Lenders Mortgage Insurance – A simple explanation

Lenders Mortgage Insurance (also known as LMI) It is very common that people don’t understand what Lenders mortgage insurance is and who it covers. It is important not to confuse lenders mortgage insurance to mortgage protection though which is something some people do. Lenders Mortgage Insurance is insurance that protects the lender if you default on your home. If you are unable to pay the loan and the lender cannot recover all it’s costs for the loan then they will make a claim with the lenders mortgage insurer. Lenders mortgage insurance is payable by clients who borrow over 80% of […]