〰️ real estate terms explained 〰️
What Is Lenders Mortgage Insurance (LMI)?
You may have seen this term on a variety of real estate platforms and wondered what it means. In short, LMI is a one-off payment that occurs when more than 80% of the property value is borrowed by the buyer. It can either be paid as an upfront fee when the loan is taken out, or added into your home loan. To avoid paying LMI when you purchase, aim to have a 20% deposit saved! This helps to reduce the extra costs that can pop up when purchasing a property 🏡