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Compare over 20 top providers in St. Petersburg, FL
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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...
In St. Petersburg, FL mortgage insurance is a type of insurance which protects the lender in the event that the borrower defaults on their mortgage payments. Generally, the borrower pays a one-time premium for this insurance and additional premiums may become due if the loan balance or loan amount increases. Mortgage insurance helps reduce the risk of the lender, meaning more people are able to qualify for mortgages and receive favorable rates on their mortgages. Ultimately, mortgage insurance allows lenders to provide mortgages that would otherwise be too risky and helps ensure that borrowers can purchase a home in St.
What is the minimum down payment to avoid a St. Petersburg mortgage insurance policy?
The minimum down payment needed to avoid mortgage insurance in St. Petersburg, FL depends on loan type and amount. Generally, most lenders require a down payment of at least 20% of the purchase price to avoid being required to pay for mortgage insurance. If you are obtaining an FHA loan, the minimum down payment is 3.5%. If you obtained a VA loan, no down payment is required. It is important to keep in mind that while a higher down payment creates more equity in a property, it also requires more money upfront.
What are the drawbacks of a private mortgage insurance policy St. Petersburg?
For homeowners in St. Petersburg, FL, the primary drawback of private mortgage insurance (PMI) is the cost. PMI can add significant amounts to the total cost of your monthly payments, taking away from the savings potential of a low-interest mortgage. In addition, depending on when you purchase your home, PMI may be required to have a loan-to-value ratio of less than 80%. This means that you may have to put a large down payment down to secure the loan, taking away from your financial reserves.
How does FHA mortgage insurance near St. Petersburg work?
FHA mortgage insurance is available to homebuyers in St. Petersburg, FL who may not have the necessary cash for a down payment or closing costs. FHA mortgage insurance provides an opportunity for buyers with a smaller down payment to obtain a loan at a more affordable rate. Specifically, with an FHA loan in St. Petersburg, a buyer is responsible for paying a mortgage insurance premium to insure the lender against the risk of the loan. This is due at closing and can range from 1.75-2.25% of the loan balance.
How do St. Petersburg mortgage insurance companies process USDA insurance?
The USDA mortgage insurance program offers low and moderate-income homebuyers in St. Petersburg, FL the opportunity to obtain up to 100% financing of their home purchase. The USDA home loan mortgage insurance requires the applicant to put down a minimum of 1% of the purchase price of the home. However, up to 2.75% of the purchase price can be used towards the closing costs. The USDA mortgage insurance will cover the remaining principal balance of the loan up to 90%. If the homebuyer defaults on the loan payments, the USDA mortgage insurance will cover any resulting losses.
Depending on the individual situation, one potential drawback of a VA loan for someone living in St. Petersburg, Florida is that there may not be VA-approved lenders in the area. This means that even if you qualify for a VA loan, you could be required to work with a VA-approved lender outside of the city, which could potentially add additional time to the loan application process. Additionally, VA loans do require a funding fee, which is oftentimes higher than most other types of loans, and special rules can apply in Florida regarding hiring of veterans for certain types of loans.
Are there discounts available for mortgage insurance in St. Petersburg?
Yes, there are discounts available for mortgage insurance in St. Petersburg, FL. Depending on the type of policy, homeowners can potentially see savings of up to 20% on their premium. Additionally, certain companies offer discounts for policyholders who have no prior claims or accident history, as well as those who purchase more comprehensive policies that cover multiple dwellings simultaneously. Ultimately, St. Petersburg residents should shop around and compare a number of different providers in order to ensure that they find the best deal on mortgage insurance.
Can I cancel my St. Petersburg mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early if you have met certain conditions in St. Petersburg, FL. In most cases, you must have paid your mortgage down to 78% of its original value. The best way to determine if you qualify for early cancellation is to contact your lender. Additionally, if you have had your mortgage for an extended period of time, you may also be able to refinance at a conventional rate without mortgage insurance. Refinancing your existing mortgage to a conventional loan can also save money in the long-run.
Is the mortgage insurance calculation method the same for every St. Petersburg mortgage insurance company?
No, the mortgage insurance calculation method is not the same for all lenders in St. Petersburg, FL. Each lender usually has their own guideline for determining the mortgage insurance cost of a loan. Generally speaking, the mortgage insurance rate is based on the size of the loan, the loan term, and the type of loan. It is important to research the various lenders' policies to determine the best one for your particular needs. For example, some lenders may offer different rates depending on your credit score or the amount of down payment.
Who is required to use mortgage insurance companies in St. Petersburg?
In St. Petersburg, FL, anyone who is taking out a mortgage loan which has an Individual Loan-To-Value (LTV) ratio equal to or higher than 80% is generally required to purchase private mortgage insurance (PMI). PMI is intended to protect the lender in the event of a borrower's default. The borrower will typically be responsible for loans over 80% of the home's appraised value or the purchase price, whichever is lesser.
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