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What Is Lender Mortgage Insurance?
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Lender Mortgage Insurance, also referred to as LMI, is an insurance policy that protects the lending institution. Where the amount borrowed exceeds a certain percentage of the property value, (as determined by a valuation), LMI premiums are payable.
The higher the loan to value ratio (LVR) the higher the cost of the Lender Mortgage Insurance. Some lenders will allow you to add the LMI premium to the loan amount, whilst others require the amount up front.
Your Mortgage Providers consultant will be able to discuss this with you in more detail and give you some indicative costs after first ascertaining your position.
The cost of LMI can vary between different lenders.
At Mortgage Providers, We know where to find the cheapest Mortgage Insurance coupled with the cheapest interest rates
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