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Compare over 20 top providers in Lubbock, TX
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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
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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...
Choosing the right mortgage insurance policy in Lubbock, TX can be a daunting task. It's important to explore the different insurance options available and to closely evaluate your finances and your financial future to determine what best fits your needs. A great place to start is by researching online and talking to lenders, real estate agents, and insurance providers in the area. Comparing policies, asking questions and doing due diligence when it comes to selecting the right policy can help ensure you pick the best policy to meet your individual needs in Lubbock, TX.
How does a larger down payment affect my Lubbock mortgage insurance policy cost?
A larger down payment in Lubbock, TX can affect your mortgage insurance cost based on the amount you're paying in terms of the total home value. Generally, a larger down payment means less financial risk and less insurance cost to the lender. The greater the down payment, the lower the insurance cost, since the more you are able to put down upfront, the less you will need to finance. Ultimately, this can reduce your monthly mortgage payments in the long run and help you to save money overall.
What are the drawbacks of a private mortgage insurance policy Lubbock?
In Lubbock, TX, one of the drawbacks of having private mortgage insurance is that it can be expensive. While PMI can help borrowers secure a loan for a larger home compared to what they could get without PMI, the extra costs associated with having PMI can make it difficult to cover other expenses. Additionally, unlike some other forms of insurance, PMI does not cover any damage to a home; rather, PMI just protects the lender in case of default.
Who is eligible for FHA mortgage insurance near Lubbock?
In Lubbock, Texas, anyone meeting the Federal Housing Administration's (FHA) borrower qualifications may be eligible for an FHA loan backed by mortgage insurance. These qualifications generally include having a steady job, good credit score, and proof of income from the past two years. You must also be able to provide a down payment of at least 3.5 percent of the purchase price. Additionally, FHA requires that any property purchased with an FHA loan meet certain lender requirements for safety and soundness standards. Individuals meeting these requirements may be eligible for FHA mortgage insurance.
Do Lubbock mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Lubbock, TX helps low-income buyers purchase a home without any down payment. This program is administered by the United States Department of Agriculture through Rural Development. It's available to those purchasing a home in an eligible rural neighborhood or those who meet certain income requirements. Qualified buyers may be eligible for a 30-year fixed rate mortgage plus a one-time guarantee fee paid to the USDA. This fee covers the lender in the event of a loan default. It's important to note that USDA mortgage insurance isn't required in order to qualify for a loan.
The VA funding fee is a percentage of the total loan that is paid to the Department of Veterans Affairs (VA) for loans issued under the VA Home Loan Program. For most borrowers in Lubbock, TX, the standard VA loan funding fee is 2.3% of the loan amount for first-time use of the program and 3.6% for subsequent use. For borrowers who qualify as veterans with a service-connected disability, the funding fee can be reduced to 1.5% or waived, depending on the loan type and the type of disability.
What factors influence the cost of mortgage insurance in Lubbock?
In Lubbock, TX and across the United States, the cost of mortgage insurance is largely determined by factors such as the value of your home, the amount of your down payment, the loan-to-value ratio, the type of loan you take out, and the location of your property. On top of that, the coverage and policy options you select can also impact the cost of the insurance. Finally, your credit score plays a major role in determining the cost of your mortgage insurance since it is used to assess your overall risk as a borrower.
What are the requirements to cancel my Lubbock mortgage insurance policy?
To cancel your mortgage insurance in Lubbock, TX, the homeowner must have paid off at least 20%-22% of the original loan balance. The loan must also be a conforming jumbo loan and be at least five years old. Additionally, the homeowner must not have been late on a mortgage payment in the past 12 months, and the loan cannot exceed current market value and appraised value of the property. Proof of the updated appraisal and loan balance must also be provided to the lending institution in order to successfully cancel the mortgage insurance.
Is the mortgage insurance calculation method the same for every Lubbock mortgage insurance company?
While the fundamental mortgage insurance calculation method is generally the same throughout the U.S., there may be certain differences between lenders in Lubbock, TX due to local regulations and policies. It is best to check with a local lender to see if there are any differences before making a commitment. This will ensure that you're getting the best deal possible for your unique situation. Regardless of the lender, you should always consult a financial expert to make sure you understand all the ins and outs of your mortgage insurance and what it will cover.
Can I opt out of services from mortgage insurance companies in Lubbock?
In Lubbock, TX, mortgage insurance can be optional depending on certain loan criteria. If you are taking out a loan for more than 80% of the property value, the lender may require you to take mortgage insurance. However, some lenders will allow you to opt out of it if you are putting at least 20%-25% down payment. In addition, if you have sufficient cash reserves or a high credit score, you may be able to negotiate with your lender to opt-out.
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