What is Mortgage Insurance?
Lenders Mortgage Insurance (LMI) protects the lender from any losses resulting in the sale of a property due to default by the borrower. LMI premiums are generally paid by the borrower when the loan amount borrowed is over 80% of the purchase price. Some Lenders require the LMI premium to be paid upfront while other Lenders will add the premium cost to your home loan.
Mortgage Insurance insures lenders in the event of a borrower’s foreclosure. It is paid for by the borrower, and allows lenders to grant loans that they otherwise would not consider. Depending on credit scores and loan structure, mortgage insurance may be required when the down payment is less than 20%.
Mortgage Insurance insures lenders in the event of a borrower’s foreclosure. It is paid for by the borrower, and allows lenders to grant loans they otherwise would not consider. Depending on credit scores and loan structure, mortgage insurance may be required when the down payment is less than 20%.
A.Mortgage Insurance (MI) insures lenders in the event of a borrower’s foreclosure. It is paid for by the borrower, and allows lenders to grant loans that they otherwise would not consider. Depending on credit scores and loan structure, mortgage insurance is usually required when the down payment is less than 20%. Our 80/10/10, 80/15/5 & 80/20 programs provide mortgage w/o MI.
