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Compare over 20 top providers in Franklin Square, NY
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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 an important form of coverage that can help protect homebuyers in Franklin Square, NY. This insurance is paid for by the borrower as part of a mortgage and typically covers the lender in the event of loan default. Mortgage insurance typically comes in two types: private mortgage insurance (PMI) and mortgage life insurance. PMI is insurance that covers the lender if the borrower fails to make their mortgage payments, while mortgage life insurance is insurance that pays off the remaining balance of the mortgage if the borrower passes away.
What is the minimum down payment to avoid a Franklin Square mortgage insurance policy?
In Franklin Square, NY, the minimum down payment to avoid paying mortgage insurance depends on the type of loan you are seeking. Generally, a down payment of 20% or more is recommended to be able to avoid paying private mortgage insurance. However, if you are using an FHA loan, then the down payment is typically 3.5%. Depending on your situation, you might be able to get a loan with a down payment as low as 5 to 10%.
Do I need a private mortgage insurance policy Franklin Square?
In Franklin Square, NY, it depends on the type of loan you are applying for. If your loan is a conventional loan and you are making a down payment of less than 20%, you will most likely need private mortgage insurance. However, if you are using a government-backed loan, such as FHA or VA, you may be able to avoid PMI, as these loans are usually offered with smaller down payments, down to 3.5%, and PMI may not be required.
What are the drawbacks of FHA mortgage insurance near Franklin Square?
FHA mortgage insurance is an important step to secure homeownership, but in Franklin Square, NY, one potential drawback is the cost. While FHA mortgage insurance can be lower than a conventional loan’s private mortgage insurance, it’s still necessary to pay an upfront mortgage insurance fee. Furthermore, FHA mortgage insurance can cost more over the life of the loan due to the fact that the premiums are charged for the loan’s entire term, rather than cancelled when it reaches a certain loan-to-value ratio like with a conventional loan.
What are the drawbacks of USDA insurance from Franklin Square mortgage insurance companies?
One potential drawback of USDA mortgage insurance in Franklin Square, NY is that the home being purchased must be located in an eligible rural area. While some areas of Franklin Square may meet this criteria, homes located in more urban areas may not qualify. Another consideration is that USDA mortgage insurance can be more costly than insurance provided through other loan products since the monthly mortgage insurance premium can be as much as 2% of the loan amount annually. Borrowers should research all available loan products to make sure they are getting the best deal for their individual situation.
Individuals who are actively serving in the military, veterans, surviving spouses of veterans, and members of Reserve and National Guard forces are all eligible to apply for a VA loan when buying a home in Franklin Square, NY. Additionally, members of the Public Health Service officers and National Oceanic and Atmospheric Administration, along with spouses of servicemembers who have died in the line of duty, are also eligible to secure a VA loan. VA loans offer significant advantages for qualified home buyers, including no downpayment and a limit on loan closing costs a great benefit for those living in Franklin Square, NY.
How much is mortgage insurance in Franklin Square?
The cost of mortgage insurance in Franklin Square, NY depends on the specific details of the loan. Generally speaking, mortgage insurance is a charge that is added to an agreement when a borrower makes a downpayment of less than 20%. Depending on the specific loan terms, it could be paid all at once or over multiple payments. Additionally, the amount of mortgage insurance can range from 0.2% to 2.75% of the loan balance depending on the credit score of the borrower and other factors. Typically, borrowers in Franklin Square, NY can expect to pay an average of 0.
When does a Franklin Square mortgage insurance policy go away?
Mortgage insurance typically goes away when the principal balance of the mortgage loan is no longer greater than 78% of the original value of the property in Franklin Square, NY. This means that if 20% of the purchase price of your home was paid as a down payment, mortgage insurance should be terminated once your mortgage balance drops to 78% of the purchase price. This rule will apply to mortgages on both new and existing homes. As you pay down your principal balance, many financial institutions will adjust your mortgage insurance accordingly.
Is there an online calculator for mortgage insurance from a Franklin Square mortgage insurance company?
Yes, you can use the Mortgage Insurance Calculator at Franklin Square, NY to help estimate your mortgage insurance costs. Our online calculator provides a comprehensive overview of all rebate and PMI factors and factors associated with your mortgage insurance coverage. You can input your state, loan amount, property type, mortgage amount, and any other factors to get your estimate. This calculator makes it easy for you to compare different loan options and make the best mortgage decision for you.
Can I opt out of services from mortgage insurance companies in Franklin Square?
In Franklin Square, NY, homeowners have the option to opt out of mortgage insurance depending on the lender. This is primarily because the property is either not in a high risk area, or the loan-to-value ratio is below the acceptable level of risk to require mortgage insurance. It’s best to speak to your lender to find out if this is possible as they will be able to provide you with all of the details and information concerning your specific loan and financial situation.
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