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Compare over 20 top providers in Olympia, WA
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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
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 is important in Olympia, WA and across the country because it provides necessary coverage to protect homeowners from financial risks associated with homeownership. In Olympia, mortgage insurance ensures that borrowers have access to high-quality, affordable lenders who can provide the services needed to purchase a home, while mitigating the potential for an egregious loan default. It also protects lenders by providing extra coverage against unforeseen circumstances that might put lenders at financial risk. In short, mortgage insurance is an important tool to ensure the stability of the housing market even in tumultuous times.
What is the minimum down payment to avoid a Olympia mortgage insurance policy?
The minimum down payment needed to avoid mortgage insurance in Olympia, Washington depends on the lender and the loan program you choose. Generally, an FHA loan requires at least 3.5% down whereas a conventional loan requires at least 5% down. Some lenders may have their own specialty mortgage programs that require a minimum down payment that is less than 3.5%. When shopping around for a mortgage program, it's important to ask the lender what the minimum down payment is for each program that they offer.
Who is eligible for a private mortgage insurance policy Olympia?
Homeowners in Olympia, WA may be eligible for private mortgage insurance depending on factors like their credit score and employment status. Generally speaking, in order to qualify, the homeowner must have a credit score of at least 580 and a debt-to-income ratio of no more than 41%. Additionally, the homeowner must have secure employment and be able to make a down payment of at least 5%. When talking to a lender, it's important to discuss any special circumstances that may be taken into consideration for eligibility.
Who is eligible for FHA mortgage insurance near Olympia?
In Olympia, Washington, any individual who satisfies the criteria set by the Federal Housing Administration (FHA) is eligible for FHA mortgage insurance. To qualify, an applicant should meet certain eligibility requirements, including a valid Social Security number, an established credit history, and proof of steady income. Furthermore, applicants must provide proof of legal residence within the United States, and an FHA-approved lender that covers Olympia may require a current employment history of two years. Lastly, an individual must possess sufficient savings to fulfill any initial down payment and closing costs.
Do Olympia mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Olympia, WA, is a high-value loan guarantee program available through the U.S. Department of Agriculture. This program offers special benefits to homebuyers in rural parts of the state. It allows lower income households to purchase homes with little or no down payment. With USDA mortgage insurance, borrowers can benefit from a low fixed rate, 100% financing, no down payment requirement, and income limits may apply. These loans are typically guaranteed by private lenders and require an upfront fee of 0.50%.
The VA Funding Fee is a one-time payment that helps fund the VA Home Loan Guaranty program and is generally required of all veteran borrowers in Olympia, WA. This fee may vary depending upon whether the borrower has used the VA Loan Benefit previously and the loan type, and can range from 1.4% 3.6% of the loan amount. The fee may be paid in cash at closing, financed as part of the loan amount, or some combination of the two. For disabled veterans and surviving spouses of veterans, the funding fee is waived altogether.
How much is mortgage insurance in Olympia?
Mortgage insurance rates can vary widely depending on your location and other factors. In Olympia, WA, buyers typically pay a one-time premium of 1.75% of their total loan amount for mortgage insurance. The amount can vary depending on your loan-to-value ratio, payment terms, and type of loan, so itβs important to speak with a local mortgage lender to determine the exact cost. Itβs also beneficial to shop around for the best coverage and price before settling on any particular policy.
Can I cancel my Olympia mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Olympia, WA. Your mortgage lender may have different requirements for canceling PMI, including a possible policy expiration date or criteria that need to be met before canceling. It's important to check with your mortgage lender to determine what their specific criteria are. Additionally, the state of Washington also offers programs specifically designed to help certain homeowners refinance or cancel their mortgage insurance. These include the Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP).
How do I calculate mortgage insurance for a Olympia mortgage insurance company?
If you live in Olympia, WA and need to calculate your mortgage insurance, one of your best resources is Olympia Federal Savings, a local credit union which offers a mortgage calculator. This calculator makes it easy to figure out how much mortgage insurance you need to take out as part of the loan. With it, you can find out the insurance premium you'll be paying to protect the lender in the event of your default, as well as the amount that will be added to your monthly payments. Once you have determined the amount of your mortgage insurance premium, you should submit the paperwork to the lender.
What happens if I don't use mortgage insurance companies in Olympia?
If you're in Olympia, WA and you don't get mortgage insurance, the consequences can vary depending on your specific situation. Generally, if you don't choose to invest in mortgage insurance, you will be taking on the full risk of possibly needing to pay off the full amount of the loan if you are unable to continue making payments for a significant period of time. This can also limit your choice in loan terms should you decide to take out a loan in the future.
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