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Compare over 20 top providers in Scranton, PA
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Explore multiple Scranton, PA policies from all the leading insurers and choose the one that fits your needs.
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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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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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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.
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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 safety net for homeowners in Scranton, PA that can help them protect their investments in case of a financial emergency. Mortgage insurance can provide additional financial security should the homeowner become unable to make their monthly mortgage payments. It also alleviates some of the financial stress of taking out a home loan by waiving the private mortgage insurance that traditional lending institutions require. This can help people who wish to buy, build, or refinance a home in Scranton by giving them access to the funds they need at a competitive rate.
How can I reduce my Scranton mortgage insurance policy cost with a larger down payment?
If you live in Scranton, PA and are looking to reduce your mortgage insurance costs with a larger down payment, there are several local lenders available to help you get the best rate. With the right down payment amount, you can benefit from a reduced interest rate, which can result in a lower overall mortgage payment. Additionally, if you have money saved up for a down payment, you may be eligible for a VA loan, which does not require mortgage insurance. Working with a local lender can help you to make sure you get the lowest mortgage payment with the best terms.
Do I need a private mortgage insurance policy Scranton?
It depends on the mortgage loan guidelines for the area you are applying for in Scranton, PA. Generally, private mortgage insurance (PMI) is required for loan-to-value ratios that exceed 80%. If you are seeking a conventional loan in Scranton, PA, specific Loan to Value (LTV) requirements may apply and often times PMI is needed. PMI should be included in the total loan cost and it may be taxes deductible. It is a good idea to consult with a qualified mortgage specialist in Scranton, PA to determine if you need PMI.
What are the benefits of FHA mortgage insurance near Scranton?
In Scranton, PA, a Federal Housing Administration (FHA) mortgage insurance provides several benefits that make it a great option for home buyers. FHA mortgages generally require lower down payments, providing an accessible entry option for those with limited funds available. They often require less stringent credit score requirements, expanding the pool of potential borrowers, and they also offer lower, fixed interest rates and better terms than other loan options. Furthermore, the FHA mortgage insurance funds guarantee loans against default, giving lenders more confidence and allowing for easier refinancing and modifications.
Do Scranton mortgage insurance companies offer USDA insurance?
The USDA offers mortgage insurance for residences located in rural areas. In Scranton, PA, this could be a desirable option if you're looking to buy a property as it's located outside the city limits allowing for relaxed credit requirements. USDA mortgage insurance can provide a great value for people who want to buy a home in a designated rural area. This is because you can benefit from reduced monthly mortgage payments and more lenient credit qualifications. USDA mortgage insurance also allows you to avoid making up-front payments and numerous other fees that are associated with traditional loan insurance plans.
One of the drawbacks of a VA loan for homebuyers in Scranton, PA is that it is only available to current or former military service members, their spouses, and certain surviving spouses, so if you do not meet that criteria, a VA loan may not be an option for you. Additionally, VA loans must meet minimum requirements such as an appraisal and any potential issues with the home such as a non-functioning HVAC system or lead paint, can be issues that could cause an underwriter to disapprove the loan.
Can I negotiate the cost of my mortgage insurance in Scranton?
Yes, you can negotiate the cost of your mortgage insurance in Scranton, PA. Your mortgage lender may have certain restrictions in place, so it is best to check with them before beginning negotiations. If you have a good credit score, certain assets that could be used as a down payment, or a long history with the lender, you may be able to negotiate a better price. Shopping around with different lenders may also give you more negotiating potential as they compete to provide you with the best deal.
Can I cancel my Scranton mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Scranton, PA. However, it is important to note that the requirements for cancelling your mortgage insurance can differ from lender to lender. Additionally, most lenders require you to report your mortgage status when you reach 22% equity or lower. To confirm the conditions for the cancellation of your mortgage insurance, it is best to contact your lender directly or a local mortgage loan expert in Scranton, PA.
Can my Scranton mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender can help you calculate your mortgage insurance when buying a home in Scranton, PA. It is important to know your mortgage insurance rate as this contributes to your total loan costs. Your lender can provide you with personalized advice and can help you calculate the amount, type, and coverage of your mortgage insurance in accordance with your specific needs. They can guide you through the entire process from a review of your budget to finding solutions that ensure you get the best rate.
Who is required to use mortgage insurance companies in Scranton?
Any person who takes out a mortgage loan in Scranton, PA is required to have mortgage insurance. This insurance protects the lender in case the borrower fails to maintain their loan payments. Mortgage insurance also ensures lenders approve loan applications they may have otherwise rejected due to the borrower not having a large enough downpayment. It is an important part of the mortgage process that helps borrowers with lower credit scores or fewer assets qualify for a loan. If you're planning to purchase a home in Scranton, PA, it is important to be aware of the mortgage insurance requirement and plan accordingly.
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