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Compare over 20 top providers in Richmond, VA
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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...
Mortgage insurance in Richmond, VA is a form of insurance that provides protection for lenders should a homeowner default on their loan. It is designed to help protect lenders from losses if the homeowner cannot repay the loan. This insurance premium is often included in the total loan cost and is either paid up front or as part of the monthly payments. Mortgage insurance is generally required of mortgage loans when borrowers make less than 20% of the loan's purchase price as a down payment, but it can also be requested by the lender in higher risk situations.
Can I avoid a Richmond mortgage insurance policy with a larger down payment?
Yes, you can avoid mortgage insurance with a larger down payment in Richmond, Virginia. By having at least 20% of the purchase price and closing costs as a down payment, you may be able to qualify for a loan with no private mortgage insurance (PMI) requirement. Additionally, there are various grant or loan assistance programs available in Richmond for first-time home buyers that can help you with the down payment requirement, such as the Virginia Housing Development Authority (VHDA) program. Consulting with a mortgage de specialist in Richmond is key to understanding which options best meet your needs.
What is a private mortgage insurance policy Richmond?
Private Mortgage Insurance, also known as PMI, is a form of insurance protection offered to lenders by home buyers that reside in Richmond, VA. This additional insurance is usually required when the borrower makes a down payment of less than 20% of the home's value. The purpose of private mortgage insurance is to cover the lender in the event the borrower defaults on the loan. In return for providing this additional insurance, the borrower is charged an additional fee that is added to their regular monthly mortgage payments.
Who is eligible for FHA mortgage insurance near Richmond?
In Richmond, VA, anyone looking to purchase or refinance a home is eligible for a Federal Housing Authority (FHA) loan and benefits from FHA mortgage insurance. To qualify, borrowers need to meet a number of criteria including a minimum credit score, a stable income, and should be able to demonstrate a steady work history over the past two years. In addition to these general requirements, FHA mortgage insurance requires that the borrower secure a 3.5% down payment.
Do Richmond mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Richmond, VA is a type of mortgage insurance coverage offered by the United States Department of Agriculture (USDA). The program provides mortgage insurance on loans made by approved lenders to ensure borrowers purchasing property in rural areas receive the best possible terms and rates. USDA mortgage insurance can help borrowers with lower incomes purchase a home in Richmond, VA and helps low-income families in rural areas to achieve homeownership. This type of mortgage insurance is available to borrowers who meet specific established guidelines and is offered in addition to the private mortgage insurance borrowers are required to have in place on conventional loans.
One of the drawbacks of a VA loan in Richmond is the amount of paperwork that's required. VA loans have more paperwork and require more documentation than other loan types and the additional administrative burden can be a bit overwhelming for potential buyers. Additionally, VA loan limits tend to be lower than conventional loans, so in a fast-growing area like Richmond, borrowers could potentially find themselves unable to purchase the home they wanted with a VA loan. Finally, some VA loan lenders will also require borrowers to purchase additional insurance which can add to the overall cost of the loan.
Can I negotiate the cost of my mortgage insurance in Richmond?
In Richmond, VA, it is possible to negotiate the cost of your mortgage insurance; however, you should be aware that the final cost may still be more expensive than if you had not done so. In some cases, lenders may be willing to negotiate the overall premium cost or the particular percentage of the loan on which the insurance is applied. To get the best deal, it is important to compare quotes from different lenders and be prepared to bargain. Alternatively, some lenders may offer discounts if you sign up for a certain package of other products and services.
What process do I need to follow to cancel my Richmond mortgage insurance policy?
In order to cancel your mortgage insurance in Richmond, VA, you must contact your mortgage servicer. You will be asked to provide your mortgage loan number, your last four digits of your Social Security number, and financial information such as your current income, current assets, and current expenses. After this information is provided and verified, you may be able to cancel mortgage insurance if you have reached more than 20% equity in the home. If approved, your servicer will assess a fee that must be paid up front.
What factors are considered when calculating mortgage insurance for a Richmond mortgage insurance company?
In Richmond, VA, mortgage insurance is calculated based on a variety of factors, including loan-to-value ratio, credit score, loan type, property value, mortgage term, and occupancy type. Your loan-to-value ratio is an essential factor, as it helps lenders assess how much risk is involved in providing you with a loan. Your credit score is also important, as it will affect the interest rate you pay and the loan terms that are offered to you. Additionally, the type of property being purchased is considered, and properties with a higher market value may require a higher premium.
Can I opt out of services from mortgage insurance companies in Richmond?
In Richmond, VA, it is possible to opt out of mortgage insurance. However, the decision to opt out should only be made with the guidance of a mortgage lender that can help you understand the strict rules and regulations associated with waiving mortgage insurance as well as potential risks that come with the decision. Mortgage insurance is designed to protect lenders from financial losses associated with defaulting on a loan, which is why the percentage required by the lender is an important factor to consider.
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