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Compare over 20 top providers in Rocky Point, NY
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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...
Mortgage insurance is an important part of owning a home. Rocky Point, NY, offers a variety of different types of mortgage insurance to meet the needs of its residents, both for those who are buying a house for the first time and for those with existing mortgages. The two main types of mortgage insurance are private mortgage insurance (PMI) and private mortgage insurance endorsement (PMI). Private mortgage insurance covers the risk of the lender in the event of a default on a loan, while the PMI endorsement extends the coverage to include any damage to the home that could cause major financial stress.
How can I reduce my Rocky Point mortgage insurance policy cost with a larger down payment?
A larger down payment is one of the most effective ways to reduce the cost of mortgage insurance in Rocky Point, NY. The size of your down payment will directly affect the amount of mortgage insurance you owe. Generally, the more you can put down upfront, the lower your mortgage insurance payments will be. It's also important to compare different lenders and insurance providers to find the best rate available to you. Make sure to factor in closing costs and other related costs as well when comparing mortgages.
What are the drawbacks of a private mortgage insurance policy Rocky Point?
For potential home-buyers in Rocky Point, NY, there are some potential drawbacks to purchasing a home and utilizing private mortgage insurance. This type of insurance can add to the total costs of the loan since it requires an additional monthly payment. Additionally, PMI does not increase the equity of the home and it generally has to be kept in place for a certain amount of time before it can be eligible to be removed. Lastly, PMI rates are typically higher than that of traditional insurance rates.
Who is eligible for FHA mortgage insurance near Rocky Point?
In Rock Point, NY, anyone who meets the borrowing requirements of the Federal Housing Administration's (FHA) mortgage insurance program may be eligible. Borrowers need to have valid social security numbers, must be of legal age to sign a mortgage in their state, meet FHA's credit qualifications, demonstrate a steady income, and have a valid Certificate of Eligibility. Furthermore, self-employed borrowers may need to provide other documents to satisfy the requirements. All in all, the FHA mortgage insurance program is a good option for many different types of borrowers in Rocky Point, NY.
How do Rocky Point mortgage insurance companies process USDA insurance?
USDA mortgage insurance works to provide eligible borrowers with a loan backed by the United States Department of Agriculture (USDA) so they can purchase a home with no down payment. Primarily for those living in rural areas, USDA mortgage insurance runs through the government's Rural Development agency. Eligible borrowers in Rocky Point, NY, with incomes that fall below RD guidelines can use this loan to purchase a single-family home.
The VA funding fee for home purchases in Rocky Point, NY is calculated based on the type of loan the buyer chooses, the current veteran status of the borrower, and the down payment amount, if any. Generally, an upfront fee is added to the loan amount and an annual fee may be included in the monthly costs. A percentage of the loan amount is generally required for VA loans. For example, those without any down payment may pay up to 3.3% for a VA funding fee while those putting down at least 5% may pay up to 1.65%.
How much is mortgage insurance in Rocky Point?
The exact amount of mortgage insurance required in Rocky Point, NY will depend on a variety of factors, including the type of mortgage, the amount of the mortgage and current mortgage insurance requirements. Generally speaking, mortgage insurance rates in the Rocky Point area range from around .55% to 1.10%, though this number can be even higher in certain cases. Home buyers in Rocky Point should always discuss their specific mortgage needs before moving forward with a loan to ensure they have all the information needed to make an informed decision.
What are the requirements to cancel my Rocky Point mortgage insurance policy?
In Rocky Point, NY, the specific requirements to cancel your mortgage insurance may vary depending on the type of mortgage insurance you have. Generally speaking, you must have paid the mortgage in full, have a good history of making payments on time and show, through an appraisal or other evidence, that the value of your home is at least 20% more than the amount of your debt. Furthermore, your mortgage must have been current for at least 12 months prior to the cancellation. In certain cases, you may be able to cancel private mortgage insurance after making timely payments for a set period, typically 11 years.
How do I calculate mortgage insurance for a Rocky Point mortgage insurance company?
Calculating mortgage insurance in Rocky Point, NY depends upon the type of loan and the lender you choose. FHA, VA, and conventional loans all have different requirements in terms of down payment and credit score. As such, it is important to speak with a qualified loan specialist to determine exactly what your requirements are. Generally, mortgage insurance rates in Rocky Point tend to be slightly higher than in other areas, but it is important to shop around and compare rates in order to find the best deal for you.
Are there alternatives to mortgage insurance companies in Rocky Point?
Homeowners in Rocky Point, NY have multiple alternatives to mortgage insurance, like a higher down payment, a second mortgage, or a piggyback loan. A higher down payment would decrease the risk of the loan defaulting, as it lowers the loan-to-value ratio and lowers the monthly payment. A second mortgage or piggyback loan gives you additional equity and could allow the main loan to stay at a lower 80% loan-to-value rate, thereby reducing the cost of mortgage insurance. It may also provide better loan terms and/or interest rates.
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