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Compare over 20 top providers in Kings Park, NY
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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.
"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...
In Kings Park, NY, there are three main types of mortgage insurance: Private Mortgage Insurance (PMI), the Federal Housing Authority (FHA) mortgage insurance program, and the US Department of Veterans Affairs (VA) mortgage insurance program. PMI is typically added to a loan when a borrower is unable to make a 20% down payment. FHA mortgage insurance provides lenders with protection against losses resulting from loans that default while also helping borrowers qualify for lower down payments.
Does the cost of a Kings Park mortgage insurance policy depend on the size of my down payment?
Yes, in Kings Park, NY, the cost of a mortgage insurance plan may depend on the size of your down payment. Generally, the larger the down payment, the lower the mortgage insurance premium you can expect. This can vary depending on the specific lender you work with, so it’s important to shop around and get an understanding of the terms your lender can provide. Be sure to ask about discounts for larger down payments, too. Other factors such as your credit score and loan type can impact the cost of your mortgage insurance as well.
Who is eligible for a private mortgage insurance policy Kings Park?
In Kings Park, NY, the eligibility requirements for private mortgage insurance will typically depend on the age, type, and condition of the house, as well as the loan applicant's credit score, income, debt, and any existing savings or investments. Generally speaking, individuals who are over 18 years of age with a qualifying credit score, sufficient income to maintain mortgage payments and expenses, and evidence of a down payment of at least 20 percent of the home's value are eligible for private mortgage insurance.
What is FHA mortgage insurance near Kings Park?
FHA mortgage insurance is a type of mortgage insurance offered through the Federal Housing Administration (FHA) which helps provide protection to mortgage lenders in the event of a borrower defaulting on their loan. In Kings Park, NY, borrowers of FHA loans can take advantage of this insurance as part of their overall loan package. FHA mortgage insurance is especially advantageous for potential home buyers who may not have enough money saved to make a large down payment on a home and who might have trouble obtaining a conventional loan as a result.
Who is eligible for USDA insurance from Kings Park mortgage insurance companies?
All residents of Kings Park, NY who meet USDA's income eligibility requirements are eligible for USDA mortgage insurance. USDA’s maximum household income limits for Kings Park depend upon the size of the family unit. The minimum credit score of 640 is required to get qualified. Furthermore, applicants must prove that they can manage the monthly mortgage payments and have a valid Social Security Number. Applicants must meet the standard criteria such as income limitations, debt-to-income ratio, mortgage payment history, and credit score requirements and must meet the acceptable criteria such as residency and the purpose of the loan.
In Kings Park, New York, veterans and active-duty service members are eligible for a VA loan. Other eligible individuals include members of the National Guard and reservists, surviving spouses, and individuals who have switched from a non-reserve to a reserve status. Generally, applicants must have served at least 90 days of active service during wartime or 181 days during peacetime. VA loans additionally require that applicants be in “satisfactory condition," have a good credit score, and have a steady and verifiable income that demonstrates their ability to repay the loan.
Are there discounts available for mortgage insurance in Kings Park?
Customers in Kings Park, NY can save on their mortgage insurance through a variety of discounts offered by their mortgage insurer. Discounts may be limited to specific types of mortgages such as conventional or those with mortgage interest rates below a certain threshold. Special discounts may apply if you're purchasing a home in a rural area or are a first-time homebuyer. Certain lenders may also be eligible for additional discounts. Check with your lender for the specific eligibility details.
Can I cancel my Kings Park mortgage insurance policy early?
In Kings Park, NY, you may be able to cancel your mortgage insurance early, depending on when you purchased your home, the type of loan you have, and when you were required to obtain mortgage insurance. Prior to July, 1999, lenders often required you to have mortgage insurance with FHA loans and VA loans, regardless of when you obtained the loan. However, after this date, the rules changed to allow you to cancel your mortgage insurance when you reach twenty percent equity in your home by either making additional payments or refinancing.
Is there an online calculator for mortgage insurance from a Kings Park mortgage insurance company?
Yes, there is an online calculator for mortgage insurance available in Kings Park, NY. For your convenience, this helpful tool can be accessed easily and quickly from any device. You can use the calculator to determine the mortgage insurance premium and estimated mortgage payments based on your home price, the loan terms and other factors. After you input all your information, the calculator will generate an estimate of your mortgage insurance premium and payment amount. These estimations can give you a better idea of whether you can afford a home loan in Kings Park, allowing you to make more informed decisions about your finances.
Do I need mortgage insurance companies in Kings Park?
Mortgage insurance is an important consideration when purchasing a home in Kings Park, NY. Generally, you will need to purchase mortgage insurance if you don't have at least 20% down payment when obtaining a loan. With mortgage insurance, if you default on your loan, the insurance company will cover the remaining payments, allowing you to avoid foreclosure or loan default. It's important to weigh the pros and cons carefully when deciding whether or not to purchase mortgage insurance. Mortgage insurance can offer added protection, but it can also be very expensive.
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