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Compare over 20 top providers in Glen Allen, VA
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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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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
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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 Glen Allen, VA is designed to help protect lenders from financial loss in the event of a borrower defaulting on their mortgage payments. Instead of the borrower having to provide a lump sum payment for the insurance premium, the policy is typically added to the regular mortgage payments in the form of an additional fee. This insurance coverage allows lenders to offer more favorable loan terms to borrowers, such as no down payment or a lower interest rate, by reducing their risk of loss on the loan. Mortgage insurance can be sold as a stand-alone policy or as part of a bundled package with other services.
What is the minimum down payment to avoid a Glen Allen mortgage insurance policy?
The minimum down payment to avoid mortgage insurance depends on the type of loan you have and the location you are purchasing in. In the Glen Allen, Virginia area, the minimum down payment to avoid mortgage insurance on a conventional loan is generally 20%, however if you are purchasing an FHA loan the minimum down payment may be as low as 3.5%. For people purchasing VA loans, no down payment is typically required. It's important to talk to a financial professional in the Glen Allen, area to understand what options you have for getting the best mortgage terms that are tailored to your needs and budget.
What are the benefits of having a private mortgage insurance policy Glen Allen?
Private mortgage insurance (PMI) provides valuable protection in the event of financial distress in Glen Allen, VA. PMI may be used to reduce the size of the loan amount required by the borrower, to provide protections for the lender, or to increase the value of a real estate purchase. PMI can allow borrowers to apply for a smaller loan amount, significantly reducing the amount typically required for a down payment. In addition, PMI may provide valuable protection in the event of foreclosure or financial hardships.
What are the benefits of FHA mortgage insurance near Glen Allen?
FHA mortgage insurance provides economic security to homeowners in Glen Allen, VA through its low-down payment and credit score requirements. This type of mortgage also allows for more lenient qualifying requirements, such as lower debt-to-income ratios, for those who might otherwise be unable to secure a conventional loan. FHA mortgage insurance also offers additional benefits, such as allowing lower mortgage insurance premiums for the life of the loan and making it easier for those with past credit issues to qualify.
Do Glen Allen mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Glen Allen, VA provides a number of affordable home financing options to borrowers, including Rural Development Guaranteed Loans, Rural Development Direct Loans, and USDA Section 502 loans. These mortgage programs guarantee mortgage loans made by eligible private lenders, allowing low to moderate-income borrowers to access home loan options they would otherwise lack. USDA mortgage insurance also works to protect lenders in cases of borrower default. Glen Allen residents should contact a USDA-approved lender for more information about these mortgage insurance options.
The VA funding fee in Glen Allen, VA is calculated based on the size of the loan, whether it is an initial use or a subsequent use of the VA loan benefit, and the type of veteran who is utilizing the loan. For an initial use loan, the fee ranges from 1.4% to 3.6%, depending on the veteran’s down payment percentage, veteran status, and type of service. For subsequent use loans, veterans receive reduced fees, ranging from 1.25% to 3.3%. For veterans classified as disabled, the fee is waived entirely.
What can I do to lower the cost of my mortgage insurance in Glen Allen?
To lower the cost of mortgage insurance in Glen Allen, VA, talk to your mortgage lender to understand which homeownership programs are available to you. Many lenders in Glen Allen, VA offer competitive mortgage insurance rates for eligible borrowers, so understanding the terms of the loan you can qualify for is a great way to lower costs. Additionally, paying a larger down payment upfront can also help decrease the amount you pay for mortgage insurance each month. Obtaining a home inspection prior to closing can also help lower the cost of mortgage insurance if any repairs are needed.
What process do I need to follow to cancel my Glen Allen mortgage insurance policy?
To cancel your mortgage insurance in Glen Allen, Virginia, you will need to contact your lender to obtain a letter or form confirming that you have reached the predetermined "Loan to Value" requirements. Once that's been provided, you can submit it to your mortgage insurance provider with instructions to cancel the mortgage insurance policy. Additionally, you may need to provide evidence, such as a new appraisal or letter from the lender, indicating the current market value of your home. Most mortgage insurance companies have specific documents or forms to be filled out in order to terminate the policy.
Is there an online calculator for mortgage insurance from a Glen Allen mortgage insurance company?
Yes, one of the best online calculators for mortgage insurance in Glen Allen, VA, is provided through RatePlug. RatePlug's mortgage calculator helps you easily assess the costs associated with your mortgage and insurance premiums. It also provides valuable information about tax benefits, real estate trends and current market conditions, so you can make an informed decision when selecting your mortgage insurance policy. Plus, access to RatePlug is provided free of charge for both home buyers and real estate agents in and around Glen Allen, VA. Use RatePlug today to get a detailed assessment of the mortgage insurance costs for your new home.
Do I need mortgage insurance companies in Glen Allen?
If you're purchasing a home in Glen Allen, VA, it's important to understand whether or not mortgage insurance is required. While requirements might vary from lender to lender and depending upon the type of loan taken out, mortgage insurance helps to protect the lender if you are unable to make payments on the loan. It may be required for buyers who are putting down less than 20% of the purchase price as a down payment. You should check with your lender to confirm whether or not you need mortgage insurance and what the requirements are for your particular loan.
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