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Compare over 20 top providers in Miami Gardens, 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
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 Miami Gardens, FL works by protecting lenders in the case of a defaulted loan. If a borrower defaults on their loan, then the lender is protected by the mortgage insurance and is able to recover the costs of the loan. The borrower then pays for mortgage insurance to the provider which generally gives the lender peace of mind that they can retrieve their money from the loan. Generally, mortgage insurance is paid for with the monthly loan payments and in Miami Gardens can have an annual premium cost than varies depending on the loan amount, value of the home, and credit score of the borrower.
Does the cost of a Miami Gardens mortgage insurance policy depend on the size of my down payment?
The cost of mortgage insurance does depend on the size of your down payment, however, this may vary depending on location. For Miami Gardens, FL, it is generally recommended that you put down a minimum of 5-10% as a down payment when taking out a mortgage. By doing so it will not only lower the amount of mortgage insurance you will be paying, but it will also help strengthen the terms of your loan. If you put down less than 5%, you may end up having to pay for private mortgage insurance, which can increase your overall loan costs.
What is a private mortgage insurance policy Miami Gardens?
Private mortgage insurance (PMI) is an important risk mitigation tool for lenders in Miami Gardens, FL. PMI is usually required when borrowers purchase a home with a down payment of less than 20 percent of the purchase price. PMI provides a guarantee to lenders that the borrower will pay his or her mortgage, essentially protecting them from financial losses associated with a default. PMI may also be required if a borrower's debt-to-income ratio is too high or if the mortgage is an adjustable-rate mortgage.
How does FHA mortgage insurance near Miami Gardens work?
FHA mortgage insurance, offered by the US Department of Housing and Urban Development (HUD), is available to homebuyers in Miami Gardens, FL as part of an FHA mortgage. This insurance protects mortgage lenders from potential losses if a borrower defaults on their loan; this helps borrowers get access to competitive interest rates and lower down payment requirements. Borrowers must pay mortgage insurance premiums, which are calculated as a percentage of the loan amount this percentage is divided into annual payments. In addition, borrowers must also pay an Upfront Mortgage Insurance Premium (UFMIP) at closing.
Do Miami Gardens mortgage insurance companies offer USDA insurance?
The U.S. Department of Agriculture (USDA) offers a mortgage insurance program to help low-income families and individuals living in rural areas of Miami Gardens, FL, purchase or refinance a home. With a USDA loan, you can lower your monthly housing payment in addition to having no down payment requirement and closing costs that can be included with the mortgage. If you qualify for the program, you'll benefit from flexible credit requirements, competitive interest rates, and a lower up-front guarantee fee.
The VA funding fee in Miami Gardens, FL is based on the amount of the loan and the loan type. For example, a first-time homebuyer who takes out a VA loan in Miami Gardens typically pays 2.3 percent of the loan amount in a one-time fee. Other examples include those who have previously used their VA loan eligibility and receive down payments of 5 percent or more and a one-time fee of 3.6 percent. The VA funding fee can also be waived or reduced in certain situations, such as if you are receiving VA disability compensation.
Can I negotiate the cost of my mortgage insurance in Miami Gardens?
Absolutely, you can negotiate the cost of your mortgage insurance in Miami Gardens, FL! Shop around and compare different policies to find the best coverage for you. Get a quote from multiple providers, and use those to start your negotiations. It may also be beneficial to look up current average cost of mortgage insurance in Miami Gardens and use it as the basis of comparison when you negotiate prices. Keep in mind that premiums for mortgage insurance are based on various factors such as location, property type, loan amount, loan size, and other things.
What process do I need to follow to cancel my Miami Gardens mortgage insurance policy?
To cancel your mortgage insurance in Miami Gardens, FL, you must contact your mortgage lender and request to have it removed. The process usually requires that the value of the home be reassessed, and that the amount of money you owe matches the current value of the house. This can be a lengthy process, so make sure to contact your lender well in advance if you plan to cancel your mortgage insurance. Additionally, when evaluating the value of the home it is important to involve a qualified professional, and to double-check all documentation.
Is the mortgage insurance calculation method the same for every Miami Gardens mortgage insurance company?
The answer in the Miami Gardens, Florida area is generally, no. Mortgage insurance calculation methods can vary significantly between lenders, though most lenders use a combination of factors to determine the amount of mortgage insurance that is appropriate for a given loan. These factors include the size of the loan, your credit score, the loan-to-value ratio, and even the type of loan. In addition, given the various types of real estate regulations in Miami Gardens, each lender may have different methods for applying state and local regulations and mortgage insurance calculations.
Who is required to use mortgage insurance companies in Miami Gardens?
In Miami Gardens, FL, any homeowner looking to purchase a residence with less than 20% of the purchase price as a down payment must obtain mortgage insurance. The cost of the insurance will be determined by the size of the loan and the type of mortgage that is being taken out. Depending on the lender you choose, you may need to meet certain eligibility requirements to be approved before mortgage insurance is completed.
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