UK Mortgage Protection

By Vance Rich


Q What is Lenders Mortgage Insurance? Lenders mortgage insurance protects your lender in case you are unable to keep up your repayments. It is usually required on loans of more than 80% of the value of the home. You pay a single upfront fee when you take out the loan, or in many cases you can even add the fee to your loan amount.Refinancing maybe beneficial based on your particular financial needs.

What kind of information do I need to provide on my loan application? Depending on the type of loan you apply for, you might need to provide credit and income information. Your current income - this includes your base salary, any commissions or bonuses, dividends, etc.Our licensing agreement won't allow you to violate the Real Estate Settlement Procedures Act (RESPA), which ""prohibits a person from giving or accepting anything of value for referrals of settlement service business related to a federally related mortgage loan."" The law prohibits most people from accepting referral fees or gifts from many kinds of service providers, like real estate agents, lawyers, pest inspectors, mortgage lenders, and appraisers.

Why not take out a line of credit? A line of credit usually has a variable interest rate that changes with the economy. A fixed interest provides guaranteed monthly payment and makes more financial on the type of loan you apply for, you might need to provide credit and income information.

Q What is Lenders Mortgage Insurance? A If you are borrowing more than 80% of the property value, you will need to pay Lenders Mortgage Insurance (LMI), which covers the lender if you fail to repay your loan and the property sells for less than the amount owing. In most cases LMI can be added to the loan.You can access or download an updated list of licensed mortgage lenders from Individual offices may be searched by name or by location at If the complaint is on behalf of a consumer, the consumer should make the complaint.

What is LMI (lenders mortgage insurance)? Lenders Mortgage Insurance (LMI) is usually required if the loan required is more than 80% of the value of the property, or the loan is more than 60% of the value of the property for LoDoc loans. LMI is paid by the borrower and covers the lender in the event of loan default or if the house is sold for less than the amount owed under the mortgage.

What is the benefit of refinancing? Refinancing maybe beneficial based on your particular financial needs. For example, taking cash from a refinance loan to pay off high interest credit card debt will help you save hundreds of dollars a month on monthly on the type of loan you apply for, you might need to provide credit and income information. Your current income - this includes your base salary, any commissions or bonuses, dividends, etc.Neither. A broker is a real estate financing professional acting as an independent contractor. The range of products and services offered through brokers, and by brokers, is evolving rapidly.