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Compare over 20 top providers in Merritt Island, FL
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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
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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 Merritt Island, FL serves as an added layer of protection for lenders against losses in the event of a foreclosure. It works by having homebuyers pay an initial premium to obtain insurance coverage, which pays out to the lender if the mortgage is not repaid. This insurance is used by lenders to help reduce the risk of lending to homebuyers, which can make lenders more likely to approve your loan. Mortgage insurance in Merritt Island protects lenders so that they can be more flexible with financing options while keeping the cost of borrowing for homebuyers low.
What is the minimum down payment to avoid a Merritt Island mortgage insurance policy?
The minimum down payment required to avoid mortgage insurance in Merritt Island, FL varies depending on the type of mortgage you choose, but generally a minimum of 20% is required. However, some other loan types can be had with as little as 5% down. For example, an FHA, VA, or USDA loan can be had with just 5% down, although they will require private mortgage insurance. Ultimately, it's important to discuss your options with a qualified mortgage professional in order to determine the best loan for your situation.
What is a private mortgage insurance policy Merritt Island?
Private mortgage insurance (PMI) is a policy that protects lenders from borrowers who default on their home loans. In Merritt Island, FL, homeowners would generally need PMI if they don't have a sufficient down payment of at least 20%. Rather than the borrower paying the cost of the insurance, the lender pays the premium and passes the cost to the borrower through a private mortgage insurance premium added to the mortgage loan payments. PMI can help homeowners who don't traditionally qualify for a home loan, like those with low credit scores or limited funds, to become homeowners.
What are the benefits of FHA mortgage insurance near Merritt Island?
FHA mortgage insurance offers many benefits for Merritt Island, FL residents. It allows eligible borrowers to put as little as 3.5% down for their purchase, giving them more of an opportunity to purchase a home of their dreams. This type of loan also allows for more lenient credit qualifications than standard loans, making it easier for applicants with lower credit scores to obtain financing. Additionally, borrowers can receive gift funds for their down payment and closing costs, reducing the amount of out-of-pocket expenses and improving their ability to buy a home.
Who is eligible for USDA insurance from Merritt Island mortgage insurance companies?
In Merritt Island, FL, USDA mortgage insurance may be available for both first-time and existing homeowners who meet certain requirements. To be eligible for USDA mortgage insurance, applicants must meet income eligibility requirements, have an acceptable credit score, and be unable to obtain an affordable conventional loan or government-insured loan. Additionally, applicants must have not owned a home within the last three years or have a total income that’s below the area median. If you are not sure if you meet the criteria, contact your lender to learn more.
VA loans offer a number of benefits to veterans and service members living in Merritt Island, FL, including no down payment requirements, lower interest rates, and the ability to finance closing costs. Additionally, there is no mortgage insurance requirement and borrowers can often get a better deal from lenders than with conventional loans. VA loans also don’t require a minimum credit score, so even borrowers with weak credit scores often receive financing for their home purchases. Finally, VA loans are assumable, meaning that if you want to sell your house, the new buyer can simply assume your existing loan.
Can I negotiate the cost of my mortgage insurance in Merritt Island?
Absolutely! Mortgage insurance costs can vary, so it pays to shop around. In Merritt Island, FL, there are a variety of options to explore when it comes to finding the right policy. Some lenders offer incentives, such as lower premiums or discounts for borrowers with good credit. Others may offer customized coverage that can be tailored to your needs. Additionally, local community banks sometimes have more favorable terms when it comes to negotiation. Be sure to compare listings for the best deal. Educating yourself on the current market and doing your research can also help you save money.
When does a Merritt Island mortgage insurance policy go away?
In Merritt Island, FL, mortgage insurance typically goes away once you have paid your loan for more than 80% of the property's value and can demonstrate that you have sufficient financial resources to support the loan. For example, if you purchased a house for $200,000 and paid the loan down to $160,000, the mortgage insurance would likely be removed. Furthermore, an appraiser may be asked to provide a "no deficiencies" report of the property in order for the lender to forego mortgage insurance. Once this report is obtained, the mortgage insurance can then be terminated.
Can my Merritt Island mortgage insurance company help me calculate my mortgage insurance cost?
Yes mortgage insurance calculators can be found on many of the lender websites in Merritt Island, FL. Utilizing these online tools, borrowers can survey several options to help determine the best mortgage insurance option for them. Additionally, aMerrit Island lender can provide detailed assistance and in-depth guidance to help borrowers make the best financial decisions when it comes to their mortgage insurance. Experienced agents in the area are available to walk through each step of the mortgage insurance process, ensuring that the borrower understands all options available and the associated costs.
Are there alternatives to mortgage insurance companies in Merritt Island?
Yes, there are alternatives to mortgage insurance for Merritt Island, FL residents. A great option is private mortgage insurance, which is slightly different than traditional mortgage insurance as it is purchased from a private insurer. Another great option is lender-paid mortgage insurance, which allows buyers to purchase a home without having to pay upfront for the insurance. Lastly, veterans can benefit from a VA loan, which requires no mortgage insurance and provides competitive terms and interest rates.
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