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Compare over 20 top providers in Fairmont, WV
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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 in Fairmont, WV works similarly to other locations around the US. It is an insurance product that protects the lender in case the borrower defaults on their loan. This is often required for conventional loans in cases where the borrower has a down payment of less than 20%. The specific requirements, premiums, and coverage can vary depending on the individual lender. The lender will generally require the borrower to pay an up-front, one-time payment and/or an ongoing monthly premium. This is to protect the lender from financial loss if the borrower fails to make their mortgage payments.
What is the minimum down payment to avoid a Fairmont mortgage insurance policy?
In Fairmont, WV, the minimum down payment to avoid mortgage insurance is typically around 10% of the total purchase price of the home, however this varies by lender. It is best to check with your chosen lender for the specific down payment amount required in Fairmont to understand your total loan costs and the possibility of avoiding mortgage insurance altogether. Putting down as much money as you can up front may help to lower your mortgage payments and save you money in the long run.
What are the benefits of having a private mortgage insurance policy Fairmont?
Private mortgage insurance offers peace of mind for Fairmont residents, providing financial coverage against losses in the case of foreclosure. Whether you are buying a first home or refinancing, this type of insurance grants the ability to purchase a home with less down payment. It also allows for confident borrowing, since private mortgage insurance (PMI) absorbs a portion of the loan risk for lenders. PMI also benefits economically challenged communities, like Fairmont, by increasing access to homeownership and promoting economic growth in the area.
Who is eligible for FHA mortgage insurance near Fairmont?
Individuals and families living in Fairmont, WV, who meet certain requirements, may be eligible for Federal Housing Administration (FHA) mortgage insurance. To be eligible, borrowers must be of legal age, have a steady employment history and dependable income that meet the lender's guidelines for debt-to-income ratio. They must also have a minimum credit score of 580 and a down payment of at least 3.5%. Applicants should also provide proof of reserves that would cover the cost of at least two months of mortgage payments.
What are the benefits of USDA insurance from Fairmont mortgage insurance companies?
In Fairmont, WV, USDA mortgage insurance offers numerous benefits for potential homebuyers. USDA mortgage insurance guarantees 100% financing of qualified home loans and helps potential borrowers who may lack the required savings for a down payment or cash reserves. Furthermore, USDA mortgage insurance typically requires no down payment, no private mortgage insurance, and very low or no closing costs, making it one of the most affordable options for potential homebuyers in Fairmont, WV.
One of the potential drawbacks of a VA loan for homeowners looking to purchase a home in Fairmont, WV, is the potential for steep closing costs. VA loans often require origination fees, funding fees and other fees that can add up quickly. Additionally, VA loans come with some restrictions on who may qualify, which can limit borrowers access to the loan. Borrowers must have proof of service and eligibility to use the VA loan and the home must also meet certain requirements.
Are there discounts available for mortgage insurance in Fairmont?
Yes, there are discounts available for mortgage insurance in Fairmont, WV. Fairmont is a great location to live due to the lower costs associated with the area. Many mortgage insurance companies, such as Assurant, offer special discounts for customers who cover their mortgage insurance with them. It is important to speak to a qualified insurance agent to assess which discounts may be available, such as discounts for veterans or other special programs. Discounts are also available for borrowers who purchase multiple policies for their family, and many companies also offer special discounts for customers who purchase auto and homeowners insurance together.
Can I cancel my Fairmont mortgage insurance policy early?
In Fairmont, WV, you may be able to cancel your mortgage insurance early, depending on certain criteria. Your request will need to be approved by both your lender and your insurer. In addition, your mortgage balance should be sufficiently low enough relative to your home’s current market value. Certain lenders may require an appraisal to determine this. If your request is approved, you may be able to save significantly on your monthly payments moving forward. It’s always advisable to consult with your lender and insurer to establish eligibility and discuss possible repercussions associated with canceling your insurance early.
Is there an online calculator for mortgage insurance from a Fairmont mortgage insurance company?
Yes, in fairness to potential homebuyers in Fairmont, WV, there is an online calculator available to estimate insurance costs on mortgages before signing any contracts. Knowing the estimated insurance costs upfront can help in determining a budget for home purchasing. The online calculator provides potential homebuyers in Fairmont, WV with accurate and up to date information about the costs associated with securing a mortgage. Furthermore, they can make an informed decision on the best mortgage for their needs.
Do I need mortgage insurance companies in Fairmont?
Whether or not you need mortgage insurance depends on several factors, such as where you live and the amount of the loan you are taking out. In Fairmont, WV, if you are planning to purchase a home, the lender will typically require you to buy private mortgage insurance (PMI) if the loan-to-value ratio of your loan exceeds 80%. PMI protects the lender in the event you are unable to make your mortgage payments and foreclose on the property. Generally, PMI costs around 0.
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