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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.
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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 in Setauket-East Setauket, NY is a type of insurance that protects mortgage lenders in the event of a borrowers default. It is typically used to offset the risk of lending money on higher-risk loans, such as those with a smaller down payment or lower credit score. This protects lenders from taking substantial losses due to defaults and enables them to offer loans to borrowers that might not otherwise qualify. As an added benefit, mortgage insurance may allow qualified borrowers to buy a home before they've saved up the 20% down payment often required for traditional loans.
How can I reduce my Setauket-East Setauket mortgage insurance policy cost with a larger down payment?
If you live in Setauket-East Setauket, NY, making a larger down payment on your mortgage is a great way to reduce your mortgage insurance costs. When you make a larger down payment, you will have a lower loan-to-value (LTV) ratio, which reduces the amount of mortgage insurance you are required to pay. This can help you save on your monthly mortgage payment and give you more peace of mind knowing you are not paying an unnecessary fee.
What is a private mortgage insurance policy Setauket-East Setauket?
Private Mortgage Insurance (PMI) is a type of insurance that protects lenders from potential losses if a borrower defaults on their mortgage payments. For homeowners in Setauket-East Setauket, NY, this type of insurance is often required by lenders when their loan-to-value ratio exceeds 80%. PMI also helps borrowers qualify for lower interest rates and may even allow them to purchase a home with a smaller down payment. PMI customers are typically required to pay a predetermined premium with their monthly payments and, in some cases, a one-time fee at the beginning of the loan.
What is FHA mortgage insurance near Setauket-East Setauket?
Federal Housing Administration mortgage insurance provides additional security to lenders to enable them to loan money to people with lower down payments or credit scores, offering protection if borrowers are unable to make their monthly payments. In Setauket-East Setauket, NY, FHA mortgages can be an excellent choice for a homebuyer due to their low down payment requirements and ability to accept less than perfect credit scores. Furthermore, FHA loan insurance allows for some closing costs to be in the loan amount, saving the borrower cash up front.
How do Setauket-East Setauket mortgage insurance companies process USDA insurance?
USDA mortgage insurance enables homebuyers in Setauket-East Setauket, NY to purchase a home with 100% financing. The insurance program provides an avenue for rural/low-income households to increase home ownership by covering the difference between the loan and the home's market value. It also protects the lender's investment in the event of a borrower’s default.
The VA funding fee for a home loan in Setauket-East Setauket, NY is calculated based on the loan type, whether or not you are classified as a first-time or subsequent-time borrower, and the down payment you provide on the home. The fee can be anywhere from 0.5% to 3.3% of the total loan amount. A veteran that is receiving VA compensation will not be required to pay the fee. For first-time borrowers using no down payment or a down payment less than 5%, the amount ranges from 2.15% to 3.
How much is mortgage insurance in Setauket-East Setauket?
The cost of mortgage insurance for Setauket-East Setauket, NY varies depending on a number of factors, such as the size of the loan, the amount of the down payment, and the borrower’s credit score. Generally speaking, mortgage insurance premiums can range from 0.5% to 1.5% of the home’s value at the time of closing. It’s important to keep in mind that mortgage insurance is an essential part of the loan process and helps protect both lenders and borrowers in the event of a default.
When does a Setauket-East Setauket mortgage insurance policy go away?
In Setauket-East Setauket, NY, the exact amount of time it takes for mortgage insurance to go away varies depending on the type of loan and once the primary loan balance reaches a certain threshold. But generally speaking, the mortgage insurance will go away once you reach around 80% equity in your home (meaning the loan amount is no more than 80% of your home's current value). Another way for mortgage insurance to go away is by increasing the loan balance manually in a process known as loan recasting. In that case, the insurance goes away right away.
Can my Setauket-East Setauket mortgage insurance company help me calculate my mortgage insurance cost?
It is possible to obtain assistance in calculating mortgage insurance based in Setauket-East Setauket, NY. It is recommended that you contact a local lender in your area to explain your individual needs and the various types of mortgage insurance available. Many lenders in Setauket-East Setauket are experienced in helping to provide a personalized breakdown of the costs associated with obtaining and maintaining mortgage insurance, so that you can make an informed decision. In addition to the cost, they can advise you on eligibility requirements and product availability.
What happens if I don't use mortgage insurance companies in Setauket-East Setauket?
In the area of Setauket-East Setauket, New York, not getting mortgage insurance could mean that you are at risk of losing your home if you fail to meet the monthly mortgage payments. You may be required to make a larger down payment or offer a higher interest rate to a lender in order to have a loan approved without mortgage insurance. The decision whether or not to get mortgage insurance depends on how much risk you are willing to take on and if you can afford to cover the cost of the higher down payment.
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