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Compare over 20 top providers in Chico, 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 Chico, CA typically applies to those taking out a loan with less than 20% of the purchase price for a down payment. When a borrower puts less than 20% down the lender requires mortgage insurance which covers certain losses if the borrower defaults on the loan. The mortgage insurance acts as a form of protection for the lender. The amount of the mortgage insurance depends on the size of the loan, the down payment, and any applicable state or federal regulations.
How does a larger down payment affect my Chico mortgage insurance policy cost?
Making a larger down payment on your mortgage in Chico, California can reduce the amount you have to pay for mortgage insurance. Generally speaking, the bigger the down payment you make on a home, the less you need to pay for mortgage insurance since the risk of default decreases. Mortgage insurance helps protect the lender should the homeowner become delinquent on their payments, so making a larger down payment can help reduce the cost of such coverage. In addition, having a larger down payment can improve your chances of being approved for your mortgage in Chico.
Who is eligible for a private mortgage insurance policy Chico?
Eligibility for private mortgage insurance (PMI) in Chico, CA depends on individual circumstances. Generally, PMI is required if you make a down payment of less than 20% of the purchase price. Homebuyers in the area need to have sufficient income to qualify and go through a thorough credit check. PMI is not available for all types of loans; a borrower’s particular loan program will dictate the structure of mortgage insurance. For example, USDA loans, VA loans, and Federal Housing Administration (FHA) loans do not require PMI.
What are the benefits of FHA mortgage insurance near Chico?
In Chico, CA, one of the main benefits of FHA mortgage insurance is the lower credit score requirements to secure a loan-typically as low as 580. This gives people with lower average credit the ability to purchase their own home, which for many would not otherwise be possible. Additionally, FHA loans usually only require a low down payment, making it easier for many potential homeowners to afford their new home. To those who may not otherwise qualify for a conventional mortgage, FHA mortgage insurance can serve as an opportunity to get the same benefits of owning a home.
Who is eligible for USDA insurance from Chico mortgage insurance companies?
In Chico, CA, individuals and families purchasing a primary residence in certain areas that fall within USDA Rural Development guidelines are eligible to apply for USDA mortgage insurance. There are income restrictions and the applicant must not exceed 115% of the adjusted area median income for the county. Prohibited properties include vacation homes, business locations, and investment properties. Furthermore, eligible properties must be within certain predetermined geographic boundaries applicants should check with a USDA office in Chico to find out. Finally, the applicant must have the ability to pay the mortgage payments as well as cover other associated costs and fees.
Those who are eligible to apply for a VA loan in Chico, CA include veterans, active-duty service members, eligible surviving spouses, and reservists who have served at least six years. A benefit of a VA loan is that it doesn't require a down payment and can offer a flexible rate. The loan is backed by the U.S. Department of Veterans Affairs, which gives lenders more flexibility and may provide those who qualify for lower interest rates than other types of loans.
Are there discounts available for mortgage insurance in Chico?
Yes, discounts may be available for mortgage insurance in Chico, CA. Depending on the provider and type of plan, customers may be able to save on monthly premiums or receive lowered deductibles. It's important to make sure you're comparing the same types of coverage in order to get the most exact picture of which plan will offer the best savings. To find out more about discounts that may be available, it's best to contact a local insurance provider to discuss policy options in detail.
Can I cancel my Chico mortgage insurance policy early?
In Chico, CA borrowers may be able to cancel their mortgage insurance early if they meet certain conditions. Generally, a borrower impacted by a wait period (the time begins when you took out the mortgage) and a loan-to-value ratio (a measurement used by lenders to determine the risk of a loan that may have a higher risk of default before the insurance cancellation can take place. Depending on the lender, the estimated time of the wait period can range from 12-54 months.
Can my Chico mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in Chico, CA can definitely help you calculate mortgage insurance. They typically have a team of professionals who understand the local markets as well as the legal requirements that your mortgage loan must meet. They can provide estimates of mortgage insurance premiums and can guide you to any resources or calculators available to better inform you of the details. Additionally, they can help you compare different policies and advise you on the best coverage for your loan. Ultimately, your lender can help you better understand insurance premiums, the impact on your loan, and the available options for your specific situation.
Can I opt out of services from mortgage insurance companies in Chico?
Generally speaking, you cannot opt out of mortgage insurance, however, there are certain scenarios that may make you exempt from this requirement. In Chico, CA, the local housing market is stable, with rising prices, so FHA and other mortgage insurance requirements are unlikely to be waived. A few scenarios where a homeowner may be exempt from this requirement include if you make a down payment of 20% or more, or if you have a good credit score and an income that can support the loan. Additionally, some loan programs and lenders may not require mortgage insurance.
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