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Compare over 20 top providers in Newport News, VA
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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...
Mortgage insurance in Newport News, VA is a type of insurance product that protects mortgage lenders against loss on loans in the event of default by the borrower. Mortgage Insurance premiums are typically paid by the borrower and calculated as a certain percent of the loan amount. It ensures that the lender will receive an agreed-upon portion of the loan upon default, and helps to mitigate losses to the lender by providing a financial buffer.
What is the minimum down payment to avoid a Newport News mortgage insurance policy?
The minimum down payment to avoid mortgage insurance in Newport News, VA, will vary based on the type of loan you are looking to get. Generally, for government-backed loans such as FHA, USDA, and VA loans, the minimum down payment is typically 3.5%. Conventional loans will typically require a minimum of 5-20% down, depending on the type of loan. Furthermore, some lenders or private banks may require more than 20% down. If you're looking to avoid mortgage insurance, it's a good idea to review all of your options with a credible lender.
Who is eligible for a private mortgage insurance policy Newport News?
Anyone residing in the Newport News, VA area who is looking to buy a home and does not have the full 20% of the purchase price for a down payment is eligible for private mortgage insurance. This type of insurance protects lenders against potential losses in cases where the loan balance is more than the home value, often due to a borrower's default. Furthermore, private mortgage insurance may make it possible for those in the Newport News, VA area to purchase a home with a down payment of less than the standard 20%.
What are the drawbacks of FHA mortgage insurance near Newport News?
One of the drawbacks of FHA mortgage insurance in Newport News, VA is that borrowers must pay both an up-front and an annual mortgage insurance premium. The upfront fee is 1.75% of the total loan amount and the annual premium is 0.85% of the loan balance. Additionally, the FHA mortgage insurance applies to borrowers who have a lower credit score and less of a down payment which can lead to higher interest rates and increased monthly payments. Furthermore, FHA mortgages place a number of restrictions on how much of your home's value you can borrow, capping out at 97.
How do Newport News mortgage insurance companies process USDA insurance?
USDA Mortgage Insurance provides home-buyers in Newport News, VA with a safe, secure option for financing rural property. The program works by allowing eligible borrowers to make a down payment of as little as 0% and receive up to 100% financing for approved properties. Funds for the loan are provided by the USDA and interest rates are set by the current market rate. To cover their risk, borrowers are also required to pay a guarantee fee, which is typically 2% of the loan amount.
In Newport News, VA, the Veteran Affairs (VA) funding fee is calculated by the loan size, down payment percentage, and the veteran’s military status (active duty, reserve, or National Guard). Additional factors can also play a role in the calculation, such as applicants using the VA loan for a subsequent loan, or the veteran having previous VA loans that weren't paid in full through a refinance or otherwise.
What factors influence the cost of mortgage insurance in Newport News?
Several factors can influence the cost of mortgage insurance in Newport News, VA. These include the size of the loan, credit score, loan-to-value ratio, and type of property. In addition, the length of the loan and the interest rate can also affect the cost. Furthermore, mortgage insurance premiums typically decrease if the borrower puts down more money in a down payment. Lastly, communities or regions can have their own regulations that can affect the cost of mortgage insurance. All these factors should be taken into consideration when thinking about the cost of mortgage insurance.
When does a Newport News mortgage insurance policy go away?
In Newport News, VA, mortgage insurance usually goes away once you’ve reached a certain point in repayments, when your loan reaches 78% of the original value. This can be reached by either making consistent payments over time, or, by making a lump sum payment of the difference between the amount of the loan and the value of the home. It can also vary according to the type of mortgage insurance. For example, policyholders on an FHA or VA loan will typically pay mortgage insurance for the life of the loan.
How do I calculate mortgage insurance for a Newport News mortgage insurance company?
To calculate mortgage insurance in Newport News, VA, it is important to consider a variety of factors that may affect your monthly payments and overall cost. You should first calculate a loan-to-value ratio, which is the ratio of total loan amount to the value of the property. It's also important to understand the tax implications of mortgage insurance and how it might affect your income taxes. Additionally, you should consider the annual mortgage insurance premium (MIP), which generally requires an up-front payment to your lender.
What happens if I don't use mortgage insurance companies in Newport News?
In Newport News, VA, if you decide not to purchase mortgage insurance, there could be significant consequences. If you default on the loan, the lender can recoup payment from the original amount of the loan, but only up to the amount of the value of the property. Therefore, if the loan amount is more than the value of the property, the homeowner is still held responsible for the remaining balance owed. By not having mortgage insurance, the risk is higher for the homeowner, as it could put them in a deep financial burden if unable to pay the loan back.
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