Mortgage Insurance

This is a general term that refers to types of insurance that may be used to cover either a borrower or a lender in relation to a mortgage. When used to cover a borrower, the insurance may be paid out to help repay the entire loan or the monthly mortgage repayments, as in the case of income protection insurance. Meanwhile, Lenders' Mortgage Insurance (LMI) is paid by borrowers usually when borrowing more than 90% of the purchase price of the property. The LMI benefits the lender and will be paid out if the borrower defaults on the loan.

Mortgage Insurance Articles & Guides

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