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 Plainfield, NJ
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple South Plainfield, NJ 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 is a type of insurance designed to provide financial protection for homeowners in South Plainfield, NJ, in the event they are unable to meet their loan obligations. The insurer pays the mortgage balance if the homeowner defaults, resulting in a foreclosure or a short sale. Mortgage insurance is generally required if you are taking out a loan with less than a 20 percent down payment, and it helps to reduce the risk for lenders, enabling them to offer more favorable loan terms. It may also be required if your loan-to-value ratio is greater than 80 percent.
What is the minimum down payment to avoid a South Plainfield mortgage insurance policy?
The minimum down payment to avoid mortgage insurance depends on many factors, such as the location of the home and the loan-to-value ratio. In South Plainfield, NJ, the minimum down payment is typically 5 percent, but it can range from 0 to 20 percent, depending on the mortgage company's risk assessment. If your down payment is lower than 20 percent, you may be required to pay a mortgage insurance premium, which can increase your monthly payment.
What is a private mortgage insurance policy South Plainfield?
Private mortgage insurance, or PMI, is an insurance policy purchased by homeowners in South Plainfield, NJ, and other locations to protect lenders in the event of default on a home loan. PMI typically covers anything the down payment does not cover, and is only required if the borrower has less than 20 percent equity in the home. Homeowners in South Plainfield, NJ who pay with PMI will have to pay an additional monthly premium to their mortgage lender. The premiums are, however, tax deductible, allowing homeowners to save a bit of money on their taxes.
How does FHA mortgage insurance near South Plainfield work?
FHA mortgage insurance in South Plainfield, NJ works by requiring a one-time, upfront mortgage insurance premium (UFMIP) and a monthly mortgage insurance premium (MIP) to be paid at closing and paid monthly. The upfront MIP is integrated into the loan amount that you borrow. The monthly MIP is typically 0.85% of the loan amount annually and is renewable yearly. The FHA also offers an annual MIP refund for loans paid off more than 3 years after origination.
What are the drawbacks of USDA insurance from South Plainfield mortgage insurance companies?
One of the main drawbacks of USDA mortgage insurance for South Plainfield, NJ residents is a higher cost compared to other available options like an FHA loan or conventional loan. Additionally, the USDA mortgage insurance can be difficult to qualify for if a personโs credit score or income falls below the established thresholds or if their debt-to-income ratio is too high. Furthermore, the terms of a USDA loan need to be fulfilled within a certain time frame and if this isnโt done, the borrower might not be able to receive certain benefits that come with the loan.
VA loans are a great choice for homebuyers in South Plainfield, NJ as it allows them to buy a home with no down payment, in addition to competitive interest rates and more flexible qualifying guidelines compared to conventional loans. Other benefits of a VA loan include no monthly Private Mortgage Insurance (PMI) payments, no pre-payment penalty, and the ability to finance a portion of the closing costs. The VA also offers a Special Adapted Housing grant to assist veterans in adapting their home for certain service-connected disabilities, making it easier for them to live independently.
How much is mortgage insurance in South Plainfield?
The cost of mortgage insurance in South Plainfield, NJ can vary depending on the size and type of the loan needed and whether it is a private mortgage insurance (PMI) policy, or an insurance policy offered by the Federal Housing Administration (FHA). Generally, amount of the required mortgage insurance is based on the borrower's credit score, loan-to-value ratio, and type of loan. An FHA loan generally requires an upfront mortgage insurance, a one-time fee of 1.
Does the mortgage insurance termination process vary by South Plainfield mortgage insurance policy?
Yes, the mortgage insurance termination process does vary by lender, particularly in the case of South Plainfield, NJ. In most cases, the mortgage insurance termination process requires two components: the lender's written request to the mortgage insurance provider and a copy of the final Title Report. Lenders in South Plainfield may also require additional documents such as a fully executed deed of sale, proof of payment, or additional forms from a homeowner prior to sending the request. Additionally, some lenders may require the homeowner to actively contact the mortgage insurance provider in order to confirm termination.
Can my South Plainfield mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in South Plainfield, NJ can help you calculate your mortgage insurance. Most lenders in the area offer calculators and tools to help estimate your projected loan payments so that you can get a better picture of what size of mortgage you can afford. In addition, they should be able to answer any other questions you may have regarding the amount of mortgage insurance you will be required to pay. If you'd like to have an even more in-depth understanding of the details and figures involved in your mortgage insurance calculation, consider scheduling an appointment with an experienced financial advisor in South Plainfield.
Who is required to use mortgage insurance companies in South Plainfield?
In South Plainfield, NJ, most borrowers who make a down payment of less than 20% of the purchase price of a home are required to have mortgage insurance. Mortgage insurance protects lenders in the event of a loan default; by protecting lenders, buyers are able to secure mortgages with a lower down payment. This type of insurance covers a portion of the costs of repairs, legal fees, and other expenses associated with a loan default. Mortgage insurance rates vary by loan type, so it's important to shop around and compare lenders and their policies, as well as obtain an estimate before making a purchase.
Other locations near South Plainfield, NJ
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