mortgage insurance in Kendall, FL

What are the different types of mortgage insurance Kendall?

In Kendall, FL there are three main types of mortgage insurance. Private Mortgage Insurance (PMI) is mandatory when you put less than 20% down and covers the lender if you default on your loan. Mortgage Insurance Premium (MIP) is only required on FHA loans taken out after June of 2013, and is paid to the government and is calculated based on the loan's term and downpayment. Finally, Title Insurance is available to all homeowners and offers protection in case the title on the property is not what it appears to be.

Does the cost of a Kendall mortgage insurance policy depend on the size of my down payment?

In the Kendall, FL area, the cost of mortgage insurance generally does depend on the size of the down payment. Generally speaking, a larger down payment will decrease the amount of mortgage insurance required and consequently the cost associated with the policy. However, the size of the down payment is not the only factor that affects the cost of mortgage insurance. Other factors such as term length, loan size and credit score will also affect the cost. A knowledgeable local mortgage professional can help assess your unique situation to determine the best mortgage insurance option for you and better understand the cost associated with the policy.

Do I need a private mortgage insurance policy Kendall?

In Kendall, FL it depends on the downside risk of the loan amount and the type of mortgage you have. Generally, if you take out a loan that is larger than 80% of the value of the home, private mortgage insurance (PMI) is required. If you have a conventional loan and your down payment is less than 20%, PMI will also be required. In some cases, even if your down payment is at least 20%, you may still be required to purchase PMI if certain criteria are not met.

What are the benefits of FHA mortgage insurance near Kendall?

For Kendall, FL residents, FHA mortgage insurance offers numerous invaluable benefits. For one, the minimum down payment required for home buyers is only 3.5 percent, which is much lower than the typically required 20-25 percent rate for conventional mortgages. In addition, upfront mortgage insurance premiums are much more affordable than private mortgage insurance. Furthermore, FHA loans can be used to purchase a variety of different properties, such as condos and multi-unit dwellings.

What are the drawbacks of USDA insurance from Kendall mortgage insurance companies?

In Kendall, Florida, the primary drawback of USDA mortgage insurance is the upfront and annual fees associated with the policy. This added cost on top of taxes and closing costs can make the home-buying process more expensive for applicants. In addition, the USDA mortgage insurance program does not offer options for jumbo mortgages which limit the program's potential customers. Most importantly, though, there are credit and income requirements that must be met in order to qualify for the USDA mortgage insurance program. This can make it difficult for many families in Kendall to access and benefit from the program.

Who is eligible for a VA loan under mortgage insurance policies near Kendall?

To determine eligibility for a VA loan in Kendall, FL, it's important to discuss the specific details with a qualified lending advisor. Generally speaking, any U.S. veteran who served 181 or more consecutive days on active duty during peacetime, any veteran who was honorably discharged, active-duty service personnel presently on duty, and certain Reservists and National Guard members may qualify for a VA loan. Spouses of service members who died in the line of duty or due to service-related disabilities may also potentially be eligible for a VA loan.

What can I do to lower the cost of my mortgage insurance in Kendall?

As a homeowner in Kendall, FL, there are many things you can do to lower the cost of your mortgage insurance. Researching alternative mortgage providers and negotiating with your current lender may allow you to find a lower rate. Additionally, increasing your down payment amount can reduce the amount of mortgage insurance you'll need to pay. Another way to save money is to consider reducing the amount of your loan or term length. Lastly, optimizing your credit score is a great way to find a more favorable rate on a mortgage insurance policy.

What process do I need to follow to cancel my Kendall mortgage insurance policy?

To cancel your mortgage insurance in Kendall, FL, the first step is to reach out to your lending institution to discuss your current situation. Depending on your particular situation, your lender may advise that you refinance the loan or contact your mortgage insurance provider. Once you have determined the correct processes, you will need to submit the necessary paperwork, which can include proof that your loan-to-value ratio is less than 80%, a financial statement, and a home appraisal. Your lender and insurance provider can provide you with more details on the specific process for canceling your mortgage insurance.

Is there an online calculator for mortgage insurance from a Kendall mortgage insurance company?

Yes, there is an online calculator for mortgage insurance in Kendall, FL. SunTrust Mortgage has a user-friendly calculator specifically designed for homebuyers in the area that includes features like obtaining an estimate of their mortgage insurance rate, changing loan amounts and amortization schedules, and tailoring the calculations to their individual needs. The calculator is free to use, and customers can save their information and come back to it later if needed. Additionally, SunTrust Mortgage offers a variety of resources and customer service options to help homebuyers understand their mortgage insurance needs.

Do I need mortgage insurance companies in Kendall?

In Kendall, FL mortgage insurance may be required depending on your individual circumstance. Generally mortgage insurance is typically required for individuals who are making a down payment of less than 20 percent on their home purchase, however, factors such as type of loan and credit score may also determine if mortgage insurance is required. In addition, there are specialty loans available that do not require mortgage insurance. You should discuss your individual circumstances with a local mortgage advisor in Kendall to determine if mortgage insurance is necessary for your specific situation.