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Compare over 20 top providers in Santa Fe, TX
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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 Fe, TX, is a form of insurance for homeowners that covers the lender in the event that they default on their loan. This type of coverage is often required for U.S. citizens who receive a loan for a home that has greater than a 20% down payment. It also is used as protection for lenders who provide loans for properties that have a loan-to-value (LTV) ratio that is higher than 80%. Mortgage insurance in Santa Fe will vary depending on the individuals circumstances and can be additional coverage or through PMI (Private Mortgage Insurance).
Does the cost of a Santa Fe mortgage insurance policy depend on the size of my down payment?
Yes, the cost of mortgage insurance in Santa Fe, TX does depend on the size of your down payment. Generally speaking, the higher your down payment, the lower the insurance rate, and vice versa. For example, a down payment of less than 20% may require a higher insurance rate on your loan, while a 20% or higher down payment typically results in the lowest insurance rates. However, it is important to evaluate all of your individual circumstances and budget when determining the ideal down payment and the associated insurance costs.
What is a private mortgage insurance policy Santa Fe?
Private Mortgage Insurance (PMI) in Santa Fe, TX is an insurance policy that protects a lender if a borrower defaults on their loan. The policy is required for a loan amount that is more than 80% of the home's purchase price. PMI is usually required until the loan is paid down to 80% of the home's original value. PMI owners have more buying power and flexibility allowing them to become homeowners sooner. PMI is typically included in the borrower's monthly mortgage payments and is required to stay in effect for a minimum of two years.
Who is eligible for FHA mortgage insurance near Santa Fe?
Generally speaking, anyone who meets the requirements set forth by the Federal Housing Administration (FHA) is eligible for FHA mortgage insurance. Specifically in the Santa Fe, TX area, anyone who plans on using a qualified FHA loan to purchase or refinance single-family housing is eligible. Potential borrowers must also meet income, debt-to-income ratio, assets, employment, and other criteria set forth by the FHA, including a credit score of at least 580 and enough available funds for a 3.5% down payment.
Who is eligible for USDA insurance from Santa Fe mortgage insurance companies?
In Santa Fe, TX, those who meet the qualifications of the United States Department of Agriculture (USDA) mortgage insurance are eligible to apply. This includes homeowners in rural areas with small to moderate-size incomes and properties valued at or below a specific amount, as well as those who demonstrate the repayment ability for an improved dwelling in the area. In addition, applicants are required to possess a credit history that demonstrates their ability to make timely payments. Ultimately, the USDA mortgage insurance enables people to buy homes in rural communities and maintain affordability even though they may not qualify for conventional or other loan products.
In Santa Fe, TX, Veterans, active duty personnel, surviving spouses, and certain National Guard and Reserve members may be eligible for a VA loan. Eligibility also extends to military retirees who have served at least a total of 90 days of active service during wartime, or 181 days during peacetime. Those eligible for a VA home loan may use it to purchase, build, remodel, and make improvements to residential properties, including single-family homes, multi-family units, and condominiums.
Are there discounts available for mortgage insurance in Santa Fe?
Yes, there may be discounts available to Santa Fe, TX residents seeking mortgage insurance. For example, local insurance companies may offer discounts to those who are first-time homebuyers, veterans, or have good credit ratings. Additionally, residents may be eligible for state-sponsored discounts and tax credits. It is recommended to contact local insurance companies and ask about their selection of mortgage insurance plans and discounts to determine the best option for your individual needs.
Can I cancel my Santa Fe mortgage insurance policy early?
Yes, you can cancel your mortgage insurance early in Santa Fe, TX. Your lender might have certain requirements for you to meet in order to terminate your policy, such as proof of occupancy or near completion of the loan. Check with your lender to ensure you understand the process and what’s expected of you. If you have met all conditions, then you may cancel your mortgage insurance and your lender will typically refund the unearned portion of your premiums to you based on the amount of time left on the mortgage.
Is there an online calculator for mortgage insurance from a Santa Fe mortgage insurance company?
Yes, there is an online calculator for mortgage insurance. Specifically within Santa Fe, TX, there are a number of services that can provide you with an accurate estimate of what you'll need to pay. Through websites such as Liberty Mutual, you can use their mortgage insurance calculator to quickly and easily find out what your potential monthly payments may look like. Additionally, the Santa Fe Chamber of Commerce provides a calculator that lets you compare mortgage insurance rates from multiple companies in one place.
Who is required to use mortgage insurance companies in Santa Fe?
Generally speaking, anyone who obtains a mortgage loan from a lending institution in Santa Fe, TX and makes a down payment of less than 20% of the purchasing price is typically required to have mortgage insurance. Mortgage insurance is provided by a private company and helps protect lenders in the event that borrowers fail to make their payments. On loans submitted after July 29, 1999, mortgage insurance is included as part of the monthly mortgage payments and lasts until the loan balance drops to 78% of the initial value of the property. This ensures that the lender can recover their investment.
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