Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Evanston, IL
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Evanston, IL policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
Step 1
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.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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.
Get started in less than 5 minutes.
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.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 part of the home-buying process in Evanston, IL. It protects the lender's investment if the borrower is unable to repay the loan. Mortgage insurance typically has two components: an upfront premium of 1.75% of the loan amount, which is typically paid in one lump sum at the closing, and a monthly insurance premium that is paid as part of the homeowner's monthly loan payment. The lender usually collects this monthly premium, which is based on the amount of the loan, and pays it directly to the entity that underwrites the mortgage insurance.
What is the minimum down payment to avoid a Evanston mortgage insurance policy?
The minimum down payment to avoid mortgage insurance in Evanston, IL varies depending on the type of loan and the lender you choose. Generally speaking, a conventional loan backed by the Federal National Mortgage Association (Fannie Mae) requires a minimum down payment of 5%, while a conventional loan backed by the Federal Home Loan Mortgage Corporation (Freddie Mac) has a minimum down payment requirement of 3%. Additionally, VA loans for Veterans or active duty personnel require no down payment at all.
Who is eligible for a private mortgage insurance policy Evanston?
In Evanston, IL, anyone who intends to purchase a home and puts down less than 20% of the home's value as a down payment is eligible for private mortgage insurance. Normally, lenders mandate this type of insurance to ensure that their loans are protected. People who are self-employed, those with lower credit scores, or people who cannot afford to put down more than 20% on their home purchase are likely to be required to purchase mortgage insurance.
What are the benefits of FHA mortgage insurance near Evanston?
Residents of Evanston, IL can benefit from an FHA mortgage insurance policy as they are often able to borrow more money than traditional mortgage insurance offers due to lower down payments and lower credit scores. FHA mortgage insurance also allows more flexibility in terms of the types of properties that can be purchased. In addition, they provide mortgage terms that give buyers more time to build equity in the home. The rates for FHA mortgage insurance are usually lower than other types of home loans, allowing individuals to save money. Lastly, FHA mortgage insurance can often provide protection against foreclosure.
Who is eligible for USDA insurance from Evanston mortgage insurance companies?
In Evanston, IL, USDA mortgage insurance is available for individuals meeting certain income and property eligibility requirements. To be eligible for USDA mortgage insurance in Evanston, an applicant must have an annual gross income that does not exceed 115 percent of the area median income and must occupy the property as their primary residence. Furthermore, the property must be located within an eligible rural area that is designated by the USDA for these loans.
Evanston, IL offers many advantages to borrowers seeking a VA loan. With competitive interest rates, flexible eligibility requirements, minimal costs and closing expenses, no mortgage insurance, and no down payment requirement*, it is no wonder military members and veterans are taking advantage of this type of loan. Those who qualify for a VA loan in Evanston have the ability to purchase a home with significant savings, and potentially enjoy lower monthly payments than if they took out a conventional loan.
What can I do to lower the cost of my mortgage insurance in Evanston?
If you're looking to lower the cost of your mortgage insurance and you live in Evanston, IL, you should contact a HUD-approved housing counseling agency in the area. These organizations can guide you through the process of researching and comparing different types of mortgage insurance, as well as helping to identify other potential ways to lower your costs and maximize your savings. Additionally, you can look into different lenders or brokers in your area who may be able to offer competitive rates and discounts.
Can I cancel my Evanston mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Evanston, IL. You will need to contact the mortgage lender to find out your eligibility. Generally your loan must be current and have at least 20 percent equity in order to be considered for cancellation. Your lender may require you to provide documentation of the current market value of your home and proof that you have the sufficient equity or that the loan balances are low enough to qualify for cancellation. It's important to note that if you want to cancel early you may be charged a fee by the lender for doing so.
Can my Evanston mortgage insurance company help me calculate my mortgage insurance cost?
If you're looking for help calculating mortgage insurance in Evanston, IL, you can find assistance from qualified lenders. Most of them will be able to help you determine the right mortgage insurance rate customized to your specific needs and situation. Evaluating your scenario, the lender can provide a recommended coverage amount and guide you through the entire process. An experienced lender should be able to provide beneficial insights and recommend the best options available to you. Even if you already know the right amount of mortgage insurance, it's essential to understand what type of policy will work best for your situation.
What happens if I don't use mortgage insurance companies in Evanston?
If you don't get mortgage insurance in Evanston, IL, you will put yourself at greater financial risk. Without the protection of mortgage insurance, you may be unable to pay off your mortgage if you experience an unexpected, significant financial event such as disability, injury, job loss, or death. Without mortgage insurance, foreclosure could be the result, resulting in the loss of your home and potential damage to your credit. It's important to weigh the risks and benefits of having mortgage insurance before making the decision.
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved