Florida Offers Mortgage Aid, But Homeowners Must Act Fast

Private mortgage insurance is a monthly expense tacked onto mortgages for home purchases in which you made a down payment that was less than 20 percent of the home’s appraised value. Basically, PMI protects your lender in the event you default on your mortgage and the lender must sell your home.

Moreover, homeowners with good credit see even greater savings! If you want to lower your mortgage payments or eliminate years off your mortgage, it’s crucial that you act now. You may even take some cash out of your home to help you with paying off debts, bills, home renovations, your child’s education, or that much needed vacation.

The median value of a home in Florida is about $230,000 and current appreciation rate is about 7.5% per year. The average rent is about $1,500 per month and you can buy a $230,000 home using HomeReady 3% Down Payment Program and your payment would be approximately $1,573* per month which is a little more than the average rent.

If you are delinquent, your mortgage company must send you a letter indicating the terms of the modification. You will be sent a letter if you meet the following criteria: Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Your mortgage is 90 days to 720 days delinquent. Your first mortgage must be at least 12 months old.

In December 2016, the Making Home Affordable (MHA) program expired. Although this resource is no longer available to homeowners, help is still available. Mortgage companies will continue to offer assistance. contact your mortgage company or lender directly to inquire about available solutions.

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Florida mortgage rates are the lowest in over 40 years according to Freddie Mac. The Florida mortgage refinance process of paying off an existing loan, with the proceeds from a new loan is known as a mortgage refinance. Florida mortgage applicants often seek to secure a lower interest rate or to lower a monthly mortgage payment.