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Compare over 20 top providers in Springfield, IL
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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
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Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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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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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.
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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 Springfield, IL, there are two main types of mortgage insurance available private mortgage insurance (PMI) and mortgage insurance premiums (MIP). PMI is typically required by lenders when you put less than 20% down on a mortgage. PMI protects the lender if you default on the loan. Mortgage insurance premiums (MIP) are required for all Federal Housing Administration (FHA) loans and offer the same protection to the lender as PMI. The premium for MIP is included in the loan you don't pay it out of pocket.
How can I reduce my Springfield mortgage insurance policy cost with a larger down payment?
If you're looking to reduce your mortgage insurance costs in Springfield, IL, one of the best ways to do so is to make a larger down payment. The more money you put down up front, the less you'll have to pay on your mortgage insurance over time. Consider meeting with a financial advisor to review your options and explore different ways you can increase your down payment to decrease the amount of your premiums. Ultimately, having a larger down payment could help you save thousands in the long run.
What are the benefits of having a private mortgage insurance policy Springfield?
In the Springfield, IL area, private mortgage insurance (PMI) can be a great benefit to those looking to purchase a home. It can reduce the amount of money required for a down payment and allow home buyers to purchase quicker than they could without it. Additionally, people with a lower credit score may qualify for a loan, and with PMI, they may manage to secure a loan with a more competitive rate. PMI may also enable borrowers to lock in their mortgage rate for a longer period of time, giving them the stability of a predictable repayment structure.
How does FHA mortgage insurance near Springfield work?
FHA mortgage insurance helps protect lenders in Springfield, IL, and across the country by allowing them to ensure financial protection against borrower default. When purchasing a home in Springfield with a FHA loan, borrowers are required to pay a mortgage insurance premium (MIP). This MIP, which is paid upfront and annually, works as a safety net for lenders to absorb any losses in the event that a borrower fails to make their mortgage payments.
Who is eligible for USDA insurance from Springfield mortgage insurance companies?
In Springfield, IL, eligibility for USDA mortgage insurance is based on a variety of factors. To qualify you must live in a designated rural area and have a dependable and adequate income. Your debt-to-income ratio must also be acceptable, and you must be a US citizen, non-citizen national, or qualified alien. Additionally, you must have a valid Social Security Number, demonstrate a credit history that meets HUD requirements, and have a legally binding commitment from a qualified lender. All USDA-backed loans are subject to income limits in a given area.
VA loans have many benefits specifically tailored to Springfield, IL Veterans. These include no down payment, no mortgage insurance, no closing costs, and limited fees. Furthermore, Springfield VA loan applicants who qualify can enjoy a great rate, minimizing amount of monthly payments. VA loan applicants in Springfield can also take advantage of lower credit score requirements than traditional mortgages, making VA loans an attractive option for those without perfect credit. With VA loans, Veterans in Springfield can also assum a loan, meaning they can purchase a home and take on the remaining balance of the prior owner on their loan.
Are there discounts available for mortgage insurance in Springfield?
Yes, there are discounts available for mortgage insurance in Springfield, IL. Springfield Civic Leaders offer property tax discounts for first-time home buyers where eligible. Additionally, many insurance companies have specific discounts available which could lower the cost of mortgage insurance, especially for those who have existing policies with them. Also, for those who meet certain requirements, Illinois participates in a federal program which helps reduce mortgage insurance costs. It is important to research available options to ensure you get the best deal for your specific situation.
What are the requirements to cancel my Springfield mortgage insurance policy?
In Springfield, IL, the primary criteria to cancel your mortgage insurance is to have the loan-to-value (LTV) ratio drop below the set percentage (usually 78-80%) and to have the loan remain current on payments. You'll also need to provide proof of a recent appraised value of your home and provide a new "GFE mortgage insurance worksheet" from your lender that is dated within the last 12 months. Finally, you'll need to complete a form along with your lender's PMI cancellation request.
Is the mortgage insurance calculation method the same for every Springfield mortgage insurance company?
No, the mortgage insurance calculation method is not the same for all lenders and will vary based on the policies of the lender. In Springfield, IL, each mortgage lender has its own guidelines and regulations when it comes to determining the calculation method for mortgage insurance. Lenders in Springfield, IL are likely to have differing rates and processes based on the specific characteristics of the borrower's loan. It is therefore important for prospective borrowers to do their research and shop around to compare mortgage insurance from several different lenders prior to making a final decision.
Do I need mortgage insurance companies in Springfield?
If you plan to purchase a home in Springfield, IL, you will need to consider whether you need mortgage insurance. Mortgage insurance is designed to protect the lender in case of default on the loan, and depending on the size of your down payment and type of loan you obtain, you may be required to purchase mortgage insurance. It’s important to discuss your options with a trusted financial advisor to ensure you make the right decisions regarding your mortgage and insurance needs.
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