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Compare over 20 top providers in Happy Valley, OR
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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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Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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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
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.
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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 investment for homeowners in Happy Valley, OR, as it helps protect them from potential financial risks. With mortgage insurance, borrowers are better protected from the potential losses they might incur in the event of an unexpected job loss or disability, or an economic downturn that leads to a home value decrease. For a homeowner in Happy Valley, mortgage insurance can be a cushion against life's unexpected changes and financial burdens, providing peace of mind and the knowledge that their home is protected in a crisis situation.
Can I avoid a Happy Valley mortgage insurance policy with a larger down payment?
Yes, you can avoid mortgage insurance with a larger down payment in Happy Valley, OR. According to the 2018 Oregon Home Builders Association, most lenders require at least 20% down, but if you can put down more than that amount your ability to avoid PMI (Private Mortgage Insurance) increases significantly. Even if you're only able to put down 10% or less, there are some loan types available which avoid PMI payments.
Who is eligible for a private mortgage insurance policy Happy Valley?
In Happy Valley, Oregon, eligibility for private mortgage insurance (PMI) is determined primarily by loan-to-value (LTV) ratio, borrower's credit score, and loan type. Generally, borrowers with a loan-to-value ratio of 80% or higher need private mortgage insurance in order to secure a loan. Additionally, a borrower's credit score is a deciding factor of eligibility. Lastly, certain loan types like government-backed or VA loans do not require PMI.
What are the drawbacks of FHA mortgage insurance near Happy Valley?
Although FHA mortgage insurance offers several benefits, drawbacks include the fact that FHA mortgage insurance premiums are usually higher than those for conventional loans. Additionally, FHA mortgage loans are not available to everyone in Happy Valley, OR; some borrowers do not meet the credit qualifications. Additionally, even if the borrower meets the minimum FHA credit score, they may be rejected due to insufficient income. This can be difficult, as the expenses associated with buying and maintaining a home in Happy Valley, OR can be substantial.
Do Happy Valley mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Happy Valley, OR is a special type of loan designed to help low-income families purchase a home in designated rural areas. This form of mortgage insurance is offered by the United States Department of Agriculture (USDA). In Happy Valley, buyers can find competitive rates and 100% financing opportunities with USDA mortgages. Special features such as flexible credit guidelines, no minimum down payment, and no maximum loan limits make this mortgage type a great option for qualified buyers.
The VA Loan provides numerous financial and security benefits for Happy Valley, OR residents. One of the biggest advantages is the lack of a down payment need: VA Loans require no down payment and no PMI, which can greatly reduce the amount of money a borrower has to pay up front. This in turn could help veterans get qualified for the home of their dreams more easily. Additionally, VA loans offer competitive interest rates, flexible requirements, and no monthly mortgage insurance payments for borrowers. This can help veterans save thousands of dollars over the life of their loan.
What can I do to lower the cost of my mortgage insurance in Happy Valley?
One way to lower the cost of your mortgage insurance in Happy Valley, OR is to downsize to a more affordable home. This can reduce the cost of the insurance while helping to contain your overall debt load. Refinancing your mortgage can also lower the cost of your insurance, as you can find a better interest rate for your loan. Also, paying your mortgage in full with a lump sum payment before the term is up can reduce the cost of mortgage insurance in some cases. Lastly, some lenders offer assistance with mortgage insurance payments for qualified customers.
Can I cancel my Happy Valley mortgage insurance policy early?
Yes, it may be possible to cancel your mortgage insurance early if you live in Happy Valley, OR depending on your individual circumstances. Generally speaking, you could be eligible to cancel your private mortgage insurance (PMI) if the mortgage insurance loan-to-value ratio (LTV) is no more than 80 percent. If the LTV ratio is below 78%, the mortgage insurance coverage should cancel automatically. To confirm that mortgage insurance can be cancelled on your particular loan, please contact a mortgage professional in Happy Valley, OR who can evaluate your individual situation.
Is there an online calculator for mortgage insurance from a Happy Valley mortgage insurance company?
Yes, there is an online calculator for mortgage insurance available to Happy Valley residents. Financial institutions in the area such as Northwest Community Credit Union and US Bank offer mortgage calculators on their websites. These calculators are designed to help individuals determine mortgage-related financial information, ensuring they can make the right decision when buying property in the area. Additionally, there are many online calculators that are freely available and can help in assessing mortgage insurance. Be sure to compare and contrast several options to find the best solution for your needs.
What happens if I don't use mortgage insurance companies in Happy Valley?
In Happy Valley, OR, if you don't get mortgage insurance, you may not be able to purchase a home. The cost of the mortgage would be significantly higher, as mortgage insurance protects lenders from the risk of borrowers defaulting on their loans. Without mortgage insurance, the lender assumes that risk and increases the cost of borrowing. Additionally, you may need to provide a larger down payment as part of a conventional loan in order to persuade a lender of your creditworthiness should you choose not to get insured.
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