of insurance policy that helps protect lenders from loss in the event a borrower defaults. This is paid for by the borrower as an added cost associated with the loan. Since El Paso is a city with relatively high housing costs, FHA mortgage insurance can be beneficial in helping individuals who otherwise may not have the savings for a significant down-payment, obtain the necessary financing to buy a home.
Do El Paso mortgage insurance companies offer USDA insurance?
USDA mortgage insurance is an excellent option for those looking to purchase a home in El Paso, TX. It is a form of mortgage insurance designed to help those with limited financesas well as lowto moderate-income families who are unable to make a 20 percent down payment. USDA mortgage insurance offers 100% financing, which helps hardworking individuals achieve their dream of home ownership. Unlike other programs, USDA mortgages require no down payment and no private mortgage insurance. The loan requirements are geared toward those of modest means.
While VA loans are a great help to potential home owners in El Paso--helping them to get in a home with lower rates and less down payment--there are some important considerations.
What factors influence the cost of mortgage insurance in El Paso?
In El Paso, TX, the cost of mortgage insurance is largely determined by the size of the loan, the amount of the down payment, the type of loan product, and the borrower's credit score. In terms of size of the loan, the higher the loan amount, the higher the monthly mortgage insurance premium. Similarly, the lower the down payment, the higher the cost of the mortgage insurance. The type of loan product also has an influence. For instance, a mortgage with an FHA loan may have different premiums than one with a VA loan.
What are the requirements to cancel my El Paso mortgage insurance policy?
In El Paso, TX, the requirements to cancel mortgage insurance are outlined in the Homeowner's Protection Act. To qualify for cancellation of mortgage insurance in the area, you must have paid the loan for at least two years and have a loan-to-value ratio of 78% or lower. Additionally, you must be current on your mortgage payments for 12 consecutive months. If these criteria are met, you may be eligible for the cancellation of your mortgage insurance.
Is there an online calculator for mortgage insurance from a El Paso mortgage insurance company?
Yes, there is an online calculator to help you figure out your mortgage insurance needs specific to El Paso. One great resource is the City of El Paso website which offers a HUD Mortgage Insurance Calculator. This tool will give you an assessment of how much mortgage insurance you may need based on your particular mortgage situation. It's important to have an understanding of what mortgage insurance you require in El Paso to ensure that you are properly covered. Additionally, you can find additional information on mortgage insurance coverage on the Texas Department of Insurance website.
Are there alternatives to mortgage insurance companies in El Paso?
Absolutely! Home buyers in El Paso, TX have the option to pay for their own insurance, aka Private Mortgage Insurance (PMI). This can come in the form of either a one-time premium or an annual policy. Alternatively, they could put down a larger down payment in order to avoid having to pay for any type of insurance. Additionally, some lenders provide low down payment mortgages with a lender-funded mortgage insurance policy, or pay for it themselves in order to increase the loan amount.
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