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Compare over 20 top providers in Lihue, HI
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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
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 in Lihue, HI, is designed to cover the cost of foreclosure if a borrower defaults on their mortgage loan. It also reduces the risk to the lender, meaning they can offer loans to people with less than perfect credit. This type of insurance is typically taken out at the time the loan is secured and often requires the borrower to pay a one-time fee up front or pay an ongoing fee as part of their monthly mortgage payments. Generally, the lender will require a minimum amount of mortgage insurance, though borrowers can often choose an amount above the minimum requirement if they wish.
Can I avoid a Lihue mortgage insurance policy with a larger down payment?
A larger down payment can greatly reduce mortgage insurance in the Lihue, HI area. Generally, if you are purchasing a home and plan to live in it yourself, a down payment of 20% of the home's value or more will help you avoid paying mortgage insurance. This could be an excellent way to reduce your overall mortgage costs and keep your budget on track. If you are unable to pay 20%, make sure to explore all the loan options available to see if there is a program available that requires less of a down payment and yet still offers the same level of mortgage protection.
What are the benefits of having a private mortgage insurance policy Lihue?
Private mortgage insurance (PMI) can be incredibly beneficial for homeowners in Lihue, HI. PMI can help reduce loan-to-value ratios to qualify for a lender’s desired loan amount, meaning more home can be purchased with lower down payment. PMI can also increase the purchasing power of a homebuyer. By not having to pay the 20% down payment right away, a buyer can use those savings for closing costs or furniture. PMI also keeps a down payment from increasing the amount of debt a homeowner has.
What are the drawbacks of FHA mortgage insurance near Lihue?
In Lihue, HI, one of the main drawbacks of an FHA mortgage insurance loan is the cost. The MIP (Mortgage Insurance Premium) charged by the Federal Housing Administration (FHA) can be more expensive than the PMI (Private Mortgage Insurance) typically required for conventional loan programs. FHA loans also require the homeowner to pay an annual fee which can lead to an increase in monthly payments over the course of the loan. Additionally, FHA loans generally require a minimum credit score of 580, which can be difficult for some borrowers to achieve.
Do Lihue mortgage insurance companies offer USDA insurance?
USDA mortgage insurance is an effective financial resource for those interested in purchasing a house in Lihue, HI. It is a loan from the US Department of Agriculture that offers Lihue homeowners an affordable mortgage option with no down payment required. USDA mortgage insurance protects the lender by allowing them to recover from any losses incurred in the event of a loan default. The insurance also helps to keep house payments fair and affordable for Lihue homeowners by offering a low-interest rate on a mortgage.
The VA funding fee is a cost charged to veterans and military service members for a VA-insured loan. In Lihue, HI, the VA funding fee is typically 2.3% of the loan amount for first-time users of the VA loan program, and 3.6% for subsequent users. The funding fee can be financed but the veteran can also make a one-time payment to reduce the principal of the loan amount and reduce the total cost.
Are there discounts available for mortgage insurance in Lihue?
Yes, discounts are available for mortgage insurance in Lihue, HI. Depending on the location and type of property, customers may be eligible for discounted rates. It is advisable to speak with a qualified mortgage insurance provider to find out which discounts are available and if the customer qualifies for reductions in their insurance premium. Additionally, a customer should always review the policy options carefully and choose the one that best fits their specific needs. It should be noted that some discounts require certain terms and conditions in order to qualify.
What are the requirements to cancel my Lihue mortgage insurance policy?
In Lihue, HI, borrowers must typically have at least 20% equity in the home before their mortgage insurance can be cancelled. This makes it important to stay current on all payments, as failing to do so can prevent a borrower from acquiring the equity needed to remove their mortgage insurance. Additionally, the home must be occupied and the loan must be in good standing to qualify for mortgage insurance cancellation. Finally, it is important to consider timing when planning to cancel your mortgage insurance; some loans may contain a clause stating that the insurance is only cancellable on a yearly anniversary of the loan.
Is the mortgage insurance calculation method the same for every Lihue mortgage insurance company?
No, the exact mortgage insurance calculation method is not the same for all lenders, especially in Lihue, HI. Factors such as property location, total loan amount, loan-to-value ratio, and credit score can all impact the amount of mortgage insurance you are required to pay. Different lenders may have different formulas that affect how the insurance is calculated. Be sure to shop around to try and find the lowest rate, and ask questions to better understand the process. Your lender in Lihue should be able to provide specific information and answer any questions about the mortgage insurance calculation process.
What happens if I don't use mortgage insurance companies in Lihue?
If you are not able to get mortgage insurance in Lihue, HI, it is important to know that having adequate protection for your home is essential in this area. Without mortgage insurance, you are taking the risk that if something unexpected were to occur, like a natural disaster, you could end up owing far more for your home than you can afford. This can lead to the lender foreclosing on your home. Furthermore, depending upon the specific mortgage loan, not having mortgage insurance could make it harder to qualify for a loan or increase your monthly payments.
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