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Lenders Mortgage InsuranceThis is a discussion on Lenders Mortgage Insurance within the Credit Problems and Repair forums, part of the Mortgage and Loans Forum category; Lenders mortgage insurance (LMI), which is also referred to as private mortgage insurance, is a type of coverage that benefits ... |
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01-26-2011, 05:16 AM
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Lenders Mortgage Insurance
Lenders mortgage insurance (LMI), which is also referred to as private mortgage insurance, is a type of coverage that benefits the lender of a mortgage. Lenders mortgage insurance prevents the lender from losing all of its investment if the borrower cannot repay his loan. In most cases, mortgage lenders require borrowers to pay for this type of insurance if they make down payments of less than 20 percent on their mortgages.
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