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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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"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 Prattville, AL, is a type of insurance that protects lenders from potential losses caused by the borrower's default in their home loan. This insurance covers all or a portion of the mortgage loan that is not covered by a borrower's private mortgage insurance (PMI). Mortgage insurance is typically required for mortgage loans with a loan-to-value ratio greater than 80%. This insurance is beneficial to borrowers in that it allows them to purchase a home with lesser funds available for a down payment – often as little as 3%.
Can I avoid a Prattville mortgage insurance policy with a larger down payment?
In Prattville, AL, the larger your down payment, the less mortgage insurance you will be required to have. At the same time, it is important to remember that a more substantial down payment will allow you to have a lower monthly payment. Depending on the total amount of your loan, a smaller down payment could result in additional fees, paying points, or needing private mortgage insurance. So, if you can manage it, an increased down payment can help you avoid both the extra fees and the mortgage insurance.
What are the benefits of having a private mortgage insurance policy Prattville?
Private mortgage insurance is an excellent option for homeowners in Prattville, AL. Home buyers can benefit greatly from this type of insurance, as it allows for a higher amount of financing with a smaller down payment. This allows homeowners to stretch their budget further by allowing them to use more of their savings to purchase other items. Additionally, it also provides extra protection in the event of default by the borrower, as the insurance policy may cover part or the entire amount of insurance.
What is FHA mortgage insurance near Prattville?
FHA mortgage insurance is a type of insurance offered by the Federal Housing Administration (FHA) that protects lenders in the case of a borrower's default on their mortgage. In Prattville, AL, this insurance is generally required if a borrower is making a down payment of less than 20% of the home's value. With mortgage insurance, lenders are more willing to work with borrowers who might not otherwise qualify for a loan due to a less-than-perfect credit score.
How do Prattville mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Prattville, AL works similarly to conventional loans. USDA mortgage insurance protects the lender from losses if the borrower is unable to repay the loan. The borrowers must pay a one-time upfront premium to guarantee the loan and an annual fee over the course of the loan. This helps reduce the amount of up-front financing needed from a lender, allowing more people in small towns and rural areas to take out a loan. In Prattville, USDA mortgage insurance allows individuals to borrow money with low or no down payment to buy, build, or improve a home.
Despite the many advantages, there are some drawbacks to VA loans in Prattville, AL. VA loans are only available to veterans, military members, and their surviving spouses. They also require a funding fee, which can be financed into the loan, but can still increase the overall cost of the loan. VA loans also have stricter occupancy requirements than conventional loans, meaning the borrower must live in the home they purchase with their VA loan. In addition, they generally require a higher credit score than conventional loans.
How much is mortgage insurance in Prattville?
The cost of mortgage insurance in Prattville, AL depends on a variety of factors such as the size of the loan, the mortgage loan terms, the borrowers credit histories, and other factors. Generally, mortgage insurance is usually about 0.1%-1% of the loan amount, however, based on the type of loan and credit rating, the amount may be higher or lower. It is advisable to contact an expert loan officer in the area to get up-to-date information.
What process do I need to follow to cancel my Prattville mortgage insurance policy?
To cancel your mortgage insurance in Prattville, AL, you will first need to obtain a termination statement from your lender and submit it to the Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Association (Fannie Mae). Additionally, you will need to provide an appraisal that meets the lender's standards and make sure that the mortgage payment is current at the time of cancellation. Once these requirements are met, the insurer must release its lien and refund a portion of the unearned premium. Finally, you must submit the cancellation form to the insurance company for formal processing.
What factors are considered when calculating mortgage insurance for a Prattville mortgage insurance company?
When calculating mortgage insurance in Prattville, AL, several factors are taken into consideration including the loan-to-value ratio, credit score, debt-to-income ratio, mortgage term, and the amount of down payment. A higher loan-to-value ratio, lower credits core, and higher debt-to-income ratio generally equate to higher mortgage insurance costs. Moreover, a shorter mortgage term and larger down payment can potentially reduce the mortgage insurance rate. Ultimately, mortgage insurance costs should be discussed with a professional lender to ensure customers have a thorough understanding of all associated costs.
Are there alternatives to mortgage insurance companies in Prattville?
In some cases in Prattville, AL, there are alternatives to mortgage insurance. Depending on circumstances, borrowers may be able to put 10-20% down on their property to avoid needing mortgage insurance coverage. Additionally, some lenders may offer an alternative to mortgage insurance in the form of a lender-paid private mortgage insurance, otherwise known as LPMI. This is as the lender will partly cover the cost of the mortgage insurance policy. Borrowers may also opt for piggyback loans, which are two simultaneous loans taken out to avoid the need for mortgage insurance premiums.
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