Apply for a free, no-obligation quote from Florida Home Loan
Florida Home Loan offers the best interest rates on mortgage loans with outstanding customer service to
give you a pleasant experience with your re-finance,
home equity loan or new home purchase.
Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers, this is insurance that covers the lender against losses incurred as a result of a default on a home loan. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value (LTV) ratio higher than eighty percent. Mortgages above 80 percent LTV are usually a made at higher interest rates. Rather than the borrower paying the insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance itself. FHA loans and certain first-time buyer programs require mortgage insurance regardless of LTV. The amount paid by the borrower is known as the mortgage insurance premium (MIP).
