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Compare over 20 top providers in Lithia Springs, GA
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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 helps protect mortgage lenders in the event that a homeowner in Lithia Springs, GA defaults on their loan. This type of insurance, which was created during the Great Depression, pays off part of or all of the outstanding debt if the homeowner fails to make their payments. Mortgage insurance ensures that lenders don’t lose their money on bad investments and, in some cases, can make it easier for borrowers in Lithia Springs to qualify for a home loan due to the reduced risk for lenders. Mortgage insurance also enables borrowers to purchase a home more quickly by lowering their initial down payment.
How can I reduce my Lithia Springs mortgage insurance policy cost with a larger down payment?
Making a larger down payment can provide a great way to reduce mortgage insurance costs in Lithia Springs, GA. By decreasing the amount borrowed, you reduce the lender’s risk and, in turn, they offer a lower mortgage insurance premium. An additional benefit is that, the larger the down payment, the lower the interest rate your lender may offer you. Ultimately, making a larger down payment means less money out of pocket during the loan period, and this could significantly reduce your monthly payments.
Do I need a private mortgage insurance policy Lithia Springs?
In Lithia Springs, GA, whether or not you need private mortgage insurance depends on the type of home loan you have and the amount of down payment you put down. Generally speaking, if you took out a conventional loan with less than 20% down, you will likely need to pay for private mortgage insurance. Government-backed loans, including FHA loans, will also require PMI if the down payment is less than 20%. To find out more specifics, you should speak with your lender to determine if private mortgage insurance is something you should consider.
Who is eligible for FHA mortgage insurance near Lithia Springs?
In Lithia Springs, GA, anyone who meets the federal qualifications to purchase a home through an FHA mortgage and is able to make the down payment and closing costs is eligible for FHA mortgage insurance. FHA loans are designed to serve as a resource for lowto moderate-income families who may not meet traditional mortgage lending criteria; however, borrowers must still maintain a good credit rating and have the financial means to make the mortgage payments plus taxes and insurance costs over the life of the loan.
Who is eligible for USDA insurance from Lithia Springs mortgage insurance companies?
Anyone who meets the income limits for Lithia Springs, GA may be eligible for a USDA mortgage insurance loan. Typically, the loan guarantee is only available to applicants whose adjusted gross income does not exceed 115% of the median income for the area. Additionally, applicants must be unable to secure credit from another conventional source and must not have owned a home within the last 3 years.
The VA funding fee is a one-time-only fee that can be financed into the loan amount for veterans purchasing a home in Lithia Springs, GA. This fee is charged to any borrower utilizing a VA loan and is a percentage of the loan amount that goes to the Department of Veteran Affairs. This fee helps to insure the loan and ensure that the VA loan program remains viable in the future. The percentage of the fee will vary depending on the loan amount and type. For the purchase of a single-family residence in Lithia Springs, the fund fee is typically 2.3%.
What can I do to lower the cost of my mortgage insurance in Lithia Springs?
To lower the cost of your mortgage insurance in Lithia Springs, GA, you may be able to take advantage of some tax incentives. Consider increasing the amount of your loan's down payment, as this can reduce the overall cost of the mortgage insurance over the long-term. Refinancing your mortgage at a lower rate could also help reduce the insurance cost. In addition, consider taking out a single-payment mortgage insurance policy, which allows you to pay all of your premium at once while also providing coverage throughout the life of your mortgage.
Can I cancel my Lithia Springs mortgage insurance policy early?
In Lithia Springs, GA, you have the option to attempt to cancel your mortgage insurance early. Depending on the insurer for your mortgage, you may qualify to cancel the coverage if you have reached a certain amount of home equity or if your loan-to-value ratio has fallen below the requirement. It's important to note that there are no guarantees that you can get your mortgage insurance canceled, but that you can always look into this possibility. Generally, there is no penalty for trying to pre-pay mortgage insurance early, so it's always worth looking into what options are available to you.
Is there an online calculator for mortgage insurance from a Lithia Springs mortgage insurance company?
Yes, there is an online calculator for mortgage insurance that is relevant for Lithia Springs, GA. Providing an estimate of the total cost of loan insurance, this calculator can be used to help you determine what costs to plan for when considering a mortgage on a property in Lithia Springs. This calculator takes into account the upfront mortgage insurance premium (UFMIP) and the annual mortgage insurance premiums (MIP). Keep in mind that in addition to the mortgage insurance cost, you may also need to pay other expenses related to your loan, such as closing costs, appraisal fees, and inspection fees.
Do I need mortgage insurance companies in Lithia Springs?
Whether or not you need mortgage insurance in Lithia Springs, GA, depends on the type of loan you are taking out. FHA loans require mortgage insurance even if you are making a large down payment. If you are taking out a conventional loan, mortgage insurance is typically required for a down payment of less than 20%. Discussing your needs with a knowledgeable mortgage lender in Lithia Springs is important so they can provide you with information specific to your situation and what mortgage insurance options are available for you.
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