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Private Mortgage Insurance / PMI in Destin, FL

April 20, 2021

PMI, or private mortgage insurance, protects the lender in case a homeowner is unable to pay their mortgage.

The price varies from $30-$70 a month for every $100,000 borrowed toward the home. Putting a down payment of 20% on a home will alleviate the need to have PMI.

In the event that the homebuyer puts less than that down, PMI payments are necessary until the amount of equity in the home is greater than 20%. At that point, be sure the mortgage payment reflects a decrease since the PMI is no longer required.

Are you considering buying a home in Destin or one of the surrounding areas in Northwest Florida?

Contact The King Team today. We can make the process go smoothly in a shorter amount of time.