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Compare over 20 top providers in Ridgecrest, CA
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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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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.
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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 Ridgecrest, CA works by providing protection for lenders in case of borrower default. It can be either private or government-backed, depending on the type of loan the borrower takes out. For example, if one were to take out a Federal Housing Administration (FHA) loan, the borrower would have to pay FHA insurance premiums as part of their monthly mortgage payments. Alternately, if one were to take out a conventional loan through a lender like Bank of America, the borrower would have to pay Private Mortgage Insurance (PMI) to insure the lender.
Does the cost of a Ridgecrest mortgage insurance policy depend on the size of my down payment?
In Ridgecrest, CA, the cost of mortgage insurance does depend on the size of your down payment. Typically, the larger the down payment, the less mortgage insurance is needed and the lower your overall cost will be. Various factors such as loan amount, type of loan, and current interest rates also play a role in the cost of mortgage insurance. To best understand the cost of mortgage insurance for your specific situation, it’s important to speak to a qualified mortgage lender or broker in the Ridgecrest area who can provide an estimate based on your specific circumstances.
What are the drawbacks of a private mortgage insurance policy Ridgecrest?
In Ridgecrest, CA, private mortgage insurance, or PMI, is often required for borrowers who put down less than 20 percent upon purchase of a property. The main drawback of private mortgage insurance is the cost; PMI typically involves an additional fee of around 0.5 percent of the total loan value, which can increase the amount of your mortgage payments. Additionally, PMI does not cover losses related to rising interest rates or bad credit.
Who is eligible for FHA mortgage insurance near Ridgecrest?
In Ridgecrest, California, anyone looking to purchase a home may be eligible for Federal Housing Administration (FHA) mortgage insurance if their annual income and credit score meet the lender's requirements. The FHA can protect you from higher loan costs and lend with lower down payments than conventional mortgages. Generally speaking, you must have a credit score of at least 580, a steady job, and reasonable debt-to-income ratio in order to be eligible for an FHA loan. You must also prove that you are legally eligible to work in the United States.
Who is eligible for USDA insurance from Ridgecrest mortgage insurance companies?
In Ridgecrest, California, many potential homebuyers are eligible for mortgage insurance through the USDA. This program assists low-to-moderate income households in buying a home in an eligible rural area. Single family homes, manufactured homes and approved condos can qualify for a USDA loan, and borrowers should generally have a credit score of 640 or higher and an income that does not exceed the median income limit of the area. It's important to note that the USDA also offers home loan guarantees, with different income and credit eligibility requirements, for qualified applicants.
Anyone who meets the eligibility requirements set forth by the U.S. Department of Veterans Affairs and has served in the U.S. military for 90 consecutive days (or more) during wartime, 180 days (or more) during peacetime, or for a complete term of service (6 years for the N.R.A.) is eligible for a VA loan in Ridgecrest, CA. Additionally, surviving spouses of deceased military members are eligible for a VA loan without having to meet the requirements of time served.
Can I negotiate the cost of my mortgage insurance in Ridgecrest?
In Ridgecrest, California, yes, you may be able to negotiate the cost of your mortgage insurance. You should contact a reputable mortgage insurance broker in the area who can advise you on the competitive rates and policies available in the area. Depending on your credit score, loan-to-value ratio, and other key factors, a mortgage insurance broker can help you negotiate the right mortgage insurance for your individual needs. They may be able to offer additional discounts or other ways to save that you may not have thought of yourself.
Does the mortgage insurance termination process vary by Ridgecrest mortgage insurance policy?
Yes, the mortgage insurance termination process can vary depending on the lender in Ridgecrest, CA. Generally, insurance terminations are triggered once the borrower has real estate equity greater than 20% of the property’s current value. However, it is important to ask your lender specifically how they calculate equity and eligibility for mortgage insurance termination. Lenders may have different requirements, such as a satisfactory payment record and proof of substantial improvements to the home that increase the home’s value.
How do I calculate mortgage insurance for a Ridgecrest mortgage insurance company?
If you live in Ridgecrest, California and need to calculate mortgage insurance, the best way to do so would be to contact a local mortgage lender or banker. They can help make sure you get the most accurate calculation for mortgage insurance rates and factors in your area. Taking the time to work with a local professional can save you money and make sure you get the best rate for your financial situation. Additionally, local lenders may also be able to provide valuable guidance and tips about calculating mortgage insurance that specifically applies to Ridgecrest home buyers.
Can I opt out of services from mortgage insurance companies in Ridgecrest?
Mortgage insurance is an option available to many homebuyers in Ridgecrest, CA by taking out a "mortgage loan with a twenty percent or less down payment." However, if you would like to opt out of this insurance, you will need to put 20% down on your mortgage loan in order for the lender to waive the insurance requirement. If you are unable to put down 20%, there may be other options available to you. Some lenders may offer alternative transition loans or grouped financing that would enable you to avoid the mortgage insurance requirement.
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