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Compare over 20 top providers in Huntington Beach, 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
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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...
In Huntington Beach, CA, there are three primary types of mortgage insurance: private mortgage insurance (PMI), FHA mortgage insurance, and VA mortgage insurance. PMI typically covers mortgages with down payments under 20%, and is purchased from a private company. FHA mortgage insurance is for those with lower credit scores who are unable to get approved for conventional PMI, due to the FHA's lower loan-to-value requirements and more flexible criteria. VA mortgage insurance is for veterans and active service members, and usually requires no down payment and no mortgage insurance fees.
How does a larger down payment affect my Huntington Beach mortgage insurance policy cost?
A larger down payment in Huntington Beach, CA can significantly reduce your mortgage insurance cost. Generally speaking, the larger down payment you make, the lower the mortgage insurance premium you have to pay. This is because higher down payments reduce the amount of risk incurred by the lender. For instance, if you are required to pay mortgage insurance, a larger down payment may lower the premium you have to pay per month. As such, if you have the financial means, it is always recommended to make a larger down payment when purchasing a house in Huntington Beach, CA to minimize your mortgage insurance cost.
What are the drawbacks of a private mortgage insurance policy Huntington Beach?
In Huntington Beach, CA, a common drawback of private mortgage insurance is the additional cost that must be borne by the borrower. Despite protective measures by the Consumer Financial Protection Bureau (CFPB), homeowners must still pay monthly premiums to cover lenders' losses in the event of a default. Depending on the size of the loan, this could add up to hundreds of dollars a month. Furthermore, the insurance does not cover any of the borrower's costs in the event of foreclosure, leaving homeowners with a large financial burden even if they have the insurance.
How does FHA mortgage insurance near Huntington Beach work?
In Huntington Beach, CA, FHA mortgage insurance is a type of government-insured loan designed for those who may not qualify for a traditional loan due to credit scores or income levels. The FHA establishes the home loan guidelines and insures loans made by approved lenders, such as Huntington Beach, CA-based lenders. With an FHA loan, borrowers are typically required to make a smaller down payment and pay a lower interest rate than with a conventional loan, and FHA mortgage insurance covers the lender if a borrower defaults on the loan.
Who is eligible for USDA insurance from Huntington Beach mortgage insurance companies?
In Huntington Beach, California, those who meet the income requirements and purchase a primary residence may be eligible for USDA mortgage insurance. In order to be eligible for a mortgage insurance program, the buyer must be within the median income level for the area, demonstrate a satisfactory credit and repayment history, and provide a suitable down payment. Additionally, the property must meet specific eligibility criteria to qualify, such as being in an acceptable location and meeting certain zoning limitations. It is worth noting that the USDA mortgage insurance programs are designed to help low and moderate-income individuals and families become homeowners.
The VA funding fee is a one-time fee imposed on anyone using a VA home loan in Huntington Beach, CA. It’s not just applicable to those buying a home for the first time but also for subsequent uses. The fee is based on the type of loan, actual loan amount and the type of veteran using the loan. The money from the fee goes directly to the Department of Veterans Affairs' Loan Guaranty Fund, which allows the VA to guarantee mortgages for veterans.
How much is mortgage insurance in Huntington Beach?
The cost of mortgage insurance in Huntington Beach, CA can vary based on the size of the loan and the down payment you offer. Generally, mortgage insurance is based on the loan amount that is above 80% of the appraised value of the home. Generally this cost runs between 0.50% and 1.15% of the total loan value. It is important to remember that mortgage insurance does not replace homeowners insurance and you will need to factor both costs into your budget when considering a mortgage in Huntington Beach.
Can I cancel my Huntington Beach mortgage insurance policy early?
Yes, you can usually cancel your mortgage insurance early in Huntington Beach, CA. Depending on the type of loan you have, you must satisfy certain criteria to qualify such as advancing to a certain percentage of loan balance in equity or simply meeting the date your policy was issued. It is wise to contact your mortgage lender to ensure your loan meets the eligibility requirements for canceling the mortgage insurance. In some cases, the loan balance may need to reach a certain level to qualify for canceling the policy. The lender will also review whether the mortgage loan is current or delinquent, and the total amount still due.
Can my Huntington Beach mortgage insurance company help me calculate my mortgage insurance cost?
Yes, your lender in Huntington Beach, CA may be able to provide you with assistance in calculating your mortgage insurance. It is important to be aware of what your mortgage insurance rate is because it can have an impact on the total cost of your loan. Your lender should be able to walk you through the steps of calculating your rate and explain any additional costs based on factors such as the type of loan you are taking out and your credit score or down payment amount. Knowing your mortgage insurance rate can also help you in budgeting accurately so that you can make informed decisions with your finances.
Are there alternatives to mortgage insurance companies in Huntington Beach?
In Huntington Beach, CA, one alternative to mortgage insurance is to put down a larger down payment when purchasing a home. Most mortgages require a down payment of at least 20%, and putting down a larger amount may eliminate the need for mortgage insurance. Additionally, there are some programs that may alleviate the need for mortgage insurance if the buyer qualifies. For example, Veterans Affairs (VA) loans and Federal Housing Administration (FHA) loans offer options that don't require mortgage insurance. Other options may also be available, depending on the size of the loan, the borrower's credit score, and other factors.
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