Some potential home buyers may only be concerned about how much their mortgage payments will be, without realizing some of the additional fees and payments that may be serve to inflate their monthly payments. Those who are looking to be approved for a home mortgage loan should be aware of LMI, and how a fraction of the monthly payment made include this recurring expense.
Understand more about LMI and where your monthly payments will go today.
What is LMI?
Lenders mortgage insurance, or LMI, is a type of insurance required from Canadian lenders when taking out a home mortgage loan. Any payments made go…