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Compare over 20 top providers in Port Orchard, 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
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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...
In Port Orchard, Washington, there are two primary types of mortgage insurance: private mortgage insurance (PMI) and government mortgage insurance (GMI). PMI is a type of insurance that is typically required for a loan when a borrower has a down payment of less than 20%. GMI is typically used for government-backed loans, such as VA or FHA loans, and often may cover the entire life of the loan.
Does the cost of a Port Orchard mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Port Orchard, WA is highly dependent on the size of your down payment. Generally, the more money you put down up-front to purchase a house, the lower your overall cost of mortgage insurance. Your lender will look at your particular circumstances (such as your credit score, loan amount, and loan type) to determine the premium you'll pay. On average, mortgage insurance usually ranges from 0.3-1.5% of the loan amount if you put less than 20% down.
What are the benefits of having a private mortgage insurance policy Port Orchard?
Private mortgage insurance (PMI) offers several key benefits for homeowners in Port Orchard, WA. PMI can help people obtain financing for their home when they may not otherwise qualify. It can also help to greatly reduce the cost of financing, as private mortgage insurance premiums are often much lower than traditional lender-paid mortgage insurance fees. PMI provides an added level of security to the mortgage holder, as it can cover lenders in case of borrower default. It can also help to lower the interest rate on your mortgage due to the lower cost associated with the PMI.
What are the benefits of FHA mortgage insurance near Port Orchard?
FHA mortgage insurance offers several benefits to potential homeowners in Port Orchard, WA. One key perk is that the down payment requirement is just 3.5%, which is far less than the typical 10-20% required by conventional mortgages. This can be a tremendous advantage for homebuyers with limited funds. In addition, the qualification requirements are more forgiving than traditional mortgages, resulting in more applicants being approved. Furthermore, the FHA allows closing costs to be included in the mortgage, which can help to accommodate buyers who don't have much saved up for these costs.
What are the drawbacks of USDA insurance from Port Orchard mortgage insurance companies?
In Port Orchard, WA, one of the key drawbacks to a USDA mortgage insurance loan is that they require a substantial down payment. The USDA requires at least 3% of the home's purchase price as a down payment, which is a much larger requirement than most mortgage programs. Furthermore, USDA mortgage insurance accounts cannot be used to finance any kind of investment or rental property. Additionally, USDA mortgage insurance has specific income and geographic restrictions that can limit eligibility for potential borrowers. For those borrowers who do not meet the income and/or geographic requirements, the USDA mortgage insurance will not be an available option.
Residents of Port Orchard have a unique advantage when applying for a VA loan due to the high number of military bases in the state. VA loans are available to veterans and their families in Port Orchard, allowing them to purchase a home without needing a down payment. Additionally, VA loans come with lower interest rates than other marine home loans, making them a great choice for those looking to save money over the life of the loan. Lastly, VA loans also require less stringent qualification criteria, making it easier for borrowers to qualify.
Are there discounts available for mortgage insurance in Port Orchard?
Yes, discounts are available for mortgage insurance in Port Orchard, WA. Depending on your credit, lifestyle, and type of insurance, you may be eligible for certain discounts. For example, if you maintain a good credit score, you may be eligible for a discount. Plus, if you are a veteran, you may be eligible for a Veteran's discount on your mortgage insurance. Additionally, if you are a homeowner and have other policies with the same insurer, you may qualify for a multi-policy discount on your mortgage insurance.
What process do I need to follow to cancel my Port Orchard mortgage insurance policy?
In Port Orchard, WA, you must get in contact with the insurance company you have your mortgage insurance with as soon as possible. They will be able to provide you with the necessary forms and steps to take to cancel your mortgage insurance. Depending on the current portfolio requirements of your home, you may need to provide documentation as proof of property value and/or mortgage balance before a cancellation can occur. Additionally, your lender may need to verify that you are up-to-date with all loan payments before fully completing the process.
Is there an online calculator for mortgage insurance from a Port Orchard mortgage insurance company?
Yes, there are online calculators available for mortgage insurance which can provide assistance to determine your mortgage insurance needs. In Port Orchard, WA, one of the most popular online mortgage insurance calculators is provided by WashingtonTrust, a major provider of mortgage insurance in the area. The calculator helps to provide an estimate of your mortgage insurance needs and offers a range of information to help you determine the right policy for your needs. This calculator not only gives you an estimate of the cost of mortgage insurance, but also outlines some of the features associated with the policy to help you make an informed decision.
Are there alternatives to mortgage insurance companies in Port Orchard?
Yes, in Port Orchard WA there are a variety of alternative mortgage insurance options. Private mortgage insurance (PMI) is an often viable option, particularly for those with fair-to-good credit who can pay a higher rate. Alternately, the FHA (Federal Housing Administration) loan term offers an alternative to PMI in the form of a one-time, up-front fee that can save the borrower money in the long term. VA loan terms are also available for eligible military personnel and veterans that do not require PMI.
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