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Compare over 20 top providers in Plantation, FL
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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
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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...
Obtaining mortgage insurance in Plantation, FL helps ensure that if you are no longer able to make payments on your loan, the remaining balance of the loan is covered. With this form of insurance, the lender is protected from any losses due to borrower default; however, the borrower, in return, pays a premium each month, which works much like a life insurance policy. Coverage requirements may vary depending on the type of mortgage loan acquired, so it is best to contact a professional to determine what coverage is best for you.
Can I avoid a Plantation mortgage insurance policy with a larger down payment?
Absolutely! Plantation, FL buyers can avoid mortgage insurance when making a larger down payment on home purchases. By increasing the size of your down payment, you can typically reduce the amount of mortgage insurance you pay while also having to make less of a monthly payment. This will allow you more flexibility with your budget and help you save money over the life of the loan. Additionally, when making a larger down payment, you can usually negotiate a better interest rate with the lender, giving you even more savings.
What are the drawbacks of a private mortgage insurance policy Plantation?
In Plantation, FL, homeowners with less than 20% of the value of their home in equity must typically pay private mortgage insurance (PMI). PMI can add significantly to your monthly mortgage payment because it is a fee paid to an outside insurance company. Additionally, PMI does not cover any kind of repairs or renovations to the home, only against the possibility of defaulting.
What are the drawbacks of FHA mortgage insurance near Plantation?
When considering an FHA mortgage loan in Plantation, FL, there are several drawbacks to be aware of. First, FHA loans typically require borrowers to pay an upfront mortgage insurance premium (MIP) in addition to an annual mortgage insurance premium (MIP). These premiums can greatly increase the cost of the loan, reducing the amount the borrower would otherwise be able to spend on the loan itself. Additionally, borrowers of FHA loans may also have to pay for a one-time up-front FHA Funding Fee, which is an additional cost on top of the MIPs.
Do Plantation mortgage insurance companies offer USDA insurance?
USDA mortgage insurance is designed to provide assistance to lowand moderate-income buyers in Plantation, FL looking to purchase a home. The USDA Mortgage insurance provides a guarantee to lenders that they will be fully reimbursed in the event of a borrower default, reducing the lender's potential risk. USDA's mortgage insurance covers households making up to 115% of the area's median income and offers a low down payment option with no prepayment penalty.
Residents of Plantation, FL who are Active Duty Service Members, Veterans, Reservists, National Guard Members, Military Spouses, Widows of Veterans, and recently Separated Veterans may all be eligible for VA loan benefits. Those eligible will need to provide documentation such as a Certificate of Eligibility (COE) or other relevant documents as required by the VA. Furthermore, there are certain income and credit requirements that must be met in order to qualify.
How much is mortgage insurance in Plantation?
Mortgage insurance in Plantation, FL can vary depending on multiple factors, such as the amount of the loan, the loan type, and your credit score. Generally, mortgage insurance premiums for conventional loans with a down payment of less than 20% range from 0.4% to 1.5% of the original loan amount, depending on your score and how long the loan is. Mortgage insurance premiums for FHA loans can range from 0.45% to 1.05% of the loan amount for a 15-year term and can drop slightly for a 30-year term.
What process do I need to follow to cancel my Plantation mortgage insurance policy?
In order to cancel your mortgage insurance in Plantation, FL, you must first contact your mortgage servicer to confirm all payments have been made and the mortgage is current. Your servicer will provide the necessary information and forms to make the cancellation request. At that time, the servicer will review your loan and will need to verify that the mortgage loan-to-value (LTV) ratio has fallen below 78% in order to process your request. Once the LTV ratio is confirmed, the servicer will submit a written Mortgage Insurance Cancellation Request to the MI provider.
How do I calculate mortgage insurance for a Plantation mortgage insurance company?
In Plantation, FL, calculating mortgage insurance can be done with the help of the Federal Housing Administration's (FHA) Mortgage Insurance Premium Calculator. This powerful tool can provide you with an estimate of your total mortgage insurance premiums and annual mortgage insurance premiums. Simply input your loan amount, loan term, interest rate, down payment amount, and home value. The calculator is easy to use and will provide you with an estimate of the mortgage insurance premiums applicable to your loan amount in Plantation, FL.
What happens if I don't use mortgage insurance companies in Plantation?
If you are looking to buy a home in Plantation, FL and do not get mortgage insurance, you may want to consider looking into other loan options. Obtaining mortgage insurance will help protect you, the borrower, from any unforeseen dangers in the mortgage process. Without mortgage insurance, you may be responsible for covering any loan balances should you be unable to pay. Additionally, not having mortgage insurance could also make it difficult to secure your dream home, as many lenders require it before they will approve your loan. It is always best to contact your lender to determine what options are available to you.
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