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Compare over 20 top providers in Pontiac, MI
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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...
Mortgage insurance protects lenders in the event that a borrower in Pontiac, MI defaults on a loan. It is a type of insurance that covers the lender's money, should the borrower go into foreclosure or not make their payments. This insurance is usually required when the borrower doesn't put up enough money to cover 20% of the loan's value. As a result, mortgage insurance typically increases the cost of the loan for borrowers, but can give them access to lower down payment requirements. Generally speaking, it can give borrowers better access to needed funds in order to own a home.
Does the cost of a Pontiac mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance does depend on the size of your down payment in Pontiac, MI. Generally speaking, the more you put towards your down payment, the lower the cost of the mortgage insurance. In Pontiac, mortgage insurance rates can vary widely and it's important to consult with a mortgage specialist who can assess your situation and explain what options are available to you. Many programs, such as Veterans Administration or Federal Housing Administration mortgages, have specific requirements for the size of your down payment.
Do I need a private mortgage insurance policy Pontiac?
Living in Pontiac, MI, you may need private mortgage insurance (PMI) depending on the down payment you decide to make on your new home. Your particular financial situation and the cost of your home could affect whether you need PMI or not. Generally speaking, if you are not putting down at least 20 percent on your home, you may need PMI. PMI adds an extra expense to monthly mortgage payments which protects lenders from any potential losses in the event of loan default; however, by having PMI you are ultimately protected from a similar financial burden should such an event occur.
Who is eligible for FHA mortgage insurance near Pontiac?
In Pontiac, MI, most individuals with a credit score higher than 580 and a 3.5% down payment are eligible for Federal Housing Administration (FHA) mortgage insurance. FHA mortgage loans are offered to borrowers who demonstrate the potential for reliable future payments. Generally, those who meet the criteria should speak with a qualified and approved FHA lender to determine if FHA mortgage insurance is right for them. Borrowers in Pontiac, MI must typically be U.S. citizens, have verifiable income, and a valid Social Security number to satisfy the eligibility requirements.
What are the drawbacks of USDA insurance from Pontiac mortgage insurance companies?
In Pontiac, MI, the main drawback of USDA mortgage insurance is that it can be challenging to obtain. To qualify, potential borrowers must demonstrate income and creditworthiness that meet state and federal requirements, and their home must be located in either a rural or suburban area in Michigan. When approved, borrowers must pay an upfront fee as well as a yearly premium for the life of the loan. This type of mortgage insurance can also require larger down payments than traditional loans, making it potentially too costly for some to secure. Furthermore, borrowers may also face a penalty if they pay the loan off early.
There are some drawbacks of opting for a VA loan if you are a homebuyer in Pontiac, MI. First, the funding fee is higher for subsequent VA loans and they typically cannot be refinanced. Some VA loans also have reduced terms, meaning that a borrower in Pontiac, MI must pay off the loan more quickly. Borrowers must also comply with specific restrictions on the types of homes and condos they can purchase with a VA loan, including restrictions on income levels of tenants and the condition of the property.
What can I do to lower the cost of my mortgage insurance in Pontiac?
If you are looking to lower the cost of your mortgage insurance in Pontiac, MI, a great place to start is by connecting with a local independent insurance agent. They can provide you with a variety of quotes from different carriers in the area, allowing you to compare rates and find the coverage that best meets your needs. Additionally, you can investigate potential savings with your lender or try to find any discounts you may be eligible for. Taking the time to shop around could provide you with a great cost savings and peace of mind knowing you have the coverage you need.
What are the requirements to cancel my Pontiac mortgage insurance policy?
To cancel your mortgage insurance in Pontiac, MI, you must meet certain requirements. Firstly, your loan must be current with no late payments in the past 12 months. Secondly, your loan must have less than 80% loan-to-value ratio. Thirdly, you must also provide documentation of the current value of the property. Lastly, you must have made at least five years of consecutive mortgage payments. Upon meeting these requirements, you may contact your mortgage insurance firm for assistance in cancelling your policy.
Is there an online calculator for mortgage insurance from a Pontiac mortgage insurance company?
Yes! Pontiac, MI residents can use the Home Buying Institute's online Mortgage Insurance Calculator to calculate their mortgage insurance costs. Using this calculator, you will immediately be presented with an expense breakdown. The calculations will include a summary of your home loan and mortgage insurance. You will also be provided with a detailed breakdown of your monthly mortgage payment, including the mortgage insurance premiums. This calculator can be used no matter your location in Michigan and provides an easy reference for building a budget for your next home in Pontiac.
Who is required to use mortgage insurance companies in Pontiac?
In Pontiac, Michigan, mortgage insurance is required for all residential mortgage loan borrowers who have less than 20 percent of the home's purchase price for a down payment. The insurance protects the lender if the borrower fails to make their loan payments or defaults on the loan. Primary borrowers purchasing a home in Pontiac are also required to get mortgage insurance if they have an FHA or VA mortgage loan, regardless of the amount of down payment they can provide. It is important to remember that mortgage insurance is an extra cost on top of a loan, and it increases your monthly payments.
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