Taking too long? Close loading screen.
Compare over 20 mortgage insurance policies in as little as 5 minutes.
With PolicyHub you get to compare over 20 mortgage insurance policy providers in as little as 5 minutes. Save time. Save big. Get started now.
Compare over 20 top providers in Sun Prairie, WI
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Sun Prairie, WI policies from all the leading insurers and choose the one that fits your needs.
Locked in rate discount and exclusive deals.
Benefit from exclusive deals offered only to residents of your state, and lock in huge rate discounts.
Customized policies just for you.
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
ATTN: 2024 rates just released!
Get the latest mortgage insurance rates for 2024 and lock in your policy today! Get started comparing policies today.
Get the perfect plan with the cheapest rates in 3 easy steps.
Done in 3 easy steps
Step 1
Tell us about yourself.
Finding the perfect mortgage insurance policy starts with answering a few questions to help us serve you better.
Step 2
Compare rates & plans with a pro.
Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
Step 3
Lock in cheap rates.
Secure the lowest rates and lock in the perfect mortgage insurance policy for you and your family.
"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.
Get started in less than 5 minutes.
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.
 |
Option 1 | Option 2 | ||
|---|---|---|---|---|
| 100% Digital | ||||
| Licensed Agents | ||||
| Expert Support | ||||
| Get Started in 5 Minutes | ||||
| Decades of Experience | ||||
| Compare 20+ Providers | ||||
| Zero Hidden Costs | ||||
| Top Insurance Providers |
"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 is an important financial service for homebuyers in Sun Prairie, WI, because it helps to ensure that any loan taken out can be paid off in full should tragedy strike. By making sure that lenders are provided with the necessary funds to cover their losses should the homebuyer be unable to make their payments, mortgage insurance provides financial security to everyone involved. Without it, lenders would be unable to offer home buyers the mortgages they need to purchase their dream home in Sun Prairie, which can be crucial in this competitive market.
Does the cost of a Sun Prairie mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Sun Prairie, WI does depend on the size of your down payment. Generally speaking, the larger the down payment, the less your mortgage insurance will be. Different lenders may have different guidelines for when mortgage insurance is required, but most require it once the loan-to-value (LTV) ratio exceeds 80%. An LTV ratio is calculated by dividing the loan amount by the appraised property value. A smaller down payment results in a higher LTV ratio and usually higher monthly mortgage insurance payments as a result.
Who is eligible for a private mortgage insurance policy Sun Prairie?
In Sun Prairie, WI, individuals who are looking to purchase a property with a loan-to-value (LTV) ratio that is more than 80% typically require private mortgage insurance (PMI). PMI is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. To be eligible for PMI, an applicant must have a credit score of at least 620 and be able to make a substantial down payment on the purchased property.
What are the drawbacks of FHA mortgage insurance near Sun Prairie?
The primary drawback of FHA mortgage insurance in Sun Prairie, WI is that it increases the borrower's loan amount and associated closing costs. Since FHA requires borrowers to pay mortgage insurance regardless of the loan-to-value ratio, prospective homebuyers in this area should carefully consider their position on this expense before agreeing to an FHA loan. Another disadvantage is that FHA’s mortgage insurance premiums can also increase over the life of the loan based on market economic conditions and property value fluctuations.
What are the drawbacks of USDA insurance from Sun Prairie mortgage insurance companies?
In Sun Prairie, Wisconsin, like in other states, there can be drawbacks to utilizing USDA mortgage insurance. One such drawback is that the insurance only covers loans with relatively low borrowing amounts. This means that consumers with higher borrowing requirements, whether it's for a larger house, more land, or repairs, may not be able to take advantage of the insurance. Additionally, USDA mortgage insurance can be more costly than traditional mortgage insurance, since it requires an up-front payment of 1% of the total loan, as well as an additional annual fee.
The VA Funding Fee is a one-time cost associated with VA loans, where a Veteran pays a percentage of the loan amount in order to fund the Department of Veterans Affairs. Here in Sun Prairie, WI there are numerous financial institutions that specialize in VA loans for Veterans. Those looking to apply for a loan should contact their local Veterans Services Office where they will receive recommendations for respected financial institutions that can answer any questions about the VA Funding Fee as well as VA loan programs.
Are there discounts available for mortgage insurance in Sun Prairie?
Yes, discounts are available for mortgage insurance in Sun Prairie, WI! Depending on your situation, you may be eligible for discounts or reduced pricing through government and private programs. For example, eligible veterans in Sun Prairie may qualify for reduced rates or rebates through the Department of Veteran Affairs mortgage insurance programs. Homeowners carrying private mortgage insurance may also be able to request a discount by refinancing their current loan to a cheaper option or by obtaining discount points. Speak with your lender or insurance company to learn more about discounts and other cost-saving options.
When does a Sun Prairie mortgage insurance policy go away?
Mortgage insurance may go away in Sun Prairie, WI after you hit 20% of equity in your home. This means that your loan-to-value ratio is equal to or below 80%. Your lender will automatically cancel your mortgage insurance policy when you hit this amount, so if you have additional payments you can reach this threshold sooner. After you hit the 20% mark your lender will typically require proof that the loan-to-value ratio is below the threshold before ending the mortgage insurance policy.
What factors are considered when calculating mortgage insurance for a Sun Prairie mortgage insurance company?
When calculating mortgage insurance in Sun Prairie, WI, lenders generally consider the loan-to-value (LTV) ratio, loan size, loan term, credit score, and debt-to-income (DTI) ratio of the borrower. LTV ratios above 80% which require mortgage insurance are used to determine the required coverage amount. Loan size and loan term determine the total cost of the mortgage insurance. Credit scores are used to calculate the cost of the mortgage insurance premium, while debt-to-income ratios indicate what percentage of the borrower's income is allocated towards their debt.
Who is required to use mortgage insurance companies in Sun Prairie?
In Sun Prairie, Wisconsin, anyone taking out a mortgage on a home that is not a conforming loan (generally, a loan value greater than $417,000) or a loan with less than 20% down payment is required to have mortgage insurance. Typically, this type of insurance is meant to protect the lender in the event of a foreclosure. It is important that homeowners understand the details of their mortgage insurance policy and many lenders will provide details at the closing or provide recourse or alternative options to borrowers.
Other locations near Sun Prairie, WI
Compare Life Insurance Policies
Get started today and compare over 37 life insurance providers in as little as 15 minutes.
© 2024 PolicyHub - all rights reserved