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Compare over 20 top providers in Santa Clara, 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 Santa Clara, CA provides homeowners protection against loss of their home due to foreclosure or default. It is required when borrowers take out loans with a loan-to-value ratio that is greater than 80%, meaning that the borrower has put down less than 20% of the cost of the home. As a condition of lending, lenders may require borrowers to take out mortgage insurance, covering the lender if the borrower fails to make payments on the loan. Mortgage insurance in Santa Clara will protect lenders, but not the borrowers, making it important for borrowers to research what repurchase options may be available.
Does the cost of a Santa Clara mortgage insurance policy depend on the size of my down payment?
The cost of mortgage insurance in Santa Clara, CA does depend on the size of the down payment. Generally speaking, the more money you put down on a home, the lower the cost of mortgage insurance will be. For example, if you put a 20% down payment on a home in Santa Clara, the cost of mortgage insurance will most likely be lower than if you were to put down a 5% down payment on the same home. In addition, some lenders will waive the requirement to purchase mortgage insurance if you put down 20% or more.
What are the benefits of having a private mortgage insurance policy Santa Clara?
In Santa Clara, CA, homeowners who purchase a home with less than 20% of the purchase price as a down payment are required to purchase private mortgage insurance (PMI). PMI offers several potential benefits for homeowners. Firstly, PMI can help a purchaser to obtain favorable loan terms, such as a lower interest rate. Additionally, due to the added security provided against borrower defaults, PMI can sometimes help to qualify for a loan that would not have been possible without it.
Who is eligible for FHA mortgage insurance near Santa Clara?
In Santa Clara, CA any individual who meets the basic requirements set by the Federal government for FHA mortgage insurance is eligible. Generally, the applicant must have a valid social security number, must be at least 18 years of age, must demonstrate sufficient income to qualify for the loan, and must have an established credit history demonstrating repayment of debt. Furthermore, the applicant must have a valid US passport or permanent resident status or other acceptable proof of identity. Eligibility can vary depending on the lenders’ specific requirements, so it's good to check.
Do Santa Clara mortgage insurance companies offer USDA insurance?
USDA Mortgage Insurance in Santa Clara, CA helps homebuyers with lower or moderate income to purchase a home. This mortgage insurance enables lenders to provide financing with manageable down payments and interest rates. USDA Mortgage Insurance also provides a form of credit enhancement which provides direct benefits to both buyers and lenders. For qualified applicants, USDA Mortgage Insurance could help applicants save thousands of dollars over the life of their loan. This form of insurance could potentially make home ownership more affordable, allowing those with modest incomes to purchase a home they may not have been able to afford.
In Santa Clara, CA, veterans and active-duty service members, members of the National Guard or Reserves on active duty, survivors and spouses of deceased veterans and service members who died on duty (eligible for a VA loan of up to 100%), some categories of individuals with service-connected disabilities, and certain reservists and National Guard members may be eligible for a VA loan. To apply, a certificate of eligibility (COE) will typically need to be obtained from the Department of Veterans Affairs and submitted with the loan application.
What factors influence the cost of mortgage insurance in Santa Clara?
Location is a major factor that influences the cost of mortgage insurance in Santa Clara, CA. Since Santa Clara is a traditionally affluent area with a high median household income and home prices, the costs of mortgage insurance tend to be higher compared to other cities in the region. Additionally, the size of the loan and the type of mortgage chosen can also affect the cost, such as whether the loan is conventional or a government one. It's important to talk to a local lender to get a better understanding of what type of mortgage insurance is most suitable for your particular situation.
Can I cancel my Santa Clara mortgage insurance policy early?
In Santa Clara, CA, homeowners can generally cancel their mortgage insurance early if they meet certain requirements. Your mortgage lender will need to evaluate your particular loan, and if it meets the requirements for cancellation based on the criteria it outlines, you may be able to terminate your mortgage insurance earlier than expected. Be aware that if you do decide to cancel your insurance early, you may be required to pay a fee to do so. Additionally, it’s important to continue to make your payments on time, as failure to do so could result in your early cancellation being revoked.
Can my Santa Clara mortgage insurance company help me calculate my mortgage insurance cost?
Yes! In Santa Clara, CA, your lender can certainly assist you in calculating mortgage insurance. Your lender should be equipped to guide you through the entire process and provide resources to accurately calculate the amount of mortgage insurance necessary for your loan. They will also be able to go over your monthly payments, payment terms, and any other related fees that you may not be able to estimate on your own. Whether you're right at the beginning of the home buying journey or you already have some details figured out, your lender is an excellent source of information and help.
Can I opt out of services from mortgage insurance companies in Santa Clara?
In Santa Clara, CA, you may be able to opt out of mortgage insurance if you meet certain criteria, such as having 20% equity or having a loan-to-value (LTV) ratio of less than 80%. Generally, borrowers must also have a credit score of over 720 or pay an extra fee to waive insurance. It's important to speak directly with your lender to determine if you meet the criteria for skipping this additional cost. If your lender confirms that you qualify for an exemption, you can fill out the necessary paperwork and save the money you had been using to pay for insurance.
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