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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...
In Glendale Heights, IL, there are two main types of mortgage insurance that protect lenders from borrower default. Private Mortgage Insurance (PMI) is typically required if you make a down payment of less than 20% of the home's purchase price. This type of insurance is usually paid for by the borrower on a monthly basis, and the amount may vary depending on the size of the loan. The other type of mortgage insurance is Mortgage Insurance Premium (MIP), which is required by the Federal Housing Authority when you take out a loan with a low down payment.
How does a larger down payment affect my Glendale Heights mortgage insurance policy cost?
In Glendale Heights, IL, a larger down payment can help reduce your mortgage insurance costs. This is because a larger down payment reduces the amount of money borrowed, meaning less interest will accumulate each month. Furthermore, it will also lower your risk to the lender, making it less likely that they will have to purchase expensive mortgage insurance in order to cover the loan. As a result, you will be able to save money and make a smaller monthly payment on your mortgage.
Do I need a private mortgage insurance policy Glendale Heights?
It depends on your personal financial situation and the loan amount. Generally, if you are putting less than 20% down on your mortgage in Glendale Heights, IL you may be required to buy private mortgage insurance. PMI may provide security to the lender, allowing them to accept a lower down payment and a higher loan balance. It also offers protection in case you default on the loan. Private mortgage insurance is typically required until the loan balance is down to 80% of the value of the home.
Who is eligible for FHA mortgage insurance near Glendale Heights?
Anyone intending to purchase a primary residence in Glendale Heights, IL can potentially qualify for FHA mortgage insurance. However, qualifications are based on several factors, including credit history, current income, and the amount of down payment money. Generally speaking, potential borrowers must have a valid Social Security number, be a legal resident of the US, be of legal age to enter into a loan contract, and have a FICO score of 500 or higher. Additionally, borrowers must have sufficient income to cover the monthly mortgage payments and any other obligations.
How do Glendale Heights mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Glendale Heights, IL works by protecting lenders against the losses that result from borrowers who default on their mortgages. USDA mortgage insurance also helps eligible borrowers reduce up-front costs and enjoy more favorable financing terms, with no down payment necessary and flexible terms including very low or no mortgage insurance premiums. Additionally, it can offset some of the closing costs and even offers income-based repayment options to assist low-income borrowers.
The VA funding fee is a fee paid to the US Department of Veterans Affairs (VA). For Glendale Heights, IL residents, the funding fee is an additional fee paid to the VA when you take out a VA loan. It can be paid directly from your pocket or can be included in the total loan amount. The fee is a one-time payment and can range from 2.15% to 3.3%. The exact amount of the funding fee depends on the loan amount, whether you have used your VA loan benefits before, and the type of loan.
How much is mortgage insurance in Glendale Heights?
The cost of mortgage insurance in Glendale Heights, IL will vary depending on a variety of factors, such as the type of loan, the amount of the loan, and the down payment amount. A buyer can ask their lender for pricing on mortgage insurance before obtaining a loan. The cost of mortgage insurance typically ranges from 0.3% to 1.5% of the original loan amount each year, depending on the type of mortgage insurance required. To get an accurate quote, it is best to speak with a trusted mortgage lender in Glendale Heights, IL.
What process do I need to follow to cancel my Glendale Heights mortgage insurance policy?
To cancel your mortgage insurance in Glendale Heights, IL, you must contact your mortgage lender and provide them with a copy of the required appraisal or other documents to demonstrate that your loan-to-value ratio has been met. Once your request is approved and verified, your lender will submit a request to your mortgage insurance provider. Once the provider confirms that the loan-to-value ratio has been met and the mortgage insurance is no longer required, your insurance premium payments will be terminated.
Is the mortgage insurance calculation method the same for every Glendale Heights mortgage insurance company?
No, the mortgage insurance calculation methods can vary depending on the lender and the location. For example, in Glendale Heights, IL, some lenders may use different formulas to calculate the amount of mortgage insurance due and the cost associated with the policy. If you have any questions regarding the mortgage insurance calculation method, it is best to speak directly with a representative from the lender in order to get a full understanding of their particular requirements.
Can I opt out of services from mortgage insurance companies in Glendale Heights?
Yes, borrowers in Glendale Heights, IL can opt out of mortgage insurance. However, it's important to remember that if a borrower's down payment is less than 20% of the home's purchase price, or their home loan does not meet certain requirements, they will likely be required to pay for mortgage insurance. That being said, there are certain mortgage products where borrowers can avoid paying mortgage insurance, like VA loans or USDA loans. Additionally, borrowers may be able to get a waiver or cancel their mortgage insurance once their home loan has reached a certain level of equity.
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