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Compare over 20 top providers in South Jordan, 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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"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
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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...
In South Jordan, UT, there are three main types of mortgage insurance: Private Mortgage Insurance (PMI), FHA Mortgage Insurance, and VA mortgage insurance. Private Mortgage Insurance is a type of escrow or collateral guarantee on behalf of lenders who provide financial backing for borrowers. It protects lenders from the risk of loss when the borrower defaults on the loan. FHA mortgage insurance is probably the most popular of mortgage insurances and is administered through the Federal Housing Administration. It is designed to protect lenders in the event of borrower default and also to help provide more opportunities for home ownership.
Can I avoid a South Jordan mortgage insurance policy with a larger down payment?
Yes, typically a larger down payment will decrease or even eliminate the need for additional mortgage insurance in South Jordan, UT. Generally speaking, lenders may not require a mortgage insurance policy when the loan amount is 78% or less of the home's purchase price. When borrowers put down more than 20% of the purchase price when purchasing a home, they may not need insurance at all. Even if the amount borrowed still exceeds 78%, putting a larger sum down can reduce the monthly mortgage insurance premium.
What are the drawbacks of a private mortgage insurance policy South Jordan?
One of the drawbacks of private mortgage insurance in South Jordan, UT is the cost. This type of insurance can significantly drive up the amount you need to finance your home due to the fact that you are required to pay premiums on top of your monthly mortgage payments. Additionally, the amount of your down payment can have an effect on the amount of PMI you're required to pay. The more money you put down, the lower the premiums it will be required to pay. Furthermore, if you are not able to make the required payments, it will not help protect your home.
Who is eligible for FHA mortgage insurance near South Jordan?
In South Jordan, UT, anyone who is interested in obtaining an FHA mortgage insurance must meet the eligibility guidelines set by the Federal Housing Administration, which will vary depending on the program. Generally, applicants must have a valid Social Security number, a minimum FICO credit score of 580 as well as a verifiable employment and income history. Other requirements may include having the necessary funds for closing costs, purchasing a home that meets FHA standards and being able to provide a valid driver's license.
What are the benefits of USDA insurance from South Jordan mortgage insurance companies?
In South Jordan, UT, a USDA mortgage insurance provides homebuyers with many great benefits, making it an attractive option if you're looking to purchase a home. With no down payment required, USDA mortgage insurance helps buyers who wouldn't otherwise have the funds to cover a down payment purchase a home. USDA loans also offer a more flexible credit score requirement and more competitive interest rates than standard mortgage products, making it easier to qualify for a loan.
VA loans have a variety of benefits which can be especially beneficial for South Jordan, UT residents. VA loans have no down payment required and seller closing costs can be paid by the seller, which makes it easier for those without a large amount of funds to purchase a new home. Additionally, VA loans have no mortgage insurance and applicants do not need to meet the usual credit score requirements, meaning less-established credit scores can still qualify for these loans. VA loans also offer a competitive interest rate, making them a cost-effective loan type.
What can I do to lower the cost of my mortgage insurance in South Jordan?
In South Jordan, UT, there are a few things you can do to help lower the cost of your mortgage insurance. You could look into refinancing your mortgage to lower your interest rate, which could bring down the overall cost of your mortgage insurance premium. You can also explore ways to reduce the loan-to-value ratio of your home, such as making a larger down payment or taking out a home equity loan. Finally, investigating different mortgage insurance providers to compare rates and policies is a great way to find the best deal for you.
When does a South Jordan mortgage insurance policy go away?
In South Jordan, UT, mortgage insurance will typically go away when your loan's principal drops to 80% of the original purchase price or appraised value of the home (whichever is lower). Generally this is sooner if you have a private mortgage insurance policy, and later if you have an FHA mortgage insurance policy. It also depends on your lender, the loan amount, the loan terms, and the type of loan. You can typically save money on mortgage insurance by making extra payments or refinance to a better loan option.
Is there an online calculator for mortgage insurance from a South Jordan mortgage insurance company?
Yes, there is an online calculator for mortgage insurance in South Jordan, UT. The Department of Financial Institutions (DFI) provides an online mortgage calculator that helps borrowers understand the cost and process associated with obtaining a mortgage loan in the area. The calculator allows users to enter important information about their mortgage such as loan amount, term and type of loan, estimated rate and payment type to quickly determine mortgage payment amounts, estimated closing costs and estimated loan costs over the life of the loan.
Who is required to use mortgage insurance companies in South Jordan?
In South Jordan, UT, all mortgages that require down payments of less than 20% of the purchase price are required to have mortgage insurance. This includes government-sponsored loan products such as FHA, VA, and USDA loans. Mortgage insurance helps protect the lender against losses resulting from default, so it benefits borrowers by making it easier to qualify for a loan. It generally looks like an extra monthly fee alongside the mortgage, so it is important to factor this into your calculations when budgeting to purchase a home.
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