Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Mokena, IL
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Mokena, IL policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
Step 1
Tell us about yourself.
Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
Compare rates & plans with a pro.
Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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.
Get started in less than 5 minutes.
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.
Save time and get the best policy with the cheapest rates. Guaranteed.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 Mokena, IL is an important financial tool designed to protect the borrower from financial hardship in the event of sudden job loss, disability, or death. It provides peace of mind of a loan payoff in the event of a tragedy and can help secure a low interest rate. At its most basic level, mortgage insurance is paid for by the borrower in the form of a one-time payment or ongoing premiums on top of the existing monthly mortgage payment. The amount of mortgage insurance depends on the borrower's credit score and the loan-to-value (LTV) ratio.
Can I avoid a Mokena mortgage insurance policy with a larger down payment?
Yes, you can generally avoid paying mortgage insurance in Mokena, IL with a larger down payment. The lower the loan-to-value ratio, the less mortgage insurance you are likely to pay. While there are other factors that can affect your need for mortgage insurance such as your credit score and the terms of the loan, you could potentially keep your loan-to-value ratio low enough to avoid mortgage insurance by making a larger down payment. This can put you in the best possible position to secure a loan with reduced or no mortgage insurance.
What is a private mortgage insurance policy Mokena?
Private mortgage insurance (PMI) is an insurance policy that provides additional protection to lenders issuing mortgage loans in Mokena, IL. PMI protects lenders from the risk of borrower default by reimbursing them for up to a portion of the unpaid loan balance should the borrower default. PMI is purchased as a percentage of the home's purchase price and insurance premiums are typically paid monthly in addition to the mortgage payments. Though the lender will require PMI if the down payment is less than 20%, PMI may also be required for loans with larger down payments if other loan criteria is not met.
What is FHA mortgage insurance near Mokena?
FHA mortgage insurance is an insurance policy designed to help borrowers who may not have the necessary funds for a conventional downpayment. FHA requires a premium to be paid for all loans with insurance which helps reduce the risk for lenders. In Mokena, IL, this insurance helps cover expenses for lenders in the event of foreclosures and gives lenders the confidence to provide low-deposit loans to borrowers who may not otherwise be able to purchase a house. Additionally, FHA mortgage insurance can help make monthly payments on the loan more affordable for borrowers.
What are the benefits of USDA insurance from Mokena mortgage insurance companies?
Those living in Mokena, IL have access to USDA mortgage insurance, which has numerous benefits for eligible homebuyers. USDA loans require no down payment, thus allowing those with limited funds to become home owners. Additionally, USDA loans come with lower closing costs and have lower interest rates compared to other types of loans, meaning that homebuyers can pay less to obtain a mortgage. Furthermore, USDA lenders are often more forgiving of credit scores than other lenders, making it easier for buyers with lower scores to find financing.
Veterans, active service members, surviving spouses, and members of the National Guard or Reserves located in Mokena, IL all qualify for VA loans. In order to apply for a VA loan, applicants must have an updated Certificate of Eligibility (COE) that identifies them as an eligible beneficiary. Additional eligibility requirements include providing documentation of acceptable credit score, meeting the lenderβs minimum income requirements, and having an adequate amount of funds for the down payment.
How much is mortgage insurance in Mokena?
The cost of mortgage insurance in Mokena, IL will depend on factors such as the type of loan, the loan amount, the number of units, and the ratio of loan to value. Generally, a borrower in Mokena will need to pay between 0.3% and 1.5% of the loan amount upfront for mortgage insurance. Additionally, depending on the loan program, the borrower may be required to pay an ongoing monthly mortgage insurance premium to the lender, which can range from 0.5% to 1.5% of the loan amount annually.
What are the requirements to cancel my Mokena mortgage insurance policy?
In Mokena, IL, the requirements for canceling your mortgage insurance depend on the type of loan you have, the value of the home, and the amount of time since you purchased the home. Generally, you must have at least 80% equity in the home in order to cancel your mortgage insurance. For conventional loans, you must wait at least 5 years from the date of purchase for private mortgage insurance to automatically cancel.
How do I calculate mortgage insurance for a Mokena mortgage insurance company?
If you are looking to calculate mortgage insurance for a property you are purchasing or refinancing in Mokena, IL, the best way to do so is to contact a reputable mortgage lender in the area. Your lender will be able to provide a customized estimate for your particular needs based on the current market conditions. Additionally, they can provide valuable advice and insights into the process, as well as agents experienced in navigating the local real estate market. To ensure that you have all the information you need to make an educated decision, open and honest communication with your lender is essential.
What happens if I don't use mortgage insurance companies in Mokena?
If you don't get mortgage insurance in Mokena, IL, you may still be able to qualify for a mortgage, but you will typically require a larger down payment than you would if you did have mortgage insurance. If you have enough money saved, it may be worth investing in mortgage insurance to reduce the amount of money you have to put down and to protect you in the event of a job loss or financial hardship. Mortgage insurance allows you to obtain a loan more easily and keeps your monthly payments lower. It is always important to weigh your options carefully before making a decision.
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved