Most potential homeowners need to obtain a home mortgage loan to purchase a home. There are many fees that come with purchasing and owning a home but one that may surprise some in LMI. When it comes time to calculate those mortgage payment, do not forget the monthly payment going toward LMI. Those making small down payments often have to account for LMI.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
What Is LMI?
Lenders mortgage insurance (LMI) and applying for home loans often go hand-in-hand. Many mortgage lenders require an applicant get this type of insurance when they want a mortgage loan. Payments are made out to the lender or trustee. How
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When it comes to filing a claim for faulty workmanship or improper appliance installation, a homeowner might be surprised at what their warranty does and doesn't cover after they've purchased a home. This is partially because no one takes the time to read every clause and partially because a warranty in Ontario will not necessarily be the same as a warranty in Quebec. Homeowners should have a general idea of the underlying principles though, so they can get the most out of their warranties.