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 Santa Barbara, CA
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Santa Barbara, 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 Santa Barbara, CA, the two primary types of mortgage insurance are private mortgage insurance (PMI) and mortgage insurance premium (MIP). PMI is an insurance policy provided by private mortgage insurers that protects the lender in the event of default of the borrower. MIP is a monthly premium charged by the Federal Housing Administration for those with an FHA loan in order to insure the loan. This insurance protects the lender against default by the borrower. Both PMI and MIP protect the lender, yet are both related to the borrower.
How can I reduce my Santa Barbara mortgage insurance policy cost with a larger down payment?
In Santa Barbara, CA, one of the best ways to reduce mortgage insurance cost is to make a larger down payment. Aim to pay 20% of the home's value up front if possible, as this will allow you to avoid costly mortgage insurance altogether. Additionally, many California lenders offer down payment assistance programs, or FHA loans, which can help make a larger down payment more achievable. Shop around for competitive interest rates, and compare rates from different lenders to ensure you're getting the best deal.
Do I need a private mortgage insurance policy Santa Barbara?
In Santa Barbara, CA, whether or not you need private mortgage insurance will depend on a variety of factors, such as the loan type, the amount of your down payment, and the equity in your home. Generally, a buyer who is making a down payment of less than 20% of the purchase price will require private mortgage insurance. However, if you are able to put down 20% or more of the purchase price when you purchase your home, you will likely not need to obtain private mortgage insurance.
What is FHA mortgage insurance near Santa Barbara?
FHA mortgage insurance in Santa Barbara, CA helps insure eligible borrowers by protecting lenders in case of a default on the loan. Eligible borrowers can take advantage of the low down payment and flexible credit requirements of the FHA mortgage insurance program. With an FHA mortgage insurance loan, borrowers can purchase a home in Santa Barbara with as little as 3.5% down payment and take advantage of the low closing costs.
What are the drawbacks of USDA insurance from Santa Barbara mortgage insurance companies?
In Santa Barbara, CA, the drawbacks of USDA mortgage insurance can be costly for borrowers. Borrowers are required to pay an upfront guarantee fee, which can be up to 2.75% of the total loan amount. An annual fee may also be required, which could be up to 0.35% of the average loan balance over the course of a year. There is also an income limit that must be met to qualify for a USDA mortgage insurance loan. Borrowers must have a consistent income and meet the requirements of the USDA's definition of a “typical household”.
The VA funding fee for Santa Barbara, CA is calculated based on the borrower’s military status, down payment (if any), and loan use. Generally, borrowers are classified as active duty or reserve/guard, first-time or subsequent users of the benefit, and a putting 0, 5, 10, or 25 percent down payment. The funding fee for each of these categories varies and can increase based on any previous use of the VA loan benefit. To better understand the exact fee associated with this loan, those interested should contact a VA approved lender located in the area.
How much is mortgage insurance in Santa Barbara?
Mortgage insurance rates vary depending on the type of loan, the loan amount, and the loan-to-value ratio in Santa Barbara, CA. Generally, the cost of mortgage insurance is based on the loan amount and the loan-to-value ratio and is usually paid as a one-time, upfront fee. Depending on the type of loan, you may also have to pay an annual premium. For home loans in Santa Barbara, mortgage insurance rates generally range from 0.25% to 2.75%, or a one-time fee of 0.
What are the requirements to cancel my Santa Barbara mortgage insurance policy?
To cancel your mortgage insurance in Santa Barbara, California, you must meet certain eligibility requirements. Your loan must have been originated before June 3, 2013. Additionally, your loan must be current and you must not have missed more than 1 payment in the past 12 months. Furthermore, you must have an LTV ratio of 78% or less (meaning the appraised value of your property must be at least 22% higher than your existing loan balance. Lastly, your outstanding principal balance must have decreased by at least 5% since the loan was originated.
Is there an online calculator for mortgage insurance from a Santa Barbara mortgage insurance company?
Yes, there are several online mortgage insurance calculators available to use in Santa Barbara, CA. For instance, First Republic Bank offers an online Mortgage Insurance Coverage Calculator specifically designed for borrowers living in the Santa Barbara area. This calculator can be used to quickly determine how much mortgage insurance coverage is needed, as well as to compare the cost of coverage with varying premiums. Additionally, many national banks, such as Bank of America and Wells Fargo, provide guidance to Santa Barbara residents with an online calculator that helps to calculate the approximate monthly mortgage payments.
Do I need mortgage insurance companies in Santa Barbara?
When considering whether or not you need mortgage insurance in Santa Barbara, CA, it is important to be aware that some loan programs, such as FHA loans, require you to pay for mortgage insurance. However, there are programs that do not require it and instead utilize private mortgage insurance. It is always best to consult with your lender and insurance agent to get a better understanding of what mortgage insurance you need for the particular loan you are applying for and the area where you reside.
Other locations near Santa Barbara, 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