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Compare over 20 top providers in Myrtle Beach, SC
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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...
Mortage insurance is essential for homeowners in Myrtle Beach, SC because it provides coverage if they are unable to make payments due to unexpected catastrophes, such as a fire or hurricane. It can help prevent foreclosure and help borrowers maintain the liquidity of their investments. Homeowners in Myrtle Beach are especially vulnerable to such catastrophes given its location near the coastline, making mortgage insurance an important resource to keep homeowners safe and secure. Furthermore, mortgage insurance covers expenses related to title searches and legal fees associated with constructing a real estate loan.
What is the minimum down payment to avoid a Myrtle Beach mortgage insurance policy?
In Myrtle Beach, SC, the minimum down payment to avoid mortgage insurance is generally 20% of the purchase price of the home. Buyers who make a smaller down payment may still avoid mortgage insurance by opting for an alternative loan option, such as a special type of FHA loan, called an FHA Hybrid Loan, which may have as little as 5% down payment. Other loan options may also be available with a low down payment. It's important to speak with a mortgage professional to determine the best option for your individual situation.
What is a private mortgage insurance policy Myrtle Beach?
Private Mortgage Insurance (PMI) is an insurance policy required by lenders in Myrtle Beach, SC when providing a loan to someone who has less than a 20 percent down payment. It ultimately serves as a layer of protection to the lender in the event of default or foreclosure. PMI is paid for by the borrower either as an upfront fee or as an additional monthly fee, or both. PMI rates vary depending on the amount of the loan and the borrower's credit score.
What are the benefits of FHA mortgage insurance near Myrtle Beach?
FHA mortgage insurance is an attractive option for Myrtle Beach, SC homebuyers because it allows more buyers to enter the market by offering low down payments of just 3.5%. This type of loan also offers low closing costs relative to other types of mortgages, making it an economical choice. FHA loans are also more flexible with credit score requirements, meaning it's easier for individuals with a lower credit grade to qualify. Other benefits include the option of a 30-year fixed interest rate so homeowners can count on predictable monthly payments over that period.
What are the benefits of USDA insurance from Myrtle Beach mortgage insurance companies?
In Myrtle Beach, SC, there are several advantages to obtaining a USDA mortgage insurance that make it appealing to many borrowers. To start, USDA mortgage insurance offers zero down payment options and competitive rates despite having no down payment requirements. Additionally, USDA mortgage insurance doesn’t have hidden fees, prepaid charges, or penalty clauses, making it a cost-effective choice for those in the Myrtle Beach area. Homebuyers also benefit from guaranteed loan repayment rates so they can be sure that their monthly payments are staying within the budget.
One potential drawback of a VA loan in Myrtle Beach, SC is that they are not available for non-veterans. Additionally, VA loans generally require funding fees to be paid out of pocket or rolled into the loan, as VA loans do not typically feature a down payment requirement. Furthermore, VA loans need to meet certain occupancy requirements and the property purchased must be your primary home in order to be eligible. Lastly, regarding the loan limits in Myrtle Beach, a VA loan cannot exceed the loan amount determined by the county's median home price.
What can I do to lower the cost of my mortgage insurance in Myrtle Beach?
To lower the cost of your mortgage insurance in Myrtle Beach, SC, you could consider refinancing your loan with a better interest rate. Additionally, if your loan was taken out after 2014, you may be eligible for a Homeowner's Protection Act (HPA) mortgage insurance cancellation, which cancels your mortgage insurance once you have 20% equity in your home. Finally, you might also benefit from the FHA’s Secure refinance program, which reduces your monthly payments by extending your loan term.
What are the requirements to cancel my Myrtle Beach mortgage insurance policy?
In Myrtle Beach, SC, homeowners must meet certain requirements to cancel their mortgage insurance. Generally, they must have made all of their payments on time for at least two years, have a good payment history, and meet the standards set by the home loan being held. Furthermore, their loan must have not experienced recent delinquency, and the homeowner's loan balance must have decreased to equal or less than 78% of the original purchase price of the home. If all of these requirements are met, homeowners in Myrtle Beach, SC can then cancel their mortgage insurance.
Is the mortgage insurance calculation method the same for every Myrtle Beach mortgage insurance company?
No, the mortgage insurance calculation method is not the same for all lenders in Myrtle Beach, SC. Each lender sets their own criteria for evaluating homeowners' mortgage insurance needs. It is important to communicate with multiple lenders before obtaining a mortgage, to ensure the best suited terms are offered to meet the homeowner's individual needs. Additionally, researching the lending requirements for the local housing market, prior to obtaining a mortgage, will help homeowners make an informed decision about the best lender for their situation.
Are there alternatives to mortgage insurance companies in Myrtle Beach?
In Myrtle Beach, SC there are a few alternatives to traditional mortgage insurance. Homeowners in Myrtle Beach can opt for private mortgage insurance (PMI). This type of insurance is offered and paid for by private insurance companies, rather than the federal government, and can help borrowers qualify for lower down payment mortgages. Another alternative to mortgage insurance is a non-refundable down payment fund. This type of fund is self-insurance, where borrowers must pay a certain percentage upfront to cover the cost of default.
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