Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in South Miami, FL
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple South Miami, FL 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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
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.
Get started in less than 5 minutes.
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.
![]() |
Option 1 | Option 2 | ||
---|---|---|---|---|
100% Digital | ||||
Licensed Agents | ||||
Expert Support | ||||
Get Started in 5 Minutes | ||||
Decades of Experience | ||||
Compare 20+ Providers | ||||
Zero Hidden Costs | ||||
Top Insurance Providers |
"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 South Miami, FL works similarly to how it works across the US: it is an insurance policy that protects lenders in case of a borrower default, allowing them to offer lower down payments for mortgage loans. It is usually required for buyers with a down payment of less than 20%, and can be funded as a one-time fee included in the loan or through an annual premium that is added to the loan balance each month. Mortgage insurance typically also covers costs associated with foreclosures, such as legal expenses and lost income from the property.
How can I reduce my South Miami mortgage insurance policy cost with a larger down payment?
Making a larger down payment on your home in South Miami, FL can help to reduce your mortgage insurance cost. In fact, many lenders in South Miami offer mortgage insurance premium discounts for larger down payments. Discussing this with your lender, in person or over the phone is an effective way to find out more details and determine whether you qualify for a discount. In addition, if you're able to make a steep down payment of 20% or more on the purchase of your home, you may also be able to avoid mortgage insurance entirely.
Do I need a private mortgage insurance policy South Miami?
Whether or not you need private mortgage insurance in South Miami, FL will depend on your financial situation, the size of your down payment, and the particular lender you are working with. Generally speaking, if you make a down payment of less than 20%, you are more likely to be required to purchase private mortgage insurance. However, there are lenders who may be willing to waive the insurance requirement depending on your financial history, credit score, and other qualifying factors.
What are the benefits of FHA mortgage insurance near South Miami?
FHA mortgage insurance provides a great benefit to homeowners in South Miami, FL by providing a lower down payment requirement, lower closing costs, and providing flexibility on credit score requirements. This helps those who are first-time home buyers or those with limited funds have an easier opportunity to purchase a home in the local area, boosting the economy and creating more homeownership opportunities. Additionally, FHA mortgage insurance is only required to be paid for a specific length of time, usually 11 years, rather than a lifetime like with some other mortgage options.
How do South Miami mortgage insurance companies process USDA insurance?
USDA mortgage insurance works by protecting lenders that finance USDA-backed loans in South Miami, FL. It guarantees that lenders will be reimbursed if a borrower defaults on their loan. The requirements for USDA mortgage insurance include a down payment of at least 3%, debt-to-income ratios no higher than 29%, and a minimum credit score of 640. It's also subject to residency requirements, so the borrower must intend to use the property as their primary residence. All of these requirements must be met to receive the insurance coverage.
Individuals who are eligible for a VA loan in South Miami, FL are veterans, active-duty service members, qualifying National Guard and reserve members, and eligible surviving spouses of those who died during service or due to a service-related disability. Generally, a veteran must have 90 days of continuous service during wartime or at least 181 days during peacetime to qualify, but there are certain exceptions depending on the situation. Other criteria can apply as well, such as a credit score of at least 620 for the loan to be approved, as well as military discharge must be honorable.
How much is mortgage insurance in South Miami?
The cost of mortgage insurance in South Miami, FL varies depending on the type of mortgage and the amount owed. Generally speaking, if the loan is over 80% Loan to Value ratio then mortgage insurance will be required. This eliminates the need for a 20% down payment and helps buyers purchase a home sooner. The cost of mortgage insurance in South Miami will usually be between 0.2-2.2% of the loan, depending on the size and terms of the loan. In some cases, the fee may be added to the loan amount to minimize the initial out-of-pocket costs.
What process do I need to follow to cancel my South Miami mortgage insurance policy?
To cancel your mortgage insurance in South Miami, FL, you must contact your lender or mortgage servicer and provide them with documentation that proves you have met the necessary requirements to cancel the insurance. Depending on your loan, you may need to provide proof of a certain value for your property in comparison to the amount of your loan, provide your loan's history of on-time payments or provide evidence that you have obtained private mortgage insurance (PMI) from an approved insurer.
Can my South Miami mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender can help you calculate your mortgage insurance in South Miami, FL. Check with your lender to find out if they offer services specific to mortgage insurance calculations in your area. They can provide a more accurate estimation based on information such as the neighborhood, type of loan, credit score, down payment, and other factors. Furthermore, they may be able to help negotiate a more favourable rate with your mortgage insurance provider. However, in order to get the most out of your mortgage insurance, it's best to compare various options and perform calculations beforehand.
Are there alternatives to mortgage insurance companies in South Miami?
In South Miami, FL, there are a few alternatives to mortgage insurance. One common alternative is making a larger down payment. This allows borrowers to avoid mortgage insurance by having a loan to value ratio that is lower than 80%. Homeowners may also be required to purchase mortgage insurance if they have a low credit score. In this case, borrowers could build their credit score or even take out a credit-builder loan to help boost it and potentially avoid mortgage insurance altogether.
Other locations near South Miami, FL
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved