Lenders Mortgage Insurance

Lenders Mortgage Insurance

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Lenders Mortgage Insurance (LMI) is insurance taken by a lender to protect itself against the risk of not recovering the outstanding loan balance if a borrower fails to make their loan payments and the property is sold for less than the outstanding loan total.

Even while the lender will normally pass on the cost of LMI to the borrower, it is critical to note that LMI only covers the lender and not the borrower(or any guarantor). This means that the borrower cannot bring a claim under the LMI; only the lender can. LMI is not the same as mortgage protection insurance, which a borrower may purchase independently to protect themselves against the danger of not being able to make loan payments.

How does LMI help?

If you wish to buy a property and otherwise meet lender standards, but lack a significant deposit (typically 20%), it can be difficult to find a lender who will lend to you. In this circumstance, LMI can assist you secure mortgage financing.

LMI accomplishes this by lowering the lender’s risk of loss if you fail to make your loan payments. Because LMI decreases the lender’s risk, it makes them more willing to lend to you even if you do not have a large deposit at the onset.

FAQs

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Testimonials

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