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 Petersburg, VA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Petersburg, VA 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 Petersburg, VA helps protect lenders from losses if a borrower defaults on their loan. Typically, it's required when a borrower puts less than 20% of the purchase price as a down payment. Lenders may also require Mortgage Insurance if a borrower's loan-to-value ratio is above 80% or if the borrower has a bad credit history. This type of insurance helps borrowers by allowing access to competitive interest rates and increasing purchasing power. Furthermore, once a certain percentage of the loan has been paid off, the mortgage insurance can be canceled.
Can I avoid a Petersburg mortgage insurance policy with a larger down payment?
Absolutely! Making a larger down payment in Petersburg, VA helps to reduce or avoid mortgage insurance. Generally, if you make a 20% down payment or more, you will not need to carry mortgage insurance. Making a larger down payment can make potential homeowners in the area feel more secure in their home purchase, as the larger up-front payment can reduce monthly payment amounts and can be a great investment in the long run. With mortgage rates currently at an all-time low, potential Petersburg homeowners should consider increasing their upfront investment and take advantage of this opportunity to possibly avoid mortgage insurance.
What are the benefits of having a private mortgage insurance policy Petersburg?
Private mortgage insurance (PMI) is a great way to reduce the financial burden of homeownership for residents of Petersburg, VA. Not only can PMI help lower your upfront costs by reducing the required down payment, but it can also safeguard your family from money problems if you ever lose your job or experience other financial hardship. Additionally, PMI payments are made at a fixed rate and can be paid cumulatively over time.
What are the benefits of FHA mortgage insurance near Petersburg?
FHA mortgage insurance in Petersburg, VA can be a great way to purchase a new home. It is accessible to many people who may not qualify for a traditional mortgage and has several additional benefits. First, FHA mortgage insurance allows buyers to get into a home with a very small down payment, as little as 3.5% depending on the situation. Additionally, the insurance is usually taken in the form of a monthly premium which is relatively low compared to other loan products.
How do Petersburg mortgage insurance companies process USDA insurance?
USDA mortgage insurance works to provide financial protection to USDA lenders in Petersburg, VA offering USDA-guaranteed loans, also known as USDA Rural Development (RD) loans. The USDA mortgage insurance insures the lender's financial interests against potential losses in the event that a borrower defaults on their loan. The cost of USDA mortgage insurance is taken into account when calculating the loan amount, and the USDA mortgage insurance rate usually stays with the loan for the life of the loan. This type of mortgage insurance is also known as โGuaranteed Rural Housing (GRH) Insurance.
The VA funding fee is a one-time payment made directly to the Department of Veterans Affairs at the time of purchase or refinance of a home loan that is guaranteed by the VA. Specifically for Petersburg, VA residents, the current loan funding fee rate as of 2021 is 2.15% for first-time users of a Veteran Administration Home Loan and 3.3% for subsequent users. VA loan funding fee requirements are different for veterans with a service-connected disability.
What can I do to lower the cost of my mortgage insurance in Petersburg?
In Petersburg, VA, there are a few ways you can lower the cost of your mortgage insurance. First, you can contact your lender to ask if they can lower the mortgage insurance rates, as some lenders may be able to offer lower premiums. Additionally, you may want to consider increasing your down payment on the home, as this could potentially reduce the amount of mortgage insurance you need to finance the home. Finally, you can consider buying a home that is lower cost than what you had initially planned on. Reducing the amount of the loan overall can also decrease the need for mortgage insurance.
What are the requirements to cancel my Petersburg mortgage insurance policy?
To cancel mortgage insurance in Petersburg, VA, you must meet specific criteria set by the lender. Generally, lenders require that you have obtained at least 20% equity in your home, have a good payment history, and be current on your monthly mortgage payments. Additionally, lenders will often review your income, debt to income ratio and credit score to assess whether you qualify to cancel your mortgage insurance. Meeting these qualifications may require some effort on your part, but it can potentially lead to big savings on your mortgage payments.
What factors are considered when calculating mortgage insurance for a Petersburg mortgage insurance company?
In Petersburg, VA, the factors that are taken into consideration when calculating mortgage insurance include credit score, loan-to-value ratio, debt-to-income ratio, loan amount, and down payment amount. Your credit history and score are looked at to ensure that you are reliable. The loan-to-value ratio is the ratio between the loan size and the home's value. The debt-to-income ratio measures how much of your income goes toward expenses and debts.
Do I need mortgage insurance companies in Petersburg?
Whether or not you need mortgage insurance in Petersburg, VA depends on the type of loan you have. If you have a government-backed loan, such as an FHA or VA loan, you must purchase mortgage insurance. If you have a conventional loan, you must purchase private mortgage insurance (PMI) if you make a down payment that is less than 20%. Speak with a mortgage advisor in Petersburg, VA for more information about mortgage insurance and which type best fits your situation.
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