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Compare over 20 top providers in Fairborn, OH
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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 a very important aspect of homeownership for citizens of Fairborn, OH. Having mortgage insurance safeguards Fairborn citizens and their families from losing their home and protects the financial well-being of the family. Mortgage insurance is capable of reducing a family's financial distress in the event of serious illness, job loss, or other emergency situations that would otherwise hinder them from keeping up with payments for their home. By making sure the family is covered, mortgage insurance can help avoid a foreclosure that would harm the borrower's credit score and hurt their ability to obtain additional financing in the future.
How does a larger down payment affect my Fairborn mortgage insurance policy cost?
In Fairborn, OH, making a larger down payment on your mortgage loan can substantially reduce the cost of your mortgage insurance. Generally, lenders require a higher down payment amount for these loans in order to reduce the risk associated with the loan and thus, the premium for the mortgage insurance. A larger down payment provides financial security to the lender which results in a lower premium of your mortgage insurance. Additionally, lenders have different rules concerning the size of the down payment, so it is important to understand how your down payment affects your monthly payments.
What is a private mortgage insurance policy Fairborn?
Private Mortgage Insurance (PMI) is a necessity for many homeowners in Fairborn, OH. For those without a 20% down payment, PMI is like an insurance policy that protects the lender in case of default, covering a percentage of the total loan balance. It allows borrowers to purchase a home with a smaller down payment and is typically required until the outstanding loan amount is under 80% of the original purchase price of the property.
What are the drawbacks of FHA mortgage insurance near Fairborn?
An FHA mortgage in Fairborn, OH may involve mortgage insurance premiums that are typically higher than the ones for a conventional loan. The premiums are usually based on a percentage of the loan amount, which means that FHA mortgages often require a higher down payment than a conventional loan. Additionally, with FHA mortgage insurance there is an upfront fee and a premium that is paid monthly. This could make it more expensive in the long run compared to a conventional loan that does not involve mortgage insurance premiums.
Who is eligible for USDA insurance from Fairborn mortgage insurance companies?
In Fairborn, OH anyone who meets the qualifications set forth by the United States Department of Agriculture (USDA) in its Single Family Housing Guaranteed Loan Program are eligible for USDA mortgage insurance. Qualifying individuals need to either be purchasing an eligible property in a USDA designated rural area, or already own a home in an eligible area, and must also meet the income eligibility requirements. Additionally, applicants must demonstrate a satisfactory credit history and have an acceptable debt-to-income ratio. Always consult with a qualified home mortgage adviser to determine if you are eligible for this special program.
Potential drawbacks for Fairborn, OH residents when applying for a VA loan include the fact that the VA typically does not guarantee the entire loan amount and the VA does not set a maximum loan amount. Additionally, the VA's veteran occupancy requirements must be met in order to be eligible, and the loan must be used to purchase a primary residence in Fairborn, OH making it more difficult for veterans to buy investment properties. Lastly, the fees associated with obtaining a VA loan can be high compared to other financing options.
Are there discounts available for mortgage insurance in Fairborn?
Yes, if you are looking to purchase mortgage insurance in Fairborn, OH, there are discounts available. For instance, you can often find special offers on mortgage insurance premiums based on your down payment amount, credit score, and household size. Additionally, you can also find money-saving options by shopping around and comparing different mortgage insurance packages from different vendors. Ultimately, with proper research and understanding of the available discounts, you can save both time and money.
What are the requirements to cancel my Fairborn mortgage insurance policy?
In Fairborn, OH, the requirements to cancel your mortgage insurance depend on the type of loan you have. For government-insured loans such as FHA and VA, you must have reached a minimum loan-to-value ratio. Specifically, this requires you to pay down the principal balance to a point where the loan amount is 78% or less of the current market value. This can be accomplished by making additional payments on the loan or making a one-time lump sum payment.
Is there an online calculator for mortgage insurance from a Fairborn mortgage insurance company?
Yes, there is an online calculator for mortgage insurance. In Fairborn, OH, the Wright-Patten Loan Office offers a free mortgage calculator on their website. This calculator enables users to calculate their monthly payment amount, which includes such factors as taxes and insurance, and also provides them with an option to compare different loan packages. The calculator is a valuable tool as it helps you determine how much you can afford. Additionally, the Wright-Patten Loan Office also provides free consultation services for potential borrowers to answer any further questions related to mortgage insurance.
Can I opt out of services from mortgage insurance companies in Fairborn?
It is possible to opt out of mortgage insurance in Fairborn, OH, depending on factors such as the amount of your loan and the terms of the loan. Generally, you can avoid paying for Private Mortgage Insurance (PMI) if you make a down payment of at least 20% of the purchase price of the home. If you do not have 20% for a down payment, you may still be able to opt out of PMI by increasing your mortgage payments and refinancing your loan. An experienced local mortgage advisor in Fairborn can help you determine which option works best for your situation.
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