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Compare over 20 top providers in Marquette, MI
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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
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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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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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.
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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 is important because it helps protect homeowners in Marquette, MI against financial losses if they default on their mortgage payments. It is especially important for Marquette homeowners since the median home value is much higher than the US median, which increases the risk of financial loss if the homeowner defaults on their mortgage payments. Additionally, mortgage insurance ensures that homeowners in Marquette have an additional layer of protection if their income would be disrupted due to an unexpected event. Mortgage insurance helps give Marquette homeowners peace of mind that their home will be protected in the event their mortgage payments cannot be made.
How can I reduce my Marquette mortgage insurance policy cost with a larger down payment?
Making a larger down payment on a mortgage loan in Marquette, MI can drastically reduce the amount of mortgage insurance you will have to pay. A larger down payment reduces the amount of debt you owe to the lender and the lender will be willing to offer lower mortgage insurance rates if they know that you have the means to make a larger down payment. Shopping around for the best rates is important to finding a good deal. Marquette has professional mortgage lenders that provide competitive rates and can help you find the right balance of a larger down payment with cheaper mortgage insurance.
What are the benefits of having a private mortgage insurance policy Marquette?
Private mortgage insurance (PMI) offers numerous benefits to both homebuyers and Marquette, MI lenders. PMI can help reduce monthly payments for buyers by allowing them to make a lower down payment, as little as 3-5%, when buying a home. PMI helps keep interest rates low by covering the lender's losses should the buyer default on the loan. PMI also helps protect buyers since it provides coverage for typical homeowner's insurance such as fire, theft, and liability.
Who is eligible for FHA mortgage insurance near Marquette?
In Marquette, Michigan, eligibility for FHA mortgage insurance depends on many factors including income, credit score, debt ratio, and the types of property you aim to purchase. Generally speaking, you must have a credit score of 580 or higher and have a minimum down payment of 3.5%. In addition, your income must fall below the median for your region and your debt-to-income ratio should be no more than 43%. You must also use the FHA mortgage to purchase a primary residence. Property types such as single-family homes and 2-4 unit homes are eligible.
How do Marquette mortgage insurance companies process USDA insurance?
USDA mortgage insurance works to help eligible homebuyers with moderate incomes purchase homes in areas such as Marquette, Michigan. USDA mortgage insurance guarantees the loan in case the borrower defaults; itβs a form of protection for lenders. Borrowers are required to pay an upfront fee and an annual fee to ensure the loan. USDA loans may have certain requirements, such as income limitations and must be used for a primary residence in order to qualify.
Veterans who have served at least 181 days in active duty or have had 90+ days on active duty during a wartime period and are a permanent resident of Marquette, MI, may be eligible for a VA loan. Additionally, spouses of veterans lost in action or who passed away from service-related disabilities may also qualify. To find out if you are eligible for a VA loan, we recommend you contact your local VA office or a mortgage lender in Marquette, MI, who specializes in VA loans.
What factors influence the cost of mortgage insurance in Marquette?
In Marquette, MI, the cost of mortgage insurance is largely determined by the specifics of the loan program or product, the creditworthiness of the borrower, the Loan-to-Value (LTV) ratio, the type and amount of insurance selected, and the number and amount of any other deductibles added to the loan. There are other factors as well, such as any applicable taxes or fees and the amount of "points" paid up front.
What are the requirements to cancel my Marquette mortgage insurance policy?
In Marquette, MI, the requirements to cancel your mortgage insurance vary depending on the type of mortgage you have as well as other circumstances, such as the amount of equity you have in the home. To qualify for a cancellation of mortgage insurance premiums (MIP), the guidelines generally require that you have a loan backed by FHA, have made all payments in a timely manner, and possess a certain percentage of equity in your property. It is important to contact the FHA mortgage lender directly to receive detailed instructions for cancellation.
Can my Marquette mortgage insurance company help me calculate my mortgage insurance cost?
Yes! Many lenders in Marquette, Michigan have experienced mortgage professionals who can help you calculate and understand your mortgage insurance. They have the expertise to assess your specific situation in order to determine the best mortgage solution for you. Moreover, they can draw on their local knowledge to uncover competitive deals available on the market. Contact local lenders in Marquette and get expert advice on how to find the most suitable mortgage insurance plan that fits your budget.
Are there alternatives to mortgage insurance companies in Marquette?
Absolutely! There are a variety of options for residents of Marquette, MI who are looking to purchase a home but don't want to take out mortgage insurance. For example, the Michigan State Housing Development Authority provides down payment assistance and mortgage credit certificates, which offer low-interest mortgage loans with down payment assistance. The Marquette Community Credit Union also offers competitive rates and no down payment, making it a great alternative for those looking to buy a home without mortgage insurance.
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