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 Salt Lake, UT
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple South Salt Lake, UT 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...
Mortgages in South Salt Lake, UT usually require insurance to protect the lender in case the borrower defaults on their loan. This insurance, commonly known as mortgage insurance, is typically included in the borrower's monthly payment. The insurance agreement requires the insurance company to pay part or all of the balance owed to the lender if the borrower is unable to do so due to disability, death, job loss, or other covered incident. Mortgage insurance also guards the lender against potential losses in the event of foreclosure.
What is the minimum down payment to avoid a South Salt Lake mortgage insurance policy?
In South Salt Lake, UT, you can avoid mortgage insurance by making a down payment of at least 20%. This is money you must pay upfront toward the purchase of a home to cover some of the cost. Generally, putting down a higher down payment can help reduce the overall cost of owning a home. When making a down payment of at least 20%, you will no longer have to make monthly mortgage insurance payments, which could save you significant amounts of money in the long run.
Who is eligible for a private mortgage insurance policy South Salt Lake?
In South Salt Lake, UT, individuals who are purchasing a home with a loan-to-value (LTV) ratio greater than 80% are typically eligible for private mortgage insurance. PMI generally protects the lender in the event of a borrower default, allowing borrowers to obtain financing with a more modest down payment than conventional loans require. To qualify for PMI, borrowers should meet certain criteria such as having a good credit score, stable income, and any extra requirements outlined by the lender. PMI may also provide additional protection if the property value has since declined since the purchase of the home.
What are the benefits of FHA mortgage insurance near South Salt Lake?
FHA mortgage insurance offers numerous benefits to homebuyers in South Salt Lake, UT, such as lower down payments, lower interest rates, and fewer fees. Because FHA mortgage insurance is a government-insured loan program, it allows people with lower credit scores and less saved for a traditional down payment to become homeowners. In addition, FHA mortgage insurance allows people to qualify for larger loan amounts, and it also allows for financing of certain repairs and upgrades. With the lower interest rate, more people in South Salt Lake, UT can become homeowners and have access to more affordable housing options.
What are the benefits of USDA insurance from South Salt Lake mortgage insurance companies?
The USDA mortgage insurance offers several important benefits to home buyers in South Salt Lake, UT, especially those who may not qualify for traditional mortgage financing. The mortgage program is designed to be very flexible and accommodating, offering buyers 100% financing for their new home and often more lenient qualifications than traditional mortgage loans. The mortgage insurance also offers significantly lowered interest rates and allows buyers to put very little down or no money upfront, resulting in lower mortgage payments.
The VA funding fee is calculated differently in South Salt Lake, UT. It is based on the amount of the loan and is typically charged when making a down payment. If you put down less than 5%, you will need to pay a one-time VA funding fee that costs an additional 1.3% of the loan. For Veterans and existing homeowners, this increases to 2.3%. For those making a down payment of 5-10%, the funding fee is 0.5%. The fee is lowered to 0.25% for those making a down payment of more than 10%.
What factors influence the cost of mortgage insurance in South Salt Lake?
In South Salt Lake, UT, there are many factors that can influence the cost of mortgage insurance, such as loan-to-value ratio, type of loan, credit score, and amount of coverage. For example, a borrower who requires a high loan-to-value ratio may be required to pay a higher rate of insurance, whereas a borrower with excellent credit might get a lower premium rate. The type of loan you take out also has an effect on the cost of mortgage insurance, because loans that are more prone to default carry a higher risk, thus a higher cost for the insurer.
Can I cancel my South Salt Lake mortgage insurance policy early?
Yes, you can typically cancel your mortgage insurance early in South Salt Lake, UT; however, the exact process to do so will depend upon your contractual and lender requirements. Before you initiate the process, carefully review and understand the terms and conditions of your mortgage insurance to ensure you will not be subject to any penalties or additional deductions. You should also contact your lender to discuss the specific requirements that must be met for cancellation and any other conditions that must be addressed before cancellation can occur. Additionally, make sure to obtain a written cancellation from your lender confirming that the mortgage insurance has been cancelled.
Is there an online calculator for mortgage insurance from a South Salt Lake mortgage insurance company?
Yes, the Utah Housing Corporation, located in South Salt Lake, offers a mortgage calculator to help you better understand the total costs associated with your loan. It is a great tool to help you calculate your monthly mortgage payment, estimated taxes, and estimate your mortgage insurance. This calculator takes into consideration all of the components of your loan, such as principal, interest, taxes, closing costs, etc. so you get an accurate picture of your total monthly payment. You can play around with different interest rates and repayment terms to see how a different loan structure would work for your finances.
Who is required to use mortgage insurance companies in South Salt Lake?
In South Salt Lake, UT, those required to have mortgage insurance are typically those who have a down payment of less than 20%, or who have no down payment at all. Mortgage insurance helps ensure that lenders are protected in the case of a borrowerโs default, and is usually required when the loan amortization period is more than 20 years or when the loan-to-value ratio exceeds 80%. Mortgage insurance may also be required if the borrower has a demonstrably high-risk credit score or has a history of late or missed payments.
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