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Compare over 20 top providers in Springfield, OR
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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.
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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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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.
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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, OR, there are three main types of mortgage insurance: Private Mortgage Insurance (PMI), Federal Housing Authority (FHA) mortgage insurance, and Department of Veterans Affairs (VA) mortgage insurance. PMI is generally for buyers with less than 20% down payment. FHA mortgage insurance is designed to help low-to-moderate income buyers with a low down payment and flexible credit score requirements. VA mortgage insurance provides qualified veterans and active duty personnel with the ability to purchase a home with little or no money down and no mortgage insurance.
What is the minimum down payment to avoid a Springfield mortgage insurance policy?
In Springfield, OR the minimum down payment you need to avoid mortgage insurance is determined by both the loan types and the amount being borrowed, though a 20% down payment is generally the standard. For example, if you are taking out an FHA loan and requesting less than $625,500, the required amount for Springfield is at least 3.5%. For conventional loans, the standard minimum down payment is 5%. Additionally, for loans more than $625,500 a higher down payment is always recommended.
What is a private mortgage insurance policy Springfield?
Private mortgage insurance (PMI) is an additional cost that is paid to protect mortgage lenders in case a homeowner in Springfield, OR defaults on their loan. PMI is usually required when a borrower has less than 20% of the value of their property as a down payment. PMI is paid by the homeowner in addition to their monthly mortgage payments and is typically taxes deductible. PMI is meant to protect lenders from any losses suffered by a homeowner's default and helps them reduce risk and make more loans.
How does FHA mortgage insurance near Springfield work?
FHA mortgage insurance is a government-backed program available for homebuyers in Springfield, OR. It provides mortgage insurance on loans made by FHA-approved lenders throughout the nation, protecting the lender against loss if a borrower defaults on the loan. FHA mortgage insurance also encourages lenders to give loans to first-time homebuyers with low down-payments. With FHA mortgage insurance, borrowers must pay a mortgage insurance premium which is added onto their monthly mortgage payments. This premium covers the lender's losses if the borrower defaults and is usually a percentage of the loan amount.
How do Springfield mortgage insurance companies process USDA insurance?
USDA mortgage insurance in Springfield, OR works in a way that safeguards lenders from a borrower's defaults. Homebuyers in Springfield that don’t have the traditional 20% down payment and lack the ability to pay private mortgage insurance (PMI) qualify for a USDA loan. Without USDA loan insurance, borrowers in Springfield would have difficulty being able to secure a loan from a lender. The USDA mortgage insurance helps borrowers who don't have enough capital or funds to make a large down payment possible. The insurance lets lenders feel secured in the event of a payment default by the borrowers.
One of the potential drawbacks of a VA loan in Springfield, OR is that the borrower may not be able to take advantage of certain loan products, such as adjustable rate mortgages or refinancing options. On top of that, many lenders in Springfield may not offer VA loans, as lenders have different regulations they must adhere to when offering VA loans. This could limit the options the borrower has when looking to purchase a home with a VA loan. Additionally, closing costs can sometimes be slightly higher with a VA loan, although this is mitigated by the fact that there is no down payment with a VA loan.
Are there discounts available for mortgage insurance in Springfield?
Yes! Depending on the lender, you may be eligible for a discount on mortgage insurance in Springfield, OR. For example, many lenders offer an upfront discount block of 5% off the upfront premium cost. With this discount, you can receive a lower overall premium cost and save money up front. Also, depending on the loan type, some lenders offer a discount of up to .75% off the annual premium cost. If you're looking for a way to save on mortgage insurance, it pays to shop around. Get in touch with local lenders to learn about the options available to you in Springfield.
Can I cancel my Springfield mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Springfield, OR. Before you do so, it is recommended to speak to a financial professional to determine if this is the best decision for you. Mortgage insurance, also known as PMI, helps cover a portion of the loan’s principal balance in the event of a default. Therefore, if you have a high loan to value ratio, it is perhaps beneficial to maintain the insurance until you have paid down the loan balance, or refinanced. However, if your loan to value ratio is low enough, you may be better off without it.
What factors are considered when calculating mortgage insurance for a Springfield mortgage insurance company?
When calculating mortgage insurance in Springfield, OR, a wide variety of factors are taken into consideration such as the total loan amount, loan term, loan-to-value ratio, the borrower’s credit score, and the type of property being insured. It can also depend on the lender and the borrower's employment and income-to-debt ratio. Other factors include the borrower's ability to pay an upfront fee and any applicable state or local taxes.
What happens if I don't use mortgage insurance companies in Springfield?
If you don't purchase mortgage insurance in Springfield, OR, you risk paying off the balance of your loan in full if you default. This could be a financial burden in the event of an unforeseen event such as job loss or a health emergency. Mortgage insurance provides an important safety net, which helps to ensure that if you are unable to make your loan payments, you won't have to pay off the principal. Furthermore, mortgage insurance is usually required by the loan company in order to qualify for a loan in the first place.
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