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Compare over 20 top providers in Hope Mills, NC
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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.
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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 Hope Mills, NC is an insurance policy that helps protect lenders from default on loan payments. The policy provides coverage to the lender in the event of non-payment by a borrower. If the borrower fails to make loan payments, the insurance company pays the lender an amount equal to the amount of the loan that is unpaid. This provides lenders with the security that they will not lose money on the loan should a borrower default on their loan. Mortgage insurance often requires borrowers to pay an additional premium that is added to their loan so that the insurance company can be compensated for their coverage.
What is the minimum down payment to avoid a Hope Mills mortgage insurance policy?
In Hope Mills, NC, the minimum down payment for a conventional conforming loan to avoid mortgage insurance (PMI) is typically 5%. This is based on the loan being secured by a single family residence, and the loan being at or below the 2019 conforming loan limit of $484,350. Different loan programs may have different restrictions and requirements, so it's best to check with your lender to determine the best loan program for your particular circumstance.
Do I need a private mortgage insurance policy Hope Mills?
In Hope Mills, NC, private mortgage insurance (PMI) is not always required depending on the amount of money that is borrowed as compared to the value of the property. The amount of down payment is also taken into account. Fannie Mae and Freddie Mac, the two largest government-sponsored housing entities, have set guidelines that determine when PMI is required. Generally speaking, if more than 80% of the value of the property is borrowed, PMI will be required. Therefore, it is best to consult with a qualified loan officer to determine if you need PMI for your particular situation.
What are the drawbacks of FHA mortgage insurance near Hope Mills?
Although FHA mortgage insurance has numerous benefits for homeowners in Hope Mills, NC, there are some drawbacks to consider. One disadvantage is the required upfront insurance premium; it generally costs about 1.75% of the loan amount to obtain an FHA loan. Additionally, FHA borrowers are also required to carry annual mortgage insurance which is paid for through the monthly mortgage payments. This can add to the overall cost of the loan; however, with the lower-than-average interest rates offered with FHA loans, these costs can often be offset by the savings of a lower rate.
Do Hope Mills mortgage insurance companies offer USDA insurance?
USDA Mortgage Insurance in Hope Mills, NC helps eligible borrowers purchase a home with no down payment. USDA Mortgage Insurance, also known as a guarantee fee, is an upfront fee and an annual fee which are paid to the USDA to provide home loaners with guarantees against losses from defaults on the home loans. This insurance makes it possible for lenders to offer mortgage programs to low-income and moderate-income households, rural communities and small towns across the country.
Residents in the town of Hope Mills, NC who are veterans, active-duty service members, and certain eligible surviving spouses of veterans may be eligible for a VA loan. Generally, the VA has established basic eligibility criteria for applicants to meet in order to receive a VA loan. This includes having a form of military service which resulted in a Honorable or General Under Honorable Conditions discharge, a minimum amount of time that must have been served on active duty, and a good credit score and history, among other requirements.
Are there discounts available for mortgage insurance in Hope Mills?
Yes! There are discounts available for mortgage insurance in Hope Mills, NC. Many major mortgage insurers offer discounts for mortgage insurance in the area. Some of these discounts include good credit discounts, automatic payment discounts, and bundling discounts. Good credit discounts are available for borrowers with excellent credit and can result in significant savings. An automatic payment discount can also help save on mortgage insurance premiums. Additionally, bundling discounts can be available for customers who bundle mortgage insurance with other home insurance services. Full details of available discounts are usually available directly from local mortgage insurers.
What are the requirements to cancel my Hope Mills mortgage insurance policy?
To cancel your mortgage insurance in Hope Mills, NC, you'll need to meet certain requirements. Generally, these include having a loan-to-value ratio of 80% or less, providing proof you have not been late on payments for the previous 12 months, and demonstrating good credit payment habits. Your local lender can answer any specific questions you may have and help guide you through the whole process. Ultimately, the mortgage insurance termination process can be complicated, but is worth undertaking to save money in the long-run.
Is there an online calculator for mortgage insurance from a Hope Mills mortgage insurance company?
Yes! Residents of Hope Mills, NC have a great online resource for calculating mortgage insurance. Located at https://www.homedepot.com/mortgage-calculator/calculator/, the site allows users to easily and quickly calculate a variety of mortgage scenarios such as loan amount, closing costs, and origination costs. Additionally, users can take advantage of various other informational resources available on the page, such as current mortgage loan interest rates for the state of North Carolina. This calculator can help streamline the mortgage loan process for those in Hope Mills and throughout North Carolina.
What happens if I don't use mortgage insurance companies in Hope Mills?
If you don't get mortgage insurance in Hope Mills, NC, you may be limited in the types of loan you are eligible for, as lenders generally require some kind of insurance for certain loan types. Your loan may also have a higher interest rate. Additionally, without mortgage insurance, you will be responsible for any losses that the lender incurs if you are unable to make payments on the property. This could mean you must come up with cash to cover part or all of the balance on your loan.
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