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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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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
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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 State College, PA, the most common form of mortgage insurance is Federal Housing Administration (FHA) loans, which require borrowers to pay mortgage insurance premiums so that they can borrow up to 96.5% of a home's value. Additionally, some conventional loans require private mortgage insurance (PMI) for borrowers who put down less than 20% of the home's purchase price. Other types of mortgage insurance in State College include Veterans' Administration (VA) loans, as well as loans from the United States Department of Agriculture (USDA).
How does a larger down payment affect my State College mortgage insurance policy cost?
In State College, PA, a larger down payment could result in a lower mortgage insurance cost. Depending on what type of loan you choose, a larger down payment could potentially reduce or eliminate mortgage insurance premiums and save you money in the long run. Down payment size varies, but it is important to talk to a mortgage lender and get an estimate of what changes a larger down payment might make for your situation. In some cases, a larger down payment can make a big difference in the cost of mortgage insurance.
What are the drawbacks of a private mortgage insurance policy State College?
Private mortgage insurance is an additional expense on top of the monthly mortgage principal and interest payment that homeowners are typically required to pay, and those living in State College, PA are no exception. One drawback of private mortgage insurance, however, is that the money that is paid each month may never be recovered. Additionally, private mortgage insurance does not typically cover the complete cost of the mortgage in the event of a default, so homeowners may still be responsible for covering the balance.
What is FHA mortgage insurance near State College?
FHA mortgage insurance is a type of loan insurance that the Federal Housing Authority (FHA) requires from people in the State College, PA area who wish to obtain a mortgage loan. FHA mortgage insurance is designed to help protect lenders in the event of foreclosure, making it easier for people to access the loans they need. FHA mortgage insurance usually requires upfront premiums, and ongoing premiums that are collected as part of the monthly mortgage payment, which can vary depending on the loan amount.
What are the drawbacks of USDA insurance from State College mortgage insurance companies?
One disadvantage of USDA mortgage insurance in State College, PA is that it can only be obtained from participating lenders and other financial institutions. To access USDA mortgage insurance, local prospective buyers must meet certain criteria, such as meeting the county's median income, having enough liquid assets to cover loan closing costs, and meeting additional debt-to-income ratios. Furthermore, these types of loans often have higher rates than standard mortgage loans and require a larger down payment.
While a VA loan offers numerous benefits to qualified veterans and military personnel, it also has some drawbacks. In most cases, VA loans require a one-time funding fee, a type of insurance for VA loan borrowers that helps lower the overall cost of a VA loan. This fee may be higher than the costs associated with other types of loan products. Additionally, the VA loan does not permit loans to exceed certain limits, and the local home values in State College, PA could be too high for veterans to purchase a home in certain areas with a VA loan.
Can I negotiate the cost of my mortgage insurance in State College?
In State College, PA, it is possible to negotiate the cost of your mortgage insurance. Local mortgage lenders and insurance companies may be open to discussing lower premiums and other variations of coverage, particularly if you can show that you have good credit and a reliable source of income. Additionally, some lenders may provide incentives or discounts if you are a first-time homebuyer or if you purchase a home in a certain region. It's important to shop around and compare prices to ensure that you get the most competitive deal.
When does a State College mortgage insurance policy go away?
Generally speaking, mortgage insurance usually goes away once the homeowner has reached an equity position of at least 20% in the State College, PA region. This means that the outstanding balance of the loan must be at least 80% of the original value of the home. Once this threshold is achieved, the mortgage insurance may be automatically removed. Itβs important to check with your mortgage servicer for the exact details since some servicers may require that you submit a request to have this removed.
Is there an online calculator for mortgage insurance from a State College mortgage insurance company?
Yes, absolutely! For those looking for mortgage insurance in State College, PA, there are various online tools and calculators available. The Pennsylvania State University Extension provides a free, comprehensive mortgage calculator to help users estimate their monthly mortgage payments. Additionally, the Pennsylvania Housing Finance Agency has an online calculator to help individuals determine their eligibility for mortgage insurance. Whichever route you take, there are resources available to help you determine how much you can afford for mortgage insurance in State College, PA.
Can I opt out of services from mortgage insurance companies in State College?
Yes, it is possible for homeowners in State College, PA to opt out of mortgage insurance. Homeowners need to have paid their principal loan balance down to 80% or less of the original appraised value of the home and be current on their loan payments in order to be approved for the opt-out. Before applying to opt out of mortgage insurance with your lender, make sure to consider potential risks such as difficulty in refinancing and the potential difficulty of selling the property without mortgage insurance in the future.
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