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Compare over 20 top providers in Midland, 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
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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...
Shopping for the right mortgage insurance policy in Midland, TX can be tricky. To help you with the process, it's important to assess your particular needs and consult with an area professional to ensure you choose the right coverage for your situation. A few key questions to ask yourself include: What type of mortgage loan do you have? What are your current financial resources? How long do you plan to live in the home? Answering these questions can help you determine the amount of coverage you should select, and if there are any special rider or add-on features that are worth considering.
How can I reduce my Midland mortgage insurance policy cost with a larger down payment?
Making a larger down payment is one of the best ways to reduce your mortgage insurance costs in Midland, TX. A higher down payment amount will help minimize the amount of money you need to borrow, resulting in a decrease to your overall mortgage payments. Furthermore, you may also be eligible for a lower interest rate if your down payment is higher than 20%. By doing this, you can ultimately reduce the amount of money paid for mortgage insurance over the lifetime of the loan.
Who is eligible for a private mortgage insurance policy Midland?
In Midland, TX, anybody who is looking to buy a private home and has less than a 20% down payment is eligible for Private Mortgage Insurance (PMI). Those with sufficient down payments (20% or more) do not need PMI since lenders do not require this. By having PMI, you can purchase a home without having to worry about the traditional large down payment. To determine eligibility, lenders look at homebuyers' credit history, income and debt load.
What is FHA mortgage insurance near Midland?
FHA mortgage insurance is an insurance policy purchased by those utilizing an FHA loan in Midland, TX. FHA mortgage insurance protects lenders in case you are unable to make your mortgage payments. It is part of the Federal Housing Administration's (FHA) mortgage programs, designed to make homeownership more accessible and affordable. The insurance allows borrowers to make a lower down payment and higher debt-to-income ratio than is typically required for conventional loans.
Who is eligible for USDA insurance from Midland mortgage insurance companies?
In Midland, TX, anyone who meets the income requirement for the USDA home loan program is eligible for mortgage insurance from the USDA. The income requirement to obtain a USDA loan in Midland is generally an income of 80% or less of the median household income in the area. Additionally, the borrower must purchase a primary residence in a USDA-eligible area of Midland and have minimal credit and debt obligations. If the borrower meets all criteria, they are then eligible for mortgage insurance. As a reminder, the USDA also requires a downpayment of at least 3%.
In Midland, Texas, anyone who has served in the U.S. armed forces, reserves, or selected reserves for a minimum of 90 days during wartime or 181 days during peacetime is eligible for a VA loan. In addition, current active duty service members and their spouses are eligible. VA loans are a great benefit for Midland veterans and a great way to finance a home purchase or refinance a mortgage loan.
What factors influence the cost of mortgage insurance in Midland?
In Midland, TX, the cost of mortgage insurance is largely influenced by the loan type, down payment size, the amount of coverage, and the borrower's credit score. Lenders typically look at these factors to determine the loan-to-value ratio, which helps them determine what the associated mortgage insurance should cost. Even in the same area, such as Midland, costs can drastically vary depending on each of these criteria. Some loans, for example, might require a full wrap around mortgage insurance depending on the loan-to-value ratio, which will add additional cost to the loan.
Can I cancel my Midland mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Midland, TX. Lenders in Texas are required to accept cancellation of mortgage insurance when the borrower has reached 20% equity in the home according to the Homeowners Protection Act. That means, if you pay enough extra toward your principal to reduce the loan amount to 80% or below of the original appraised value, the mortgage insurance may be cancelled. Homeowners in Midland may consult their lenders for more information regarding mortgage insurance cancellation, since terms and conditions may vary between lenders.
Is there an online calculator for mortgage insurance from a Midland mortgage insurance company?
Yes, there is an online calculator available for mortgage insurance in Midland, TX. At Midland Mortgage Corporation we offer a free, user-friendly tool that allows you to quickly and accurately determine the amount of mortgage insurance you'll need. This calculator takes into account factors like your specific loan, the type of mortgage loan youβre applying for, the amortization period, and more. This calculator can help you make more informed decisions and provides immediate results that you can use to make the most of your money.
Do I need mortgage insurance companies in Midland?
Whether or not you need mortgage insurance depends on where you are buying a home. In Midland, TX, some mortgage lenders may require that you purchase private mortgage insurance (PMI) if you have less than 20% equity in your home. Buying PMI will help protect the lender in the event that you default on your loan. PMI is usually required if you have a conventional loan but may not be required for other loan types. Additionally, PMI can add to your monthly payments and those costs must be considered as part of your overall budget.
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