Costs & PMI
What is PMI?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
PMI, private mortgage insurance, is required on conventional loans with less than 20% down. It protects the lender if you default and adds roughly $30 to $70 per month per $100,000 borrowed, depending on credit.
It's removable once you reach 20% equity, unlike FHA's premium. We'll show your PMI cost and the timeline to drop it as your Florida home appreciates.
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