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Thankyou so much Jo. U were seriously sensational. With the amount of questions I asked I really appreciate your patience. Can u pls pass on my thanks 2 Damon and Rebecca 2. We will definitely recommend u guys 2 others. |
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| What is Lender's Mortgage Insurance? |
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Lender's Mortgage Insurance or LMI is a type of insurance policy that the lender takes out to protect them if you should ever have a problem repaying your loan. The insurance does not protect you, and you may have to pay for the policy. If there is a problem the lender will work with you to get you back on track, but if no solution can be reached the insurer will then sell your home and recover as much as they can, but if there is a shortfall you will still have to pay the difference. Tip...
Some lenders or banks take out a policy for every loan, and some only for loans of more than 60% or 80% of the property value. The insurers also have their own guidelines that you have to meet. Tip...Register ONLINE now to allow one of our friendly Loan Consultants to locate a suitable loan package for you. |