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 Frankfort, IL
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Frankfort, 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...
Choosing the right mortgage insurance policy in Frankfort, IL can be daunting; however, there are key steps you can take to ensure you choose the right policy for you. Start by shopping around and comparing various policies available in your area. Research the company providing the policy, their ratings, and make sure they have a good reputation. When you have narrowed down the list, read and understand the policy carefully, paying attention to coverage, exclusions, restrictions and clauses. Also, make sure to closely evaluate the premiums and determine if they fit into your budget.
Can I avoid a Frankfort mortgage insurance policy with a larger down payment?
Yes, in Frankfort, IL you can avoid paying mortgage insurance by making a larger down payment on your home. The minimum down payment for an FHA loan, which is commonly used in the area, is typically 3.5%. However, if you make a larger down payment of up to 20%, then you can avoid the extra cost of mortgage insurance entirely. Making a larger down payment is one way to offset your closing costs when buying a home in the Frankfort area.
What are the drawbacks of a private mortgage insurance policy Frankfort?
In Frankfort, IL, the drawbacks of private mortgage insurance include higher monthly payments, higher interest rates and possible prepayment penalties. Private mortgage insurance premiums add to a borrower's monthly payment and in some cases, can add hundreds of dollars each month to the loan amount. Additionally, private mortgage insurance can cause overall interest rates to be higher than with other mortgage types that carry less risk. Lastly, prepayment penalties, which are penalties for paying off a loan earlier than expected, can occur with private mortgage insurance.
How does FHA mortgage insurance near Frankfort work?
FHA mortgage insurance is available to home-buyers in Frankfort, IL who are using Federal Housing Administration (FHA) loans. With an FHA loan, the borrower pays an upfront premium and an annual premium, which serves to protect the lender in case the borrower defaults on their loan. When purchasing a home in Frankfort, IL, borrowers can count on FHA insurance to provide a more affordable option, as well as stability and peace of mind.
What are the drawbacks of USDA insurance from Frankfort mortgage insurance companies?
In Frankfort, IL, there are some drawbacks to having a USDA rural development mortgage insurance, most notably a higher interest rate and PMI than that of conforming loans. Also, in order to qualify for USDA mortgage insurance, usually at least one borrower must not have an income exceeding 115% of the median income for the certain area where the property is located. Furthermore, the property must meet certain geographic and income requirements and must be within certain service area limits. Finally, USDA mortgage insurance loans are not available to purchase a second home or vacation home.
In Frankfort, IL, borrowers considering a VA loan should note that even though a VA loan generally requires a lower downpayment than other types of mortgage financing, if the property appraises for lower than the purchase price, the difference must be made up in cash for closing costs. VA loans also require an additional funding fee that can range from 1.4%-3.6% of the loan amount, which can be waived for veterans receiving disability or who have a service-connected disability rating.
What can I do to lower the cost of my mortgage insurance in Frankfort?
If you are looking for ways to lower the cost of your mortgage insurance in Frankfort, IL, there are several options available. One way is to consider a higher deductible. By choosing a higher deductible, the amount of your insurance premium can be reduced. Additionally, doing a thorough review of your property's market value and determining if it is an accurate representation of your insurance can also help to lower the cost of your mortgage insurance. Shopping around for the best insurer available can also help to lower the rate you will pay for your mortgage insurance.
Can I cancel my Frankfort mortgage insurance policy early?
In Frankfort, IL, you may be able to cancel your mortgage insurance early by speaking with a qualified loan officer. Depending on the type of loan policy you have, you may be eligible to have your mortgage insurance removed. This could mean a lower monthly mortgage payment as well as more financial freedom and flexibility. You will need to have a good credit history, adequate income, and a history of timely payments to your loan in order to get PMI removed early. Your lender may also require the appraisal of your property and an up-to-date payment history.
What factors are considered when calculating mortgage insurance for a Frankfort mortgage insurance company?
When calculating mortgage insurance in Frankfort, IL, there are several factors that will be taken into consideration. These can include the current market value of the property, the term of the loan, and the borrower’s credit history. Other factors such as the borrower’s income and assets may also be considered, in addition to the size of the down payment and the amount of money needed for closing costs and other expenses. Additionally, lenders in Frankfort may look at the loan-to-value ratio for the property to determine the mortgage insurance rate.
Do I need mortgage insurance companies in Frankfort?
It depends. In the state of Illinois, mortgage insurance is typically not required if you have put down at least 20% of the value of the home when getting your loan. However, if you have put down less than 20% or no money down at all when getting a loan in Frankfort, IL, you will likely be required to purchase mortgage insurance in order to qualify. This insurance ensures lenders are covered against lost payments or foreclosure, so it is important to consider. Check with a local lender for more information on mortgage insurance requirements in Frankfort, IL.
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