Mortgage struggles on the horizon as Florida home insurance problems continue

Home Insurance - Mortgage calculations - Florida Flag

As the coverage crisis continues in the state, there is a risk of a real estate market downturn. As the home insurance crisis drags on in Florida, the risk could increase for a downturn in the state’s real estate market, with a threat of mortgage struggles. Major insurers have been stepping out of the state and have stopped selling new policies. Home insurance customers in Florida are paying the highest premiums in the United States. Residents of the state pay an average $6,000 annual premium to private insurers according to…

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New Florida force-placed insurance regulations now in effect

Force-placed insurance - Regulations

As of last weekend insurers and mortgage lenders have new rules to which they must comply. Starting on July 1, Florida force-placed insurance regulations have been updated, requiring insurers and mortgage lenders to face certain tighter restrictions on the implementation of those policies. The change is the result of a new bill approved by Florida lawmakers earlier in 2023. House Bill 793 took effect at the start of this month, with the intention of banning what some have referred to as lender “double dipping.” That occurred when lenders put force-placed…

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Getting Rid Of PMI: How To Do It

Private mortgage insurance (PMI) helped a record-high two million low-downpayment borrowers secure mortgage financing in 2020, a 53% jump from 2019, Housing Wire reports. It’s generally required if you’re unable to make a minimum down payment of 20% and ranges between 0.5%-2% of the loan total. Fortunately, however, you’re not locked into paying PMI (which can be hundreds of dollars each month) for the entire life of your loan and have several options for getting rid of it. Wait for automatic cancellation  Under the Homeowners Protection Act, PMI should automatically…

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Tips for Buying Your First Home

If you’re looking to buy your first home there are a lot of things you should take into account, but also a lot of advantages available to you. Take a look at our guide to buying your first home for more information. Buying a home is an instance where you’re most going to hear the incredulous phrase “in this economy?” and that’s no surprise. Buying a home is difficult. The housing market demand is rising while supply is dropping, and a widening wealth gap is causing less people to be…

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