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Compare over 20 top providers in Portland, ME
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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
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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...
In Portland, Maine, there are two types of mortgage insurance – private mortgage insurance (PMI) and mortgage insurance premium (MIP). PMI is an insurance policy purchased by borrowers to ensure they are protected in the event of a default on their home loan. It is typically needed when a homeowner has less than 20% equity in the home. MIP is an insurance policy provided by the Federal Housing Administration (FHA) to protect borrowers from the risk of default on their home loan.
Can I avoid a Portland mortgage insurance policy with a larger down payment?
Yes, you can avoid mortgage insurance in Portland, ME, with a larger down payment. Generally, lenders will require you to put down 20% of the cost of the home to avoid Private Mortgage Insurance (PMI). If you put down more than 20%, you may be able to secure a better interest rate or even avoid PMI entirely. Additionally, some lenders offer special mortgage programs that allow homebuyers to put down as little as 3% down payment, significantly reducing the financial burden of purchasing a home.
What is a private mortgage insurance policy Portland?
Private Mortgage Insurance (or PMI) in Portland, Maine is a type of insurance afforded to those who borrow more than 80% of the home’s appraised value for their purchase. Since a loan that size carries a great risk for lender, PMI exists to protect the lender while giving you access to the necessary borrowing. It covers a portion of the lender’s losses if the borrower tunes out to be unable to repay the loan. PMI rates are usually quite low, usually just a few percent of the loan balance per year.
What are the drawbacks of FHA mortgage insurance near Portland?
In Portland, ME, the drawbacks of FHA mortgage insurance are primarily associated with the insurance premiums associated with the loan. Borrowers taking out an FHA loan in Portland, ME are required to pay both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). The downside to this is that the UFMIP and MIP add to overall borrowing costs, which can have a significant impact on total costs for the borrower.
Who is eligible for USDA insurance from Portland mortgage insurance companies?
Generally, anyone purchasing a home located in Portland, Maine, is eligible for USDA Mortgage Insurance. However, in order to qualify, you must meet certain criteria including having satisfactory credit, adequate income, and the ability to repay your loan. Additionally, your household income cannot exceed the maximum limits established for your geographical area. If you think you may qualify, it is important to connect with an approved USDA lender in your area who can provide you with the exact qualifications needed to obtain a USDA mortgage loan.
The primary drawback of VA loans in Portland, ME, is that not all lenders offer these loans. Due to restrictions in the quantity of loans available, lenders don’t always have the resources available to offer VA loans in the Portland area, making them difficult to find. Additionally, VA loans can sometimes have higher closing costs than traditional loan products, since lenders have additional requirements for these mortgages. Credit score, income, and debt ratio requirements can also be higher than other loan types. Furthermore, VA loans feature lower interest rates, but they tend to have higher fees associated with them.
What factors influence the cost of mortgage insurance in Portland?
One of the major factors that influence the cost of mortgage insurance in Portland, ME is the current economic climate. If Portland’s economy is strong and home prices are on the rise, it will likely cost more to purchase mortgage insurance. Additionally, the amount of coverage desired for a particular mortgage loan will also affect the cost of mortgage insurance – the higher the coverage threshold, the higher the cost. Additionally, the loan to value ratio, loan type, and credit score of the borrower may also influence the cost.
Does the mortgage insurance termination process vary by Portland mortgage insurance policy?
Yes, the mortgage insurance termination process does vary by lender, but in Portland, ME many lenders use the same criteria. Generally, lenders require the loan has been secured for at least five years, the loan-to-value ratio (LTV) is at or below 75-80%, and that the loan has been current for at least one year. Additionally, lenders may also check that the borrower(s) have met specific credit and income criteria in order to qualify for the termination.
Can my Portland mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender can help you calculate your mortgage insurance in Portland, ME. There are many tools and resources available to help you estimate your mortgage insurance cost. Lenders in Portland, ME can discuss your individual circumstances and help you to determine an estimate of what your monthly payments may be. Additionally, many lenders will provide you with personalized advice tailored to your individual situation, so that you can get an accurate idea of the cost of your mortgage insurance.
Are there alternatives to mortgage insurance companies in Portland?
In Portland, ME, there are a few alternatives to traditional mortgage insurance. Homebuyers could consider purchasing a Private Mortgage Insurance (PMI) policy, which is a type of insurance that pays the lender's losses in the event of a foreclosure. Homebuyers could also consider a piggyback loan which is a combination of loans consisting of a first and second mortgage taken out simultaneously. Lastly, Veterans of the U.S. Armed Forces may be eligible to receive Veterans Affair (VA) guarantees, and this could eliminate the need for mortgage insurance.
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