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 Santa Fe, NM
Your one-stop-shop to compare all the rates, all at once.
With PolicyHub you get:
Over 20 policy provider comparison.
Explore multiple Santa Fe, NM 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 Fe, NM, there are fairly standard types of mortgage insurance that most lenders offer. These include Private Mortgage Insurance (PMI), FHA mortgage insurance, and VA loan mortgage guarantee. PMI covers the amount of the loan beyond what you’ve put down, and is typically required if you’re making a down payment of less than 20 percent. FHA mortgage insurance provides borrowers with more flexible terms, however the borrower is required to pay a mortgage insurance premium over the life of the loan.
What is the minimum down payment to avoid a Santa Fe mortgage insurance policy?
In Santa Fe, NM, the minimum required down payment to avoid paying for mortgage insurance will depend on a few factors, such as the type of loan and the lender. Generally, you will need to make a down payment of at least 20% of the total loan amount to qualify for a traditional conventional loan and not have to pay for mortgage insurance. However, most other loan programs will require a much smaller down payment. For example, an FHA loan requires a minimum down payment of 3.
Who is eligible for a private mortgage insurance policy Santa Fe?
Private mortgage insurance is typically available to those who wish to purchase a home with a down payment of less than 20% in Santa Fe, NM. In most cases, first-time homebuyers, move-up and existing-home buyers, borrowers with or without credit history, and those with alternative sources of income can all be eligible for private mortgage insurance. Depending on the specific lender, additional qualifications may be required. It's important to speak to an experienced mortgage broker in the New Mexico area to understand all the eligibility requirements that may apply in order to qualify for private mortgage insurance.
What is FHA mortgage insurance near Santa Fe?
FHA mortgage insurance is a type of loan insurance designed to help potential homeowners in Santa Fe, NM by providing them with a safer, more secure loan option. Generally, FHA mortgage insurance requires a smaller down payment than a conventional loan, and while the borrower is required to pay a monthly mortgage insurance premium, the benefit is Allowing borrowers who may not qualify for a conventional loan, the ability to buy a home. With FHA mortgage insurance in Santa Fe, NM, borrowers also have the benefit of being able to secure a home with a credit score as low as 500.
Do Santa Fe mortgage insurance companies offer USDA insurance?
In Santa Fe, NM, USDA mortgage insurance is a type of financial protection provided to rural homeowners through the United States Department of Agriculture (USDA). It is available to low and moderate-income borrowers and provides the borrower with 100% financing through USDA-backed loans, with no mortgage insurance required from the borrower. This allows borrowers to purchase a home without needing the upfront funds to cover a down payment, closing costs, or other upfront expenses associated with a traditional mortgage.
In Santa Fe, one of the main drawbacks of a VA loan is that the loan limits are usually set lower than for a conventional loan. Additionally, it is required for Veterans to pay a VA funding fee that is not required for a conventional loan. Because of this, the overall cost of the loan is typically higher than for a conventional loan. Additionally, veterans must usually provide an up-front lump sum payment to cover closing costs.
Can I negotiate the cost of my mortgage insurance in Santa Fe?
In Santa Fe, NM, it may be possible to negotiate the cost of mortgage insurance depending on the lender. For example, some lenders provide discounts or reduced rates for homes that are located in target areas, for veterans, and for high-value homes. It's a good idea to shop around and compare rates from different lenders to find the best deal. Additionally, you may be able to negotiate a lower rate by providing proof of other insurance policies, like homeowners insurance, or by using additional services offered by the lender.
Can I cancel my Santa Fe mortgage insurance policy early?
Yes, you may be able to cancel your mortgage insurance early in Santa Fe, NM. It depends on what type of loan you have and whether you meet certain conditions. FHA loans may be eligible for cancellation once the loan balance is below 78% of the original purchase price and you have made a certain amount of payments on time. Conventional loans require at least 20% equity in the home and the mortgage insurance must have been in place for at least two years. If you think you meet the criteria for early cancellation of your mortgage insurance, your lender can provide you with more specific information.
Is the mortgage insurance calculation method the same for every Santa Fe mortgage insurance company?
Although mortgage insurance calculation methods may differ slightly between lenders, they generally are consistent in Santa Fe, NM. Factors such as the loan amount, the length of the loan, credit score, and the down payment will influence how lenders calculate mortgage insurance. The insurance is in place to provide additional protection for lenders and borrowers alike so understanding the finer details with an experienced mortgage broker in Santa Fe is a worthwhile investment for anyone looking at purchasing a home. Comparison shopping between lenders is also a good strategy to ensure you're getting great value and the best possible deal for your mortgage insurance.
What happens if I don't use mortgage insurance companies in Santa Fe?
If you don't get mortgage insurance in Santa Fe, NM, you could be taking a significant risk. There is an increased chance of not being able to pay your mortgage in the event of an unexpected financial burden. Without the insurance, if you are unable to make the payments, you may be forced to surrender the property. Although mortgage insurance can be costly, it can ultimately provide relief in the case of a default or hardship, saving the borrower from foreclosure.
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