All Topics / The Treasure Chest / Mortgage insurance on refinanced property

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  • Profile photo of NATS12NATS12
    Member
    @nats12
    Join Date: 2003
    Post Count: 129
    August 11, 2003 - 3:07 pm

    The answer to this may be obvious, but I just want to check:

    if i were to refinance my home to utilise the capital growth since I purchased it and could get a 20% deposit together, would I have to pay mortgage insurance on the loan. Or because i’ve used the value of my home to get to 20%, does this mean no mortgage insurance applies???

    Thanks in advance.

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    August 11, 2003 - 7:51 pm

    Hi Nats

    When you refinance, your home will be revalued. As long as you aren’t borrowing more than 80% of the “new value” of your home, you normally won’t have to pay Lenders Mortgage Insurance (LMI).

    Hope this helps.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

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