Lenders Mortgage Insurance LMI

Lenders Mortgage Insurance is insurance often required by financial institutions when you take out a loan and the deposit you have is less than 20% of the value of the property. If you take LMI insurance you can usually borrow up to 95% of the value of the property. If you default on your loan and are required to sell a property, and the sale proceeds are insufficient to cover the outstanding loan balance and other costs incurred by your lender in relation to enforcing the mortgage, LMI insurance enables the lender to recover the difference.

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