If you take out a conventional mortgage loan in Florida, you may be required to pay private mortgage insurance. Known as PMI for short, this insurance protects the lender from making a loss in case you fail to make your mortgage payments. Typically, Florida private mortgage insurance is usually required if you put less than 20% down payment for the home of if you are refinancing and your equity is less than 20% of the home’s value.
More often than not your Florida lender will add the PMI premium to your monthly mortgage payment. But you can opt to pay it as an upfront lump sum or a combination of both. While an upfront payment will ease the burden, in case you refinance or move you may not be entitled to a refund. If you want to know more about strategies for paying PMI in Florida talk to us and our experts here at Moreira Team will guide you.
Today's Florida Mortgage Rates
30 Yr. Fixed6.625%APR 7.137%
15 Yr. Fixed6.000%APR 6.510%
30 Yr. Fixed FHA6.000%APR 6.957%
30 Yr. Fixed VA5.875%APR 6.331%
Mortgage Rates as of November, 26 2024 See All Rates | See Rate Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
How much should you expect to pay on your Florida private mortgage insurance? Generally, costs range between 0.5 and 1% of the total loan amount per month. So for a $150,000 loan, you may have to pay as much as $1,500 per annum or $125 per month. It might seem a lot, but there are actual benefits of paying PMI.
First of all, for most homebuyers, it is an easy channel to qualifying for a mortgage loan. If you can’t make 20% down payment, you can still qualify for a conventional mortgage by agreeing to pay PMI. Additionally, you are likely to enjoy lower interest rates on your mortgage because the lender already has a cushion from a loss in form of the PMI. Otherwise, they would resort to charging you higher interest rate to recover their investment sooner rather than later.
See How Easy it is to Get Your Custom Rate! Watch Now ▶
As you might expect, PMI also comes with some downsides. Your monthly payments will be higher, it may not be deductible, and it is hard to cancel. The best way to know whether to save for a large down payment or go for the PMI option is to have a real expert break down the costs and benefits for you. Moreira Team can do that. Simply get in touch with us, and we will give you a comprehensive quote with regards to PMI.
