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 Southgate, MI
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Southgate, MI 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...
Different types of mortgage insurance are available to Southgate, MI residents depending on their particular mortgage needs. Traditional mortgage insurance protects lenders in case the borrower defaults on their loan. Guaranteed-rate mortgages are popular in Southgate and they allow borrowers to make low monthly payments. Private or lender-paid mortgage insurance can usually be negotiated into the loan, and borrowers have the option of putting down a small down payment and paying the insurance cost up-front. Lastly, borrowers may purchase a one-time lump-sum mortgage insurance policy, which is usually more affordable than opting for ongoing monthly payments.
Can I avoid a Southgate mortgage insurance policy with a larger down payment?
Yes, you can often avoid mortgage insurance by making a larger down payment in Southgate, MI. For example, with an FHA loan, you can avoid mortgage insurance altogether if you make a down payment of at least 10 percent. On the other hand, with a conventional loan, you may be able to avoid mortgage insurance if you make a down payment of 20 percent or more. Given the cost of living in Southgate, MI and availability of loan programs, it may be feasible to make a higher down payment and could potentially help you save money.
What is a private mortgage insurance policy Southgate?
Private mortgage insurance (PMI) is a form of insurance for homeowners in Southgate, Michigan who cannot make a 20% down payment on their home loans. It helps reduce the risk to homeowners and banks and allows people with lower savings to be able to afford a home. PMI can be a tricky decision for those who are looking for to purchase or refinance a home, so it's important to do your research in order to make the best, most informed decision. It's also important to look into your other options, such as increasing the down payment or searching for a more affordable home.
Who is eligible for FHA mortgage insurance near Southgate?
Anyone in Southgate, MI looking for mortgage insurance may be eligible for Federal Housing Administration (FHA) insurance, which provides secure lending to borrowers that may not otherwise qualify for a traditional loan. To qualify, borrowers must have a credit score of 500 or higher, as well as stable, verifiable income. Additionally, FHA insurance typically requires lower starting payments than conventional mortgages, offers competitive interest rates, and can lower mortgage insurance premiums over time. Furthermore, FHA insurance allows buyers to use gifts and grants for down payments and closing costs, making it much easier to become a homeowner.
What are the drawbacks of USDA insurance from Southgate mortgage insurance companies?
In Southgate, Michigan, the drawbacks of USDA mortgage insurance are most commonly higher up-front costs, the need for a higher credit score than necessary for a standard conventional loan, and the addition of an annual premium for loans that last longer than 15 years. Furthermore, the total loan amount for this type of mortgage insurance may not exceed the greater of either the established maximum loan amount set by the USDA or the actual purchase price of the home. Lastly, applicants may also need to meet certain income requirements to qualify for USDA mortgage insurance.
Anyone who meets the eligibility requirements as determined by the US Department of Veterans Affairs is eligible to apply for a VA loan in Southgate, MI. Such requirements include having adequate credit scores, supplying a Certificate of Eligibility, making a down payment, meeting certain income requirements and source of funds qualifications, and, in certain cases, having a valid certificate of service or discharge from the US Armed Forces. Prior to application, a potential borrower must contact a VA-approved lender to find out more about the eligibility criteria.
Can I negotiate the cost of my mortgage insurance in Southgate?
Generally speaking, it is possible to negotiate the cost of your mortgage insurance in Southgate, MI, depending on your situation and the lender's policy. While your loan servicer may not be open to reducing the cost of the insurance, it's still worth inquiring, as some lenders may be willing to lower your premiums in exchange for a larger down payment or the payment of additional fees. Your loan servicer can also advise you on what type of mortgage insurance may be most suitable for your specific situation, as well as what kinds of discounts may be available to help reduce the cost.
When does a Southgate mortgage insurance policy go away?
Mortgage insurance in Southgate, MI goes away when the principal balance owed is equal to or less than 78% of the original appraised value of the home or when you have reached 22 years into a thirty year mortgage. Depending on how much equity you have in the home, your mortgage insurance may be eliminated sooner than that. For instance, a homeowner with sufficient equity may be able to refinance their mortgage to eliminate the insurance requirement prior to attaining the 78% loan-to-value ratio.
Is there an online calculator for mortgage insurance from a Southgate mortgage insurance company?
Yes! If you live in Southgate, MI there is an online calculator for mortgage insurance available. Our licensed and insured Southgate Mortgage Insurance Agents have the expertise to evaluate your current financial situation and help you develop the right plan for you. Our online mortgage insurance calculator is a quick and user-friendly way to guide you exploring potential loan options, estimating your monthly payments, and learning more about your coverage options. We guide each customer through the best mortgage insurance plan for their unique needs and ensure you are informed every step of the way.
Who is required to use mortgage insurance companies in Southgate?
In Southgate, MI, anyone who chooses to finance a home purchase with less than 20% of the purchase price in cash (or other assets) is required to have mortgage insurance. This insurance often helps lenders protect themselves in the event of a borrower being unable to make payments on the loan. Mortgage insurance can be paid for by the borrower, the lender, or a combination of the two. In some cases, the cost of mortgage insurance can be included in the loan amount.
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