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 Salem, VA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Salem, VA 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 Salem, VA helps to protect lenders against financial losses when a borrower defaults on their mortgage. It is a type of insurance protection that is usually required if individuals make a down payment of less than 20 percent of the purchase price of the home. Mortgage insurance helps to reduce the risk for lenders by providing coverage for losses due to borrowers who cannot make payments for any reason. This insurance helps to protect lenders from the potential financial loss of a mortgage loan, making it easier for borrowers to qualify for a loan.
Does the cost of a Salem mortgage insurance policy depend on the size of my down payment?
Yes, in Salem, VA the cost of mortgage insurance will depend on the size of your down payment. Generally, the larger the down payment, the lower your mortgage insurance premium will be. To reduce your mortgage insurance premium, you may be able to increase your down payment amount or make one or more additional payments over the life of the loan. Conventional lenders typically require at least 20% down or PMI, but the available options and the costs associated with those options will vary from lender to lender.
What is a private mortgage insurance policy Salem?
Private mortgage insurance (PMI) is required for homebuyers in Salem, VA who put down a down payment of less than 20% of the home's purchase price. Essentially, this insurance protects the lender in case the borrower defaults on the loan. PMI can be a great way for first-time homebuyers in Salem, VA to obtain a mortgage, as it can help to make home ownership much more affordable. In many cases, this "extra" payment can be folded into the monthly mortgage payment.
What are the benefits of FHA mortgage insurance near Salem?
In Salem VA, there are a number of benefits to an FHA Mortgage Insurance loan. These loans offer the borrower more flexibility when it comes to down payment requirements. It also has more lenient credit score requirements, allowing more people to qualify for a loan. Additionally, this type of loan holds an even lower interest rate than many conventional mortgage loans, helping owners maintain lower monthly payments and save money in the long run. It also provides greater protection for homebuyers because lenders must pay their mortgage insurance premiums to the Federal Housing Administration (FHA).
How do Salem mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Salem, VA works by guaranteeing part of a loan used to purchase a home in an eligible rural area. The insured loan amount is based on the appraised value of the home and is limited by the USDA’s single family housing loan limits. USDA loan holders receive 100% mortgage insurance, which means the lender is backed in case the borrower defaults on the loan. The insurance also ensures that no upfront mortgage insurance premiums are charged to the borrower, but an annual fee is charged in most cases.
In Salem, Virginia, the VA funding fee is a one-time payment which can be disbursed directly to the lender at closing on a VA loan. This fee helps to offset the costs of administering the VA mortgage loan program, and it helps to ensure that these loan programs remain available to eligible veterans. The amount of the fee can vary depending on the type of loan and the veteran's status, generally ranging from 1.25-2.4%. The VA funding fee is typically financed into the loan, but veterans may pay the fee upfront if they wish.
How much is mortgage insurance in Salem?
The amount of mortgage insurance in Salem, VA depends on the type of loan and the amount of the loan. Generally speaking, the more money you borrow, the more money you will pay in mortgage insurance. The type of loan also factors in, with FHA loans typically requiring higher premiums. Ultimately, the cost of mortgage insurance in Salem, VA will vary from person to person and can only be accurately determined by speaking with a qualified mortgage lender.
What process do I need to follow to cancel my Salem mortgage insurance policy?
If you reside in Salem, VA and wish to cancel your mortgage insurance, you will need to contact your loan servicer and ask for a cancellation form. This form must then be filled in with the requested information about your mortgage insurance and your home mortgage. Once the form is completed, it must be sent back to the loan servicer who will then process the request and contact you with any follow-up information. Additionally, you will need to provide proof of termination of your mortgage insurance and preferably an up-to-date HUD1 settlement sheet.
Is the mortgage insurance calculation method the same for every Salem mortgage insurance company?
The answer to the question varies depending on the lender. Most lenders in Salem, VA may have their own mortgage insurance calculation methods. It would be best to research and compare lenders to determine which calculation method best fits your needs. Additionally, contact a mortgage advisor or agent who can provide guidance on mortgage insurance calculation methods particular to lenders in Salem, VA.
What happens if I don't use mortgage insurance companies in Salem?
If you do not get mortgage insurance in Salem, VA, you are taking a risk. Without mortgage insurance, borrowers in Salem may find themselves responsible for the entire loan amount in case of a default on the loan. This means that, should the borrower in Salem fail to make payments, they could face foreclosure and a complete loss of the home. The lack of mortgage insurance also increases the risk of certain lenders in Salem not offering loans at all, as they will be taking on a greater risk that they may not recover from if the loan defaults.
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