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Compare over 20 top providers in Wilkes-Barre, PA
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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 is an important consideration for homebuyers in Wilkes-Barre, PA because it provides financial protection in the event that the homeowner is unable to make their mortgage payments. Mortgage insurance compensates lenders for some or all of the losses they might face if a borrower defaults on their loan payments. It can also help lower the down payment amount required for a loan, enabling more people to become homeowners. Ultimately, mortgage insurance protects homebuyers and lenders alike, so it's an essential part of any home loan transaction in Wilkes-Barre, PA.
Can I avoid a Wilkes-Barre mortgage insurance policy with a larger down payment?
Yes, absolutely! When making a down payment of at least 20% of the purchase price of a home, you can avoid having to pay for mortgage insurance in Wilkes-Barre, PA. Typically, mortgage insurance is paid upfront or can be added to the monthly cost of the loan. The larger the down payment, the less you will need to borrow, and therefore, the less you will need to pay for mortgage insurance. Also keep in mind that with a larger down payment, you can potentially qualify for lower rates or smaller fees, so you can save even more money.
What is a private mortgage insurance policy Wilkes-Barre?
Private mortgage insurance (PMI) is a type of insurance that protects lenders in the event of a borrower defaulting on their mortgage loan. In Wilkes-Barre, PA where the housing market is increasing in value, private mortgage insurance helps to minimize risk for lenders and provides more flexibility when it comes to financing homes. Private mortgage insurance requires an upfront premium that is normally wrapped into the loan amount and an ongoing monthly fee paid with the monthly account payment. Homeowners seek out private mortgage insurance when they are unable to make the standard 20% down payment on the purchase of their home.
What are the drawbacks of FHA mortgage insurance near Wilkes-Barre?
Although FHA mortgages generally require less money upfront than conventional mortgages, they are not without their drawbacks. In Wilkes-Barre, PA, if you take out an FHA loan, you will pay FHA mortgage insurance premiums which can add to your monthly mortgage payments. Additionally, FHA loans have loan limits so if the price of a home you are considering exceeds the loan limit for your area, then you will not qualify for an FHA loan unless you do a combination loan.
What are the drawbacks of USDA insurance from Wilkes-Barre mortgage insurance companies?
A major drawback of USDA mortgage insurance in Wilkes-Barre, PA is that it is only available to borrowers that meet certain income thresholds. This limits the number of eligible people and makes securing a USDA mortgage more difficult. Another potential drawback is that USDA mortgage insurance can only be used for a primary residence and not for investment properties. Additionally, USDA mortgage insurance requires a one-time upfront fee, which can be cost prohibitive for some applicants, and comes with additional yearly renewal fees. As with any loan, failure to make timely payments might result in loan delinquency, and eventual foreclosure.
The VA funding fee is what the U.S. Department of Veteran Affairs (VA) charges to guarantee against foreclosure a mortgage on a home purchased using a VA loan. In Wilkes-Barre, Pennsylvania, this fee is typically 2.3% of the loan amount, or slightly more or less depending on the veteran's military service. It can be paid in one lump sum or financed into the loan. It is important to know that veterans with a service-related disability are exempt from paying the fee.
Are there discounts available for mortgage insurance in Wilkes-Barre?
Yes, there are discounts and flexible premiums available for mortgage insurance in Wilkes-Barre, PA. The Federal Home Loan Mortgage Corporation (known as Fannie Mae and Freddie Mac) offers discounted fees and premiums in certain areas of Wilkes-Barre, PA. Additionally, most national and regional mortgage insurers will provide special discounts and flexible premium rates for qualified borrowers in certain areas of Wilkes-Barre. Additionally, many local banking institutions offer customer loyalty programs and special rate discounts for mortgage insurance customers in Wilkes-Barre, PA.
Does the mortgage insurance termination process vary by Wilkes-Barre mortgage insurance policy?
The mortgage insurance termination process can vary by lender, and in Wilkes-Barre, PA, the specifics of this process should be thoroughly discussed with any potential lenders. Each lender may have different requirements when it comes to the termination of mortgage insurance, so it is important to ensure that all of the necessary steps have been followed and understood. Different lenders may also have different requirements for the termination of mortgage insurance and payment amounts, so speaking with an expert is essential to ensure that the mortgage insurance termination process for a specific lender is practical and up to date.
Is the mortgage insurance calculation method the same for every Wilkes-Barre mortgage insurance company?
No, the mortgage insurance calculation method is not the same for all lenders. Depending on where you find your mortgage lender, the method of calculating mortgage insurance may be different. In Wilkes-Barre, PA, mortgage lenders may be found through local banks, credit unions, or brokerage firms, and each may calculate mortgage insurance in a slightly different ways. It can be helpful to shop around for different lenders and compare their mortgage insurance calculation methods to determine which one is most suitable for your particular situation.
Are there alternatives to mortgage insurance companies in Wilkes-Barre?
In Wilkes-Barre, PA, homeowners can investigate various alternatives to mortgage insurance. For example, lenders may offer free mortgage insurance for eligible borrowers and subsidized government-backed mortgage insurance protection. Additionally, some lenders offer a "payment protection policy" which pays the borrower's mortgage payments for a specified period in the event the borrower cannot make them. Lastly, lenders often provide a "cash-out refinance" option that allows a borrower to pay off their existing mortgage and take out a new loan with a lower rate and/or higher loan amount than the original loan.
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