Some Florida Mortgage Home Purchasing Options: If you are looking to purchase a home in Florida, and you are concerned about paying private mortgage insurance or PMI, read the article below!

PMI is usually required when the new home buyer is applying less than a 20% down payment towards the purchase of their new home. Mortgage insurance protects lenders across the United States from losses due to defaults on first mortgages for residential properties.

The "Split Mortgage" eliminates the requirement of PMI by reducing the first mortgage to a maximum of 80% of the purchase price combined with a second mortgage (or Home Equity Line of Credit) of 10% or 15% of the purchase price.

This also saves you money in long-term-interest, since we have shifted the (would-be) PMI payments towards the equity in your home, in the form of a 2nd mortgage. And 2nd mortgages are usually amortized for only 15 years, reducing the interest paid and reducing the principal balance faster than a 30 year amortization.

Contact BeechTree Mortgage and we will provide a very accurate Good Faith Estimate and answer any questions you have regarding this article. Call now at 1-888-399-0520

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