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Compare over 20 top providers in Somerset, MA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Somerset, MA 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
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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.
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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...
Choosing the right mortgage insurance policy in Somerset, MA can seem like a daunting task. It's important to consider factors like your current finances, budget, long-term goals, and family needs when selecting a policy. A good place to start is by getting quotes from several different insurers in your area and doing your own research on them. Consider factors like coverage limits, premiums, and discounts before making a decision. Additionally, talking to friends, family, or financial advisors for advice can often help you in your decision-making process.
How does a larger down payment affect my Somerset mortgage insurance policy cost?
A larger down payment can lower your mortgage insurance cost in Somerset, MA. Generally, most mortgage insurance companies in the area require a down payment of at least 20% to avoid incurring additional costs. By putting more money down upfront, you can save significantly on your regularly-scheduled mortgage payments. Additionally, lenders in Somerset, MA may also offer specialized loans with even lower down payment requirements of as little as 3-5% of the purchase price. These loans are often much more economical for buyers since they provide favorable interest rates and require less cash out of pocket.
Who is eligible for a private mortgage insurance policy Somerset?
Individuals in Somerset, MA who do not already have 20% or more of the financing for a home purchase may be eligible for private mortgage insurance (PMI). Eligible individuals may also be those who purchased a home during the previous 12 months or are interested in buying a home with a loan-to-value ratio of 80% or above. Those applying for PMI should have a good credit score and verifiable income. Generally, the higher one's credit score and down payment, the lower the cost of the PMI.
What are the drawbacks of FHA mortgage insurance near Somerset?
For homeowners in Somerset, MA, one of the main drawbacks of FHA mortgage insurance is that it requires borrowers to pay an upfront premium of 1.75% of the loan amount, as well as an annual premium which is divided into 12 equal installments and added to the monthly mortgage payment. This added premium can be costly, and make it more difficult for some individuals to secure the home of their dreams. Additionally, while an FHA mortgage insurance premium is generally lower than PMI, there is a trade-off, as most FHA mortgages lock borrowers into a higher interest rate.
Do Somerset mortgage insurance companies offer USDA insurance?
USDA mortgage insurance is available to homebuyers in Somerset, MA who are looking for an affordable, secure home loan with no down payment. USDA mortgage insurance helps to insure that lenders are compensated if homeowners default on their mortgage payments. Receiving this insurance gives Somerset residents access to competitive mortgage rates, lower closing costs, and the ability to finance up to 100% of the property's value. With this type of mortgage, homeowners can enjoy more financial freedom while maintaining the stability of a long-term loan. This type of mortgage insurance can make homeownership in Somerset more accessible and easier to achieve.
The VA funding fee for Somerset, MA is calculated based on a common set of rules and regulations that follows the VA loan program nationally. Specifically, a veteran or service member with no down payment is required to pay 2.3% of the loan amount to the VA as a funding fee, while a veteran/service member making a down payment of at least 5% will be responsible for 1.65% of the loan amount in funding fees.
Can I negotiate the cost of my mortgage insurance in Somerset?
In Somerset, MA, it is possible to negotiate the cost of your mortgage insurance; however, different factors such as your lender, credit score and income will influence the negotiation process. It is wise to contact a knowledgeable mortgage professional or financial planner to research the best options available to you and discuss ways you may be able to reduce the overall cost of your mortgage insurance. Once you have gathered this information, you can then decide if you would like to pursue negotiating a lower rate or accepting the rate that has been presented to you.
What process do I need to follow to cancel my Somerset mortgage insurance policy?
If you live in Somerset, MA and want to cancel your mortgage insurance, the process you need to follow will depend on the type of loan you have. For most conventional loans, you must fill out a Cancellation of Private Mortgage Insurance form. This form must be completed and signed by both the homeowner and the lender or servicer. You must also include supporting documentation, such as a copy of your mortgage statement or proof of homeownerโs insurance. Once completed, the form must be sent to your lender or servicer. For FHA and VA loans, requirements may vary by lender.
Is there an online calculator for mortgage insurance from a Somerset mortgage insurance company?
Yes, an online calculator for mortgage insurance is available in Somerset, MA. Unfortunately, homeowners insurance rates have increased in the area over the past several years, as homeowners have had to account for such unforeseen circumstances. The online calculator helps to determine the monthly insurance payments based on several factors, such as the age of your home, the size of your loan, and the value of your property. A good way to prepare for this cost is to contact qualified agents affiliated with independent agencies to obtain and compare accurate quotes. Homeowners should also consider the long-term financial implications of a mortgage insurance policy.
Can I opt out of services from mortgage insurance companies in Somerset?
Yes, you can opt out of mortgage insurance in Somerset, MA. Even if you are purchasing a home with less than 20 percent down payment, you are able to purchase Lender Paid Mortgage Insurance (LPMI). This will allow you to buy a home without having to pay for private mortgage insurance, reducing your monthly costs and allowing you more financial breathing room. It is important to remember though, that the terms of the loan are still the same and make sure to talk to your lender to understand the benefits and drawbacks of this option before opting out.
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