For large portion of people looking to buy a home, obtaining a mortgage loan is an essential part of the process. It may come to a surprise to some that in addition to making mortgage payments, it may be necessary to pay a lender an additional monthly fee. LMI is an obligation for many homeowners and one may need to account for this additional expense when becoming a homeowner. Approved home mortgage applicants making a small down payment need to know more about LMI and how it will affect them.
What Is LMI?
LMI, or "lenders mortgage insurance", is a style of insurance offered to mortgage lenders in order to secure the home loan from default. This insurance is paid out to the trustee or lender and in some instances is required upon being
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Buying a home comes with a lot of choices; which type of home works best, which neighbourhood offers the most benefits? Homeowners also have to choose whether they may want to protect themselves when purchasing a new home. This form of protection comes in the shape of home warranties. These warranties generally covers the structural integrity of the home and is a different type of protection than what is offered through a home insurance policy.
Starting from scratch when selling a home can be daunting, and unfortunately, the overwhelming feelings aren't entirely imaginary. Mistakes may not only cost a seller money on the final price of their home sale, they may even lead to a lengthy legal battle over control of the property. Follow this short guide before putting a home up for sale in Canada.