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Compare over 20 top providers in Springfield, VA
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"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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"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...
Mortgage insurance in Springfield, VA is an additional layer of protection for lenders. It generally applies to people who make a down payment of less than 20% of the purchase price of the property. Mortgage insurance protects the lender in the event that a borrower defaults on their loan. In Springfield, VA borrowers are usually required to pay a one-time premium for mortgage insurance and simply include the payment in their mortgage loan. Borrowers also have the option to pay an annual premium or a single lump sum at the time of loan closing.
Does the cost of a Springfield mortgage insurance policy depend on the size of my down payment?
In Springfield, VA, the cost of mortgage insurance is typically based on the size of the down payment. Although the Federal Housing Administration (FHA) does not require mortgage insurance when taking out a loan with a down payment of 20-percent or more, if the down payment is less than that, mortgage insurance is generally required. The fee of the insurance varies depending on the size of the down payment. Making a smaller down payment often leads to higher mortgage insurance costs, as the lender will be taking on more risk.
Who is eligible for a private mortgage insurance policy Springfield?
Anyone buying a home in Springfield, VA who does not have at least 20% of the purchase price plus any applicable closing costs as a downpayment is eligible for private mortgage insurance, or PMI. PMI is designed to protect lenders from losses resulting from a borrower's default, and is usually required for loan amounts of 80% or greater. Generally, PMI must be applied for and obtained from a mortgage lender or other authorized provider. Anyone getting a loan from a lending institution should check to see if PMI is necessary and who the provider should be.
What are the benefits of FHA mortgage insurance near Springfield?
The benefits of FHA mortgage insurance for Springfield, VA area homeowners are plentiful. FHA mortgage insurance can help those with lower credit scores and smaller down payments get approved for a home loan. Additionally, FHA mortgage insurance provides buyers with a low down payment amount and closing costs that are less than conventional mortgages, helping to make home ownership more affordable. Homebuyers also have more options when it comes to choosing a type of loan, as FHA mortgage insurance offers fixed-rate, ARM, and other adjustable rate loans.
What are the drawbacks of USDA insurance from Springfield mortgage insurance companies?
One potential drawback of USDA mortgage insurance in Springfield, VA is that the USDA office which oversees mortgage insurance in the area requires that borrowers have an income not over 115% of the area median income. This can stem from a reduced borrower eligibility base and can limit potential loan sizes as well. Another potential drawback is that USDA mortgage insurance can come with a variety of fees and costs, including purchasing points and upfront insurance premiums that can stress a budget.
Living in Springfield, VA offers great benefit to those considering a VA loan. VA loans feature low interest rates and no down payment, so monthly payments can often be lower than with other loan types. VA loans have fewer restrictions on the types of homes you can buy, such as single-family homes, condominiums, and modular homes, and they come with no mortgage insurance premiums (MIP). VA loans also provide borrowers with certain refinancing options, such as the Interest Rate Reduction Refinance Loan (IRRRL) and the VA Cash-Out Refinance Loan.
How much is mortgage insurance in Springfield?
Mortgage insurance in Springfield, VA varies based on the homeowners loan-to-value ratio, type of loan, and credit score. Generally, loan-to-value ratios above 80% require mortgage insurance, and loans with LTV ratios of 95% or higher require a monthly payment for mortgage insurance. Generally, the cost of mortgage insurance can range from 0.35%-0.90% annual premium of the total loan amount and the cost can be added to the total loan. It is important to research and ask questions to determine the mortgage insurance costs that fit best into your budget.
When does a Springfield mortgage insurance policy go away?
In Springfield, VA, mortgage insurance typically goes away when you reach a Loan To Value (LTV) ratio of 78%. This is when the loan amount is less than 78% of the appraised value of the home. Typically, as your mortgage payments are made, the loan amount balance decreases, meaning the LTV value goes down until it reaches the 78% goal. Once this is achieved, mortgage insurance will no longer be due. This may vary depending on agreement terms and it is best to discuss with your lender for further clarification.
Can my Springfield mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in Springfield, VA can help you calculate your mortgage insurance. A qualified loan officer at a local banking institution will be able to provide you with a detailed assessment of the total cost involved when securing the mortgage that's right for you. They can also provide guidance on how your mortgage insurance premiums will be calculated and to what extent they may affect your monthly payments. A mortgage specialist in your area can provide answers to any questions you may have and provide assistance throughout the entire process. For expert guidance with your mortgage insurance in Springfield, VA, contact a qualified loan officer today.
Can I opt out of services from mortgage insurance companies in Springfield?
In Springfield, VA, the answer to the question of whether you can opt out of mortgage insurance varies depending on your individual circumstances. Generally speaking, lenders can require private mortgage insurance if the borrower fails to meet a 20% down payment requirement; however, there are other circumstances where lenders will not require mortgage insurance. For example, if the loan-to-value ratio on your home is below 80%, lenders may waive the need for mortgage insurance.
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