Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Rochester, MI
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Rochester, MI policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
Step 1
Tell us about yourself.
Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
Compare rates & plans with a pro.
Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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.
Get started in less than 5 minutes.
With PolicyHub getting started is easy. Compare all the rates from all the providers. Get started in under 5 minutes.
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.
Save time and get the best policy with the cheapest rates. Guaranteed.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 Rochester, MI is aimed at providing protection for homeowners in case of default on mortgage payments. It is an insurance policy that compensates lenders in the event of a borrower defaulting on a loan, generally when the borrower has less than 20% equity in their home. Generally, lenders make the policy part of the loan agreement, and borrower pays the monthly premium. Additionally, Mortgage Insurance may be required by lenders if they consider the borrower does not have the ability to make a sufficient down payment.
How can I reduce my Rochester mortgage insurance policy cost with a larger down payment?
A larger down payment can certainly reduce your mortgage insurance cost in Rochester, Michigan. Many mortgage lenders in the area offer special discounts for homebuyers who have made larger down payments on their loan. For example, lenders may offer lower monthly payments, lower mortgage insurance costs, or more favorable loan terms. Additionally, you may qualify for local grants or other incentives if you are able to put down a larger amount on your mortgage. Therefore, if you are looking to reduce your mortgage insurance cost, it may be a great option to explore a larger down payment.
What are the drawbacks of a private mortgage insurance policy Rochester?
Private mortgage insurance (PMI) can add extra cost to your monthly mortgage payments in Rochester, MI. This additional expense is often a deterrent for people who are interested in purchasing a property. Furthermore, private mortgage insurance does not offer any protections or guarantees for the borrower, whereas an alternative option such as Federal Housing Authority-insured loans provide additional protection mechanisms. The requirements for private mortgage insurance are usually stricter, making it difficult for some buyers to qualify.
How does FHA mortgage insurance near Rochester work?
An FHA mortgage works like any other mortgage in Rochester, MI. The borrower is required to make a down payment, which is then used to secure a loan from a lender. However, an FHA loan also requires borrowers to pay a mortgage insurance premium upfront and at the time of closing. The mortgage insurance protects the lender financially if a borrower defaults on the loan. The cost of the premium depends on the size of the loan and the length of the repayment term. The borrower's credit score and debt-to-income ratio may also affect the amount of the premium.
How do Rochester mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Rochester, MI, works to provide qualified borrowers with an opportunity to purchase a home with no down payment, and to guarantee lenders against loss in the event of default. Any loan applicant that meets the eligibility requirements and income levels set by the USDA can take advantage of this government sponsored insurance program. USDA mortgage insurance is especially beneficial to those living in rural areas or small towns, as it allows them access to affordable financing. Additionally, the USDA's home loan program is designed to help low-income families, seniors, veterans, and even those with credit issues obtain home ownership.
VA loans offer numerous benefits for those interested in homeownership in Rochester, MI. One advantage is that VA loan buyers can put less money down on their homes than with a traditional loan, making it a great way for veterans to get into a new home with a lower debt-to-income ratio. Furthermore, VA loans do not require mortgage insurance, so veterans in Rochester can save money with lower upfront and long-term costs. Additionally, VA loans generally have lower interest rates than traditional loans, which can result in even more savings over the life of the loan.
What factors influence the cost of mortgage insurance in Rochester?
Several factors play a role in determining the cost of mortgage insurance in Rochester, MI, including loan-to-value ratio, loan type, policy type, duration, and credit score. Generally, borrowers with higher loan-to-value ratios, longer loan terms, and lower credit scores will pay higher mortgage insurance premiums. Fees charged by lenders may also influence the overall cost. Shopping around can help to identify the best rates and terms for a given situation and help borrowers save money.
Does the mortgage insurance termination process vary by Rochester mortgage insurance policy?
Yes, the mortgage insurance termination process can vary by lender here in Rochester, MI. The exact process and timelines may differ depending on the policies of the particular lender, so it's important to understand the specific terms of your loan before attempting to terminate your mortgage insurance. However, in general, some of the steps a homeowner must take to request a mortgage insurance termination may include supplying proof of sufficient home equity, requesting lender to remove the insurance, and obtaining a statement from the mortgage servicer confirming the termination.
How do I calculate mortgage insurance for a Rochester mortgage insurance company?
In Rochester, MI, it is important to calculate mortgage insurance when involving legal purchases of property. It is the responsibility of the buyer to cover the cost of any private mortgage insurance, and this cost can be calculated through an insurance calculator. To do so, you will need to input the property's estimated value, the anticipated loan charges, and other details like down payment and monthly payment options. By doing so, you can obtain an accurate calculation of insurance costs associated with the property. Additionally, tax costs need to be taken into consideration when taking on a mortgage involving property in Rochester, MI.
Are there alternatives to mortgage insurance companies in Rochester?
In Rochester, MI, there are a few alternatives to traditional mortgage insurance. Homeowners might look into lender-paid mortgage insurance (LPMI), which is usually built into the loan in the form of a slightly higher interest rate. Another option is single-premium mortgage insurance (SPMI). This is a lump sum payment made in cash or financed into the loan, which is then paid monthly along with the regular mortgage payments. There may also be options to finance the insurance premium into the loan amount so that it is paid off over time.
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved