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Compare over 20 top providers in Silverton, OR
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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 integral part of any home purchase in Silverton, OR, as it can protect homeowners financially in case of default or foreclosure. Not only does mortgage insurance cover the remaining mortgage balance of the lender if the buyer defaults, it also covers title problems and other liabilities or lawsuits relating to the mortgage. Mortgage insurance is especially important in Silverton, given it is in close proximity to the Oregon State high risk earthquake zones and the annual risk of flooding from the river Willamette. Having mortgage insurance is a smart choice for any Silverton homeowner that can save them from financial and legal hardship.
How does a larger down payment affect my Silverton mortgage insurance policy cost?
Living in Silverton, OR, you know that larger down payments can significantly reduce your costs when it comes to mortgage insurance. Investing in a home with a larger down payment limits your loan fees and decreases the amount of money you are borrowing, which translates to decreased costs for mortgage insurance. Upping the amount of your down payment could save you an extra few hundred dollars each month since the insurance payments would be significantly reduced. Therefore, when considering a mortgage for a home in Silverton, OR, it could be beneficial to increase your down payment to gain the benefits of decreased mortgage insurance.
What are the benefits of having a private mortgage insurance policy Silverton?
By purchasing private mortgage insurance, Silverton, OR homeowners can benefit from additional financial protection in the event they find themselves unable to make their loan payments. With PMI, lenders will be less hesitant to loan large amounts of money for a home purchase, since the insurance ensures they will be able to recoup some of their costs if the loan holder defaults. Not only does this provide a greater opportunity for a person to purchase a home, it provides a greater peace of mind that their investment is protected.
What are the drawbacks of FHA mortgage insurance near Silverton?
In Silverton, OR, one of the major drawbacks of FHA mortgage insurance is that borrowers are required to pay an upfront mortgage insurance premium when they take out a loan, which may not be affordable for those on a tighter budget. Additionally, there is an annual premium that is usually paid monthly. This cost increases the total amount of the loan, essentially raising the overall amount of interest that you have to pay over the life of the mortgage.
What are the drawbacks of USDA insurance from Silverton mortgage insurance companies?
In Silverton, Oregon, a USDA mortgage insurance will require you to pay a one-time upfront guarantee fee as well as an annual fee. In order to qualify for such a loan, you must meet the income limitations as established by the USDA, which can be prohibitive for some households. The loan limits are also based on the location of the house, thus these limits can be restrictive for some potential borrowers in Silverton. Additionally, USDA loans are not available for second homes or investment properties and can take longer to process than conventional loans due to the additional USDA paperwork and process requirements.
One of the primary benefits of a VA loan in Silverton, OR is that qualified veterans and service members can obtain a loan without having to put down a deposit. This can be especially advantageous to first-time homebuyers looking to purchase a home in the area and reduce their upfront costs. Additionally, VA loan interest rates are lower than many other types of mortgages, allowing veterans to save money over the life of their loan. Moreover, monthly payments tend to be more affordable due to the lack of required private mortgage insurance.
Are there discounts available for mortgage insurance in Silverton?
Yes, there are discounts available for mortgage insurance in Silverton, OR. Silverton Mortgage Solutions offers special discounts for mortgage insurance to customers in the area. A Silverton Mortgage Solutions discount for mortgage insurance could save you hundreds of dollars depending on your particular situation. You can request an individualized quote from the company to determine how much you could save. Silverton Mortgage Solutions also provides a secure online portal to make it easy to manage your mortgage insurance policies. Plus, you can get personalized customer support whenever you have questions or need assistance.
What are the requirements to cancel my Silverton mortgage insurance policy?
To cancel your mortgage insurance in Silverton, OR, you must be up to date on your mortgage payments and must have at least twenty percent equity in the home, based on appraised value or sale price, whichever is less. The mortgage lender will need to complete a Request for Cancellation of Mortgage Insurance by the borrower, which must be signed by all borrowers and show that equity requirements have been met. It is recommended that you contact your lender to receive detailed information about their specific requirements.
How do I calculate mortgage insurance for a Silverton mortgage insurance company?
In Silverton, OR, mortgage insurance is typically calculated with a formula involving factors such as the size of the loan, the number of borrowers, and the amount of down payment. The formula can be found in details provided by different mortgage lenders, so it is best to work with a lender in Silverton to determine the exact cost of your mortgage insurance. The cost of mortgage insurance is included in your monthly mortgage payment and helps protect the lender in case of unexpected loan defaults.
Who is required to use mortgage insurance companies in Silverton?
In Silverton, OR, Federal Housing Association (FHA) loans typically require mortgage insurance for those who put down less than 20% when obtaining a loan. Private mortgage insurance (PMI) is for those who are unable to make the 20% down payment. PMI is an important source of money that helps insure your lender against potential defaults on your loan. Your lender may also require mortgage insurance if you are financing more than 80% of the purchase price of a home, making your loan to value (LTV) ratio higher than 80%.
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