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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
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    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
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  • Apply Now

Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Fort Lauderdale Mortgage Lender Shares About LPMI

March 4, 2021 by Stephen McWillam

Many prospective home buyers often have an adverse or negative reaction to the words “mortgage insurance” because they’ve heard that it’s a bad thing.  But is it? The buyer is required to pay mortgage insurance whenever the amount of their loan exceeds the value of the home by 20%.  What most homebuyers aren’t aware of is the fact that they can restructure their loan payments using Lender Paid Mortgage Insurance if they don’t like the idea of having to pay mortgage insurance with their mortgage payments.

What Exactly is Lender Paid Mortgage Insurance?

Lender Paid Mortgage Insurance or LPMI is usually available on conventional home loans only.  The concept is relatively simple.  When you get approved for a home loan, you either pay a fee upfront or you pay a higher interest rate and the lender will pay the mortgage insurance for you.  When you do the math, you could save a fairly sizeable amount of money on your monthly loan payments if you get LPMI. Let us help you with your mortgage issues.

One of the drawbacks is that technically, you’re still paying for the insurance.  It’s really your payment structure that changes.  Unlike normal insurance payments, you have a choice of paying a lump sum upfront or making larger mortgage payments each month.  However, in either case, you could wind up paying less money than you would if you get Private Mortgage Insurance (PMI) separately.

Good Credit is a Requirement

Unfortunately, not everyone is able to get Lender Paid Mortgage Insurance.  Despite the fact that LPMI is becoming more available than it has been the past few years, not all mortgage lenders are offering it.  Furthermore, a FICO score of 700 or better is usually required to qualify for LPMI.  Additionally, the rate adjustment that you’ll be responsible for paying is going to be tied to your credit score.  In other words, the lower your credit score, the higher the increase.

Homebuying or Refinancing in Fort Lauderdale

LPMI is not right for individuals who make a substantially larger down payment when purchasing a home.  If you start out with that much equity, you’ll be able to cancel Private Mortgage Insurance in a few years as it is.  Therefore, Lender Paid Mortgage Insurance wouldn’t be that beneficial to you anyway. 

The bottom line is that you need to research what lenders are willing to offer you, do the math, and see what is right for you.  To learn more about Lender Paid Mortgage Insurance, contact Florida State Mortgage Group, Inc. at (954) 359-3000 today. Their business representatives are available to answer your questions. Call them now.

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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