What is Lenders Mortgage Insurance?
One of the most frequently asked questions is "What is lenders mortgage insurance?
Lenders Mortgage Insurance is one way of getting into homeownership without having the 20% deposit which is typically required by most banks and financial institutions.
With Lenders Mortgage Insurance, lenders may allow you to borrow a higher proportion of the purchase price, allowing you to purchase a property with a smaller deposit than would otherwise be required. It may also enable you to borrow at an interest rate that is comparable to a borrower who has a larger deposit.
The answer to all your questions relating to Lenders Mortgage Insurance is explained in this short animation from Genworth LMI.
If you still have questions or queries after watching this video please feel free to contact me on 0422 305 144 to discuss.