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Compare over 20 top providers in Tampa, FL
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Over 20 policy provider comparison.
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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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Step 2
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Discuss your options with a licensed insurance agent. Compare different plans to find the best policy with the cheapest rates.
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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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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.
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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 is a critical aspect of homeownership in Tampa, FL. Though it is often viewed as an additional expense, the coverage provided by mortgage insurance guards against the financial risk involved in taking out a large loan to purchase a home. If a homeowner is unable to make their payments due to changing economic conditions or an unforeseen financial hardship, the mortgage insurance can help pay for some or all of the loan. This can be especially beneficial in a city like Tampa, which has volatile conditions in the housing market. In short, mortgage insurance can provide protection and peace of mind for homeowners in Tampa, FL.
Can I avoid a Tampa mortgage insurance policy with a larger down payment?
In Tampa, FL you can often avoid mortgage insurance by making a larger down payment. Having a greater equity investment in a home can help to reduce the amount of mortgage insurance you would be required to have. For example, if the down payment is 20% or more, then private mortgage insurance is usually not required. By increasing the down payment amount, it allows lenders to take on less of the risk in the loan which can result in getting a better rate and even better financing terms. Ultimately a larger down payment can give home buyers in Tampa more favorable mortgage terms.
Do I need a private mortgage insurance policy Tampa?
Depending on your mortgage loan in Tampa, FL, you may need to purchase private mortgage insurance (PMI). PMI is typically required for mortgages with an initial loan-to-value ratio (LTV) that is greater than 80%. It protects the lender in case you default on your loan, and the rate charged is usually based on the size of the loan, credit score, and other factors. Typically, once the principal balance of the loan drops to 78% of the home’s original value, PMI may no longer be required.
What are the benefits of FHA mortgage insurance near Tampa?
FHA mortgage insurance offers many benefits to potential homebuyers in Tampa, FL. As a government-backed program, FHA loans offer lower down payments and more lenient credit score requirements than conventional loans, making them especially advantageous for first-time homebuyers. Additionally, FHA loans come with reduced closing costs and added leniencies for refinancing and cash-out refinancing. Property owners in the Tampa area can also benefit from increased protection in the case of foreclosure, as FHA mortgages feature protection from certain forms of borrower fraud.
Who is eligible for USDA insurance from Tampa mortgage insurance companies?
Anyone who meets the income requirements and is purchasing a home in Tampa, FL may be eligible for USDA mortgage insurance. USDA loan programs are designed to provide access to home ownership for low to moderate income households, so if your household income is within the established limits set out by the USDA in Tampa, FL, this program may be relevant to you and your family's needs. It's important to remember that although income limits vary by county, you must not exceed the limits set by the USDA for your county to qualify.
The VA funding fee in Tampa, FL is calculated based on the veteran’s loan type and loan amount. Generally speaking, the VA funding fee is a percentage of the purchase price or VA loan amount. The percentage depends on whether the veteran is considered a first-time or subsequent loan user, whether the loan is for a purchase or to refinance an existing home loan, and if the veteran has a service-connected disability. Active duty personnel and veterans with a service-connected disability are exempt from the VA funding fee.
What can I do to lower the cost of my mortgage insurance in Tampa?
If you live in Tampa, Florida, there are several ways to lower the cost of your mortgage insurance. One option is to consider a lender that offers lower mortgage insurance rates than those of other lenders. You may also want to keep your loan to value ratio as low as possible, as mortgage insurance is usually based on the loan to value ratio. Additionally, you may qualify for discounts based on your credit score, if you are paying your mortgage on-time, or if you are a veteran.
When does a Tampa mortgage insurance policy go away?
In general, mortgage insurance in Tampa, FL will go away once your loan-to-value ratio reaches 78%, meaning the amount of loan you have on your home is 78% or less of the value of your home. That typically happens when you have paid enough of your principal to bring the loan-to-value ratio below the 78% threshold. Depending on market conditions, when you have 22% equity in your home, mortgage insurance might go away.
Is the mortgage insurance calculation method the same for every Tampa mortgage insurance company?
In Tampa, FL, mortgage insurance calculation methods may vary among different lenders. Different lending agencies may have their own requirements and may use different methods to calculate the cost of mortgage insurance. However, it is important to note that all lenders provide the same basic coverage benefits, such as coverage for the bank's investment if the borrower defaults on the loan. Therefore, while the methods used may vary, the same basic coverage is provided. To ensure the best possible outcome, it is recommended that potential borrowers compare the packages and intricacies of a variety of lenders before making a decision.
Can I opt out of services from mortgage insurance companies in Tampa?
In Tampa, FL, mortgage insurance can be waived by lenders if an applicant meets certain categories. If an individual does not meet these categories, they can obtain an exception through certain government affiliated programs. Additionally, the Federal Housing Administration offers mortgage insurance options to those who qualify, which may be a great choice for those looking to opt out of traditional mortgage insurance. The process for obtaining such an exception is usually a straightforward one and requires applicants to provide proof of their respective creditworthiness.
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