Taking too long? Close loading screen.
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 San Luis Obispo, CA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple San Luis Obispo, CA 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...
In San Luis Obispo, CA, there are three different types of mortgage insurance: Private Mortgage Insurance (PMI), FHA mortgage insurance, and VA mortgage insurance. Private Mortgage Insurance is required by lenders if the buyer puts down less than 20% as a down payment. FHA mortgage insurance requires borrowers to make an upfront mortgage insurance premium of 1.75% of the loan amount and a monthly mortgage insurance premium for the loan period.
How can I reduce my San Luis Obispo mortgage insurance policy cost with a larger down payment?
In San Luis Obispo, CA, you can reduce your mortgage insurance cost by making a larger down payment on your mortgage. According to the Consumer Financial Protection Bureau, you must make a minimum down payment of 5% of the cost of the home, but putting down an amount larger than this is financially advantageous. By putting down more money as a downpayment, you reduce the amount you’re borrowing and, thus, the amount you have to pay in mortgage insurance. Working with a lender to increase your down payment before closing on the mortgage is a smart move to reduce costs.
Do I need a private mortgage insurance policy San Luis Obispo?
In San Luis Obispo, CA, whether or not you need private mortgage insurance (PMI) depends on how much of a down payment you pay when you purchase a home. Generally, if you make a down payment of less than 20% of the home's purchase price then you will need to purchase PMI. This type of insurance is designed to help lenders recover losses and mitigate mortgage default risk in cases where buyers don't make the required down payment.
What is FHA mortgage insurance near San Luis Obispo?
FHA mortgage insurance is a program designed to help homebuyers in San Luis Obispo, CA receive financing, which is provided by the Federal Housing Administration. By paying into a mortgage insurance premium, this program helps to protect lenders from financial loss if borrowers default on their residence payments. This insurance helps qualify buyers for lower down payments and allows for them to have peace of mind if an unforeseen event such as job loss or illness causes them to have difficulty making payments on their home. It gives access to homeownership to many who would not otherwise be able to buy a home.
Who is eligible for USDA insurance from San Luis Obispo mortgage insurance companies?
In San Luis Obispo, California, anyone who meets basic USDA eligibility requirements is eligible for USDA mortgage insurance. Specifically, the borrower needs to demonstrate stable and dependable income, decent credit scores, and meet income maximums which vary based upon the borrower's location and family size in order to be eligible. Additionally, the house or property must be located in an eligible location within the United States, which includes parts of San Luis Obispo CA. The USDA also restricts the amount that can be borrowed based upon the home’s location. Lastly, applicants must be U.
One of the drawbacks of a VA loan in San Luis Obispo, CA is the fact that the loan limits in this area are lower than in many other places in the state. This means that potential borrowers may face greater obstacles in qualifying for the loan and may require additional down payments or closing costs. Furthermore, while VA loans do not require the borrower to pay private mortgage insurance, they do require a funding fee, which can be an additional cost for the borrower.
Can I negotiate the cost of my mortgage insurance in San Luis Obispo?
Negotiating the cost of your mortgage insurance may be possible, depending on your particular circumstance. In San Luis Obispo, CA, homeowners can speak with an experienced mortgage broker or loan officer to determine whether they are eligible for a lower mortgage insurance rate. Mortgage brokers analyze market conditions throughout San Luis Obispo County to determine the most cost-effective mortgage insurance rates. Additionally, having a good credit score may qualify you for a discounted rate on your mortgage insurance. Ultimately, it's best to talk with a professional to determine what options are available for lowering your mortgage insurance costs.
Can I cancel my San Luis Obispo mortgage insurance policy early?
Yes, you can potentially cancel your mortgage insurance early if you are a resident of San Luis Obispo, California. Be sure to check with your lender or mortgage insurance provider to confirm if this is an option for you and if you meet the eligibility requirements. Generally speaking, you must show proof that you have significant equity in your home. Furthermore, you need to have made at least six consecutive payments on time and agree to purchase an upgraded version of mortgage insurance. Finally, your lender will typically require an independent appraisal and updated credit report prior to canceling the mortgage insurance.
Is there an online calculator for mortgage insurance from a San Luis Obispo mortgage insurance company?
Yes! Residents of San Luis Obispo, CA interested in calculating their mortgage insurance can visit Rocket Mortgage® by Quicken Loans®. This online calculator allows one to estimate their mortgage insurance and provides potential estimates for other housing expenses based on location and other variables. Quicken Loans® provides this free service online in San Luis Obispo, CA as well as nationwide, making it possible to estimate expenses associated with home ownership from the comfort of one’s own home.
Can I opt out of services from mortgage insurance companies in San Luis Obispo?
In San Luis Obispo, CA, the answer to the question of whether it is possible to opt out of mortgage insurance will vary depending on the loan type. Generally speaking, a borrower must have 20% equity in the home to opt out of mortgage insurance and some loan types (such as FHA loans) can require mortgage insurance even when the borrower has 20% equity. If you are interested in finding out more, contact a qualified mortgage professional in the San Luis Obispo area who can provide more details and help you determine whether mortgage insurance is required in your particular situation.
Other locations near San Luis Obispo, CA
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