Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Hopewell, VA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Hopewell, VA policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
Our team tailors policies to your unique needs, meaning optimal coverage at competitive rates.
"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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
Step 1
Tell us about yourself.
Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
Compare rates & plans with a pro.
Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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.
Get started in less than 5 minutes.
With PolicyHub getting started is easy. Compare all the rates from all the providers. Get started in under 5 minutes.
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.
Save time and get the best policy with the cheapest rates. Guaranteed.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 Hopewell, Virginia, mortgage insurance is a type of insurance policy that provides lenders with protection in the event a borrower defaults on their mortgage loan. It typically comes in the form of private mortgage insurance and is paid by the borrower as part of their monthly payments. It helps the lender to cover losses due to default, thus reducing their risk when it comes to lending money. The benefits of this type of insurance are that it makes obtaining a mortgage more attainable for prospective homebuyers who would otherwise not be able to get a loan, and it can also lower the risk of foreclosure.
What is the minimum down payment to avoid a Hopewell mortgage insurance policy?
In Hopewell, VA, the minimum down payment you need to make on a mortgage loan to avoid private mortgage insurance (PMI) is 20%. PMI gives lenders protection in case you fail to make payments on your loan, and is typically required if you take on a loan for more than 80% of the value of the home. However, you can avoid paying PMI by making a larger down payment. Doing this can lower your monthly payments and help save you money in the long run.
Who is eligible for a private mortgage insurance policy Hopewell?
In Hopewell, Virginia, most borrowers who meet the requirements from private mortgage insurance companies are eligible for private mortgage insurance. Generally, this includes borrowers with a loan-to-value ratio of more than 78%. Additionally, private mortgage insurance companies usually consider the credit scores of the borrowers, seeking a score of at least 500. Furthermore, some companies have requirements for income and job stability. In most cases, the borrower also needs to provide Private Mortgage Insurance to the lender as a type of security on the loan. All of these qualification criteria help protect the lender from the risk of default.
Who is eligible for FHA mortgage insurance near Hopewell?
Those looking for an FHA mortgage in Hopewell, VA may qualify if they meet certain criteria. Generally, to be eligible for this type of insurance, borrowers need to have a steady income and demonstrated responsibility for past debts. Additionally, they must have a valid Social Security Number or Individual Tax Identification Number and a reasonable credit score. FHA insurance is especially beneficial for first-time buyers, as credit and down payment requirements are often more lenient. Moreover, eligible applicants may qualify for an FHA mortgage even if they have owned a home before.
How do Hopewell mortgage insurance companies process USDA insurance?
USDA mortgages are one of the few remaining 100% financing options available for homebuyers in Hopewell, VA. With this type of mortgage, the USDA provides mortgage insurance so that borrowers who meet certain qualifications can buy a home with no down payment. This backing from the USDA protects the lender in the case of default, ensuring it will be able to collect on the loan. The prevention of high down payments also allows homebuyers in Hopewell, VA to purchase a home with minimal financial sacrifice, potentially even becoming homeowners rather than renters.
The VA funding fee in Hopewell, VA is calculated based on the type of loan you are getting (e.g. purchase, construction, or refinance) and varies by the borrower's military service classification (regular military, Reservist/National Guard, or surviving spouse of a veteran). For example, the funding fee for a regular military veteran getting a VA purchase loan is 2.3%, or 2.15% for a first-time use. The funding fee may be paid in cash, but can also be added to the loan amount.
What factors influence the cost of mortgage insurance in Hopewell?
In Hopewell, VA, some of the factors that can influence the cost of mortgage insurance include the size of the mortgage loan, the loan-to-value ratio, the borrower's credit score, the type of mortgage insurance, and the borrower's debt-to-income ratio. The size of the loan impacts the mortgage insurance premiums, as larger loans typically incur higher premiums. The loan-to-value ratio and the borrower's credit score also have an effect on the cost of mortgage insurance.
What are the requirements to cancel my Hopewell mortgage insurance policy?
In Hopewell, VA, the requirements to cancel your mortgage insurance depend on the type of loan, the specific lender, and the current market value of the house. For conventional loans originated after 2006, the PMI may be canceled automatically once the loan-to-value ratio drops below 78%, and you must have had the loan for more than 5 years. For FHA-insured loans, you may be able to eliminate the mortgage insurance after 11 years and when the loan-to-value ratio has dropped below 78%.
Can my Hopewell mortgage insurance company help me calculate my mortgage insurance cost?
Absolutely! Residents of Hopewell, VA have access to a variety of lenders who specialize in mortgage insurance assistance. These lenders can help demystify the complexities of the mortgage loan process and advise prospective buyers on how to calculate mortgage insurance based on factors such as income and credit score. In addition, they can offer guidance on the best options for insurance plans that meet their individual needs. Make sure to take advantage of the local expertise that can be found in Hopewell, VA when exploring your mortgage insurance options.
Who is required to use mortgage insurance companies in Hopewell?
In Hopewell, VA, mortgage insurance is often required for any loan-to-value ratio exceeding 80%. This means that anyone seeking a home loan for a residence that is worth more than 80% of their loan amount would be required to purchase mortgage insurance. This insurance is typically designed to provide financial protection against any losses incurred by lenders should the borrower default on their loan.
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved