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.
PMI in plain terms
PMI stands for private mortgage insurance. You pay it on a conventional loan when you put less than 20% down. It protects the lender, not you.
It lets you buy sooner without a huge down payment. Once you build equity, it goes away.
Living with PMI in Florida
PMI is often a smart trade. It gets you into a home while values rise. Waiting to save 20% can cost more than the premium.
We show the real monthly cost and how fast you can drop it. Bring your down payment and we will run it.