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Compare over 20 top providers in Taylors, SC
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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...
Mortgage insurance in Taylors, SC, can help a prospective homeowner who may not be able to meet the traditional 20% down payment requirement to obtain a mortgage and purchase a home. Mortgage insurance is a type of coverage that pays the lender in the event of a foreclosure, when the mortgage has exceeded 80-90% of the home's value. This coverage is provided by either a private mortgage insurance firm or by the Federal Housing Agency and the lender passes the expenses of this coverage onto the borrower when they close their loan.
Does the cost of a Taylors mortgage insurance policy depend on the size of my down payment?
The cost of mortgage insurance in Taylors, SC depends on the size of your down payment. The greater the down payment, the lower the cost of mortgage insurance. Generally, paying less than 20% down payment requires a borrower to purchase mortgage insurance. Mortgage insurance is designed to help borrowers who do not have a large enough down payment when buying a home, and to cover the lender in case of a default. Mortgage insurance typically consists of 2 components: monthly premium and single premium.
What are the benefits of having a private mortgage insurance policy Taylors?
Private mortgage insurance (PMI) is beneficial for those buying a home in Taylors, SC as it can provide an extra layer of protection for borrowers. PMI mitigates the risk for lenders, making it easier to get approval for a mortgage. Additionally, the cost of PMI is typically much lower than the cost of a larger downpayment, allowing borrowers to secure a home with a smaller initial investment. PMI can also provide peace of mind to borrowers in Taylors, SC by protecting them from any potential losses their lender might incur in the event of a foreclosure.
Who is eligible for FHA mortgage insurance near Taylors?
In Taylors, SC, homebuyers who meet certain income and credit criteria are eligible for FHA mortgage insurance. They must have a minimum credited score, demonstrate steady acquired income, and have a valid Social Security number. Those with fewer assets or who have a limited credit history can be qualified for FHA mortgage insurance. Homebuyers must also have a valid income, debt, and employment status which must be verifiable. This is to ensure that the applicant can manage the costs of mortgage insurance payments.
Who is eligible for USDA insurance from Taylors mortgage insurance companies?
In Taylors, SC, anyone who is interested in a USDA loan is eligible for mortgage insurance. The USDA allows a wide variety of qualified individuals to apply, ranging from traditional home buyers to those purchasing a rural property for non-residential purposes. To be approved for a USDA loan, applicants must have an acceptable credit score and meet other financial requirements. Additionally, applicants must be legally allowed to work and live in the United States and meet the US Department of Agriculture's income and credit guidelines to qualify for assistance.
The VA funding fee is a one-time charge paid to the Department of Veterans Affairs by those applying for a VA-guaranteed loan in Taylors, SC. This fee helps cover the cost of the loan but does not necessarily reflect the entire cost. The fee is payable on purchase and cash-out refinance loans and can vary depending on the amount of the loan, the borrower's status, and whether or not a down payment was made. Generally, the fee ranges from 0.5% to 3.3%, with very low or no fee available in some cases.
What factors influence the cost of mortgage insurance in Taylors?
Several factors influence the cost of mortgage insurance in Taylors, SC, such as the size of the down payment, the amount of principal left on the loan, the length of the loan term and the borrower's credit score. In Taylors, the percentage of principal remaining on the loan determines the amount of the monthly mortgage insurance premium. Additionally, the length of the loan term also affects the premium cost. Finally, a borrower's credit score is an essential predictor of both the mortgage insurance premium and the interest rate of the loan.
What process do I need to follow to cancel my Taylors mortgage insurance policy?
To cancel your mortgage insurance in Taylors, South Carolina, you must contact your mortgage insurance provider and submit a cancellation request. You are typically obligated to pay this insurance for the duration of your mortgage, however, there are certain instances when you may be able to cancel your mortgage insurance, such as when you have paid off your loan or when you are near the midpoint of the loan term. Your mortgage insurance provider can advise you on the process for submitting a cancellation request. They should also be able to assist you with any questions you may have about the cancellation process.
Is there an online calculator for mortgage insurance from a Taylors mortgage insurance company?
Yes, there are online calculators available to help estimate mortgage insurance for Taylors, SC. Specifically, the South Carolina State Housing Finance and Development Authority (SC Housing) provides a convenient calculator to help calculate estimated mortgage insurance payments. This calculator serves as an excellent starting point for potential homeowners in Taylors, SC looking to get an early understanding of their mortgage insurance costs. Furthermore, SC Housing offers additional resources for Taylors to find more insight into the mortgage process. For more information, visit the SC Housing website.
Who is required to use mortgage insurance companies in Taylors?
In Taylors, SC, all borrowers must purchase mortgage insurance if they are taking out a loan exceeding 80% of the home purchase price or appraised value of the home. Mortgage insurance will protect the lender in the event that the borrower defaults on the loan. In cases of bankruptcy or foreclosure, mortgage insurance will ensure that the lender will be paid the amount due. The borrower can choose to pay a one-time lump sum at closing, or they can opt for monthly payments as part of their mortgage. Additionally, private mortgage insurance is required for all FHA and USDA loans.
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