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Compare over 20 top providers in Salt Lake City, UT
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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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Step 2
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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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.
Save time and get the best policy with the cheapest rates. Guaranteed.
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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...
Choosing the right mortgage insurance policy in Salt Lake City, UT can be daunting. As a first step, it is important to determine what type of policy is best for your needs. Consider whether you are looking for a term life policy, a whole life policy, or an adjustable rate policy. Additionally, research the different rates, coverage, and insurance provider options available in the area. Once you have made your decision, seek professional advice from a qualified financial advisor or mortgage broker to help explain the various policy inclusions and benefits associated with the policy you choose.
What is the minimum down payment to avoid a Salt Lake City mortgage insurance policy?
In Salt Lake City, Utah, the minimum down payment to avoid mortgage insurance usually depends on your credit score and the type of loan you are applying for. Generally speaking, for a conventional loan, the minimum down payment needed to avoid mortgage insurance is usually around 20%, though taken on a case-by-case basis. For FHA loans, you would need at least 3.5% of the purchase price for a down payment, regardless of your credit score. However, if your down payment is less than 10% of the purchase price, you will have to pay monthly mortgage insurance.
What are the drawbacks of a private mortgage insurance policy Salt Lake City?
In Salt Lake City, UT, one of the drawbacks of purchasing a home with a private mortgage insurance policy is the cost associated with PMI. Generally, a borrower must pay an additional 0.5-1% of the loan amount per year for a PMI policy, which can add up to a considerable amount of money. Another issue is that the borrower must maintain their PMI policy until their loan-to-value ratio is at least 80%, meaning the homeowner must pay off a certain amount of the loan until the policy can be discontinued.
What is FHA mortgage insurance near Salt Lake City?
FHA mortgage insurance is a type of insurance that is available in Salt Lake City, UT to protect lenders from potential borrowers that default on their mortgage loan. Specifically, the mortgage insurance is associated with loans that are made on or after April 18, 2011, and is available to homebuyers who purchase a home with a down payment of less than 20 percent. This type of insurance helps to soothe lenders in situations where a borrower's credit score is below the lender's required threshold. There are also other benefits to taking out FHA mortgage insurance, such as lower closing costs.
How do Salt Lake City mortgage insurance companies process USDA insurance?
The United States Department of Agriculture (USDA) offers a mortgage insurance program to help make home buying more affordable for people living in Salt Lake City, UT and other rural areas. With this program, the USDA loans a borrower the full cost of their home plus closing costs and provides them with a 100% loan guarantee. The insurance guarantees repayment of the loan to USDA regardless of any default by the borrower. In exchange for this loan guarantee, borrowers must pay an annual premium. This premium serves to protect USDA from losses caused by a borrower's default on their mortgage payments.
The VA funding fee is a one-time cost associated with obtaining a VA-insured loan. In Salt Lake City, the VA funding fee here changes based on the loan type, down payment percentage, and whether you are a first-time or subsequent loan user. Generally, the VA funding fee for Veterans purchasing a home in the Salt Lake City metro area is 2.15% of the loan amount, with an additional fee of 0.50% for subsequent use. Veterans who are exempt from paying the VA funding fee include those receiving VA disability compensation and those using Native American direct loan program.
How much is mortgage insurance in Salt Lake City?
The cost of mortgage insurance varies depending on a variety of factors, such as the size of the mortgage loan and the borrower's credit score. Generally, homebuyers in Salt Lake City, UT can expect mortgage insurance rates to range from 0.4-1.2% of the loan's annual cost. For example, if you had a loan of $500,000, your annual mortgage insurance might range from $2,000 to $6,000. Borrowers will need to speak to their lender to determine the exact cost of mortgage insurance for their loan.
What process do I need to follow to cancel my Salt Lake City mortgage insurance policy?
In Salt Lake City, UT, you need to contact your mortgage servicer or insurer to begin the process of canceling your mortgage insurance. Depending on your situation, you may be able to cancel your mortgage insurance if you’ve met specific requirements, such as paying your mortgage down or eliminating an additional borrower from the loan. Your mortgage servicer may require formal documentation and a release of liability to cancel your mortgage insurance.
Can my Salt Lake City mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in Salt Lake City, UT can help you calculate your mortgage insurance. A reliable lender will provide valuable insight and assistance to help you arrive at an estimate of the cost of insurance coverage. They can discuss options with you such as private mortgage insurance and other strategies you may be able to use to minimize out-of-pocket costs. An experienced loan officer can help you make informed decisions with clear explanations and detailed example scenarios. With such assistance, you can be sure to receive the important coverage you need on your mortgage loan.
Can I opt out of services from mortgage insurance companies in Salt Lake City?
In Salt Lake City, UT, you may be able to opt out of mortgage insurance depending on your current situation. Your lender should be able to assess your qualifications and inform you of your eligibility for an exemption. Generally, if you can provide a 20% downpayment of the home's purchase price and document that it came from your own funds, not a loan, then you may qualify for an exemption from mortgage insurance. Many Salt Lake City lenders also require that any secondary financing only be 80% of the purchase price or appraised value in order to qualify for the exemption.
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