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 Wakefield, VA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Wakefield, VA 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 in the City of Wakefield, VA works to provide added security against foreclosure to buyers who do not have enough money saved up for a sizable downpayment. Mortgage insurance helps you get a loan with a low down payment and eliminate the need for a large cash payment upfront. Mortgage insurance in Wakefield covers the mortgage lender in case of default, and makes it easier for borrowers to access a mortgage loan. It is offered as a monthly or single premium policy, and allows you to pay a much lower interest rate on your loan, even if you don't have a high downpayment.
What is the minimum down payment to avoid a Wakefield mortgage insurance policy?
The minimum down payment amount required to avoid mortgage insurance in Wakefield, VA varies depending on the type of loan you are applying for. Conventional loans require a minimum of 5% down, while FHA loans require 3.5%. VA loans do not require a down payment, however, borrowers who put down less than 20% can be subject to paying a one-time funding fee. If you put 20% or more down, you may be able to avoid any mortgage insurance.
Who is eligible for a private mortgage insurance policy Wakefield?
Generally speaking, most home buyers who put down less than 20-25% of the purchase price of a home in Wakefield, VA will need to purchase Private Mortgage Insurance (PMI). Individual lenders may have different requirements, but buyers will need to be prepared to provide proof they can afford the loan they are requesting. PMI is typically required for a loan-to-value ratio greater than 80% and lenders may require this type of insurance even if the homebuyer puts more than 20% down in order to help protect the lender in the event of loan default.
What are the drawbacks of FHA mortgage insurance near Wakefield?
In Wakefield, VA, one of the drawbacks of FHA mortgage insurance is that you must pay an upfront mortgage insurance premium (MIP). This lump-sum payment can make it more difficult for potential home buyers with limited financial resources to purchase a home. Additionally, FHA mortgage insurance is required for the life of the loan, which means you will have to pay a monthly MIP for the duration of the mortgage. This could be a considerable financial burden for some home buyers.
Do Wakefield mortgage insurance companies offer USDA insurance?
USDA mortgage insurance in Wakefield, VA provides homebuyers with the opportunity to purchase a home without a large downpayment or perfect credit. USDA insurance helps protect lenders from possible default on the loan and allows for low or no downpayment mortgage options. This helps make the dream of homeownership a reality for more Wakefield residents by eliminating some of the obstacles associated with obtaining a mortgage. This type of mortgage insurance is provided by the government to offer an affordable mortgage option to rural area residents. There is no mortgage insurance premium required to obtain a USDA Mortgage in Wakefield.
VA loans offer unique benefits to Wakefield, VA residents that other loan options may not provide. VA loans are government-backed and have no down payment requirement, making them ideal for lowand moderate-income households. Additionally, they offer more favorable interest rates and loan features than their conventional counterparts, making it easier for qualified applicants to secure financing. VA loans also allow qualified borrowers to obtain more loan money than other home loan types, so homebuyers have the opportunity to purchase or build a larger property.
Can I negotiate the cost of my mortgage insurance in Wakefield?
In Wakefield, VA, you may be able to negotiate the cost of your mortgage insurance. A qualified local mortgage broker can discuss available options with you and review your budget and unique circumstances to determine if negotiating the cost of your mortgage insurance is feasible. In some cases, it may be possible to explore different types of programs or lenders that offer competitive rates. Additionally, itβs always a good idea to do some research in advance and understand what kind of deal you are looking for before you approach a lender for negotiations.
What process do I need to follow to cancel my Wakefield mortgage insurance policy?
In order to cancel your mortgage insurance in Wakefield, VA, you will need to contact your lender to get the exact process. Generally, you will need to show proof that you have at least 20% equity in the house. This can be done through a home appraisal or by providing a payment history showing that at least 5 payments have been made on time. Once your lender has reviewed your request, they will submit it to the mortgage insurance company. If approved, you will receive a release of liability and be able to proceed with the cancellation process.
Can my Wakefield mortgage insurance company help me calculate my mortgage insurance cost?
Yes! Residents of Wakefield, VA have the benefit of accessing the traditional lending expertise of a local lender. Your lender can answer any questions you may have regarding mortgage insurance calculations. They can provide specific information on rates, evaluate your homeownership timeline, and discuss payment options. Plus, a local lender can review the larger economic and housing market factors along with your personal finances to provide a comprehensive evaluation and plan.
What happens if I don't use mortgage insurance companies in Wakefield?
If you don't have mortgage insurance in Wakefield, VA, you are taking a financial risk. If you're unable to make the mortgage payments due to illness, death, or other unforeseen circumstances, you will be responsible for the full remaining balance of the loan, which could be much higher than anticipated. To protect yourself and your family from unexpected financial hardships, mortgage insurance is highly recommended. Mortgage insurance will provide coverage if the unexpected occurs, allowing you to go through the process of default and foreclosure without risking everything you have worked hard to acquire.
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