Are you planning to buy a home with less than a 20% down payment? In this episode, we break down Lenders Mortgage Insurance (LMI), known in the U.S. as Private Mortgage Insurance (PMI). While this insurance is paid for by the borrower, it is designed specifically to protect the lender against financial loss if the borrower defaults and foreclosure costs cannot be recovered.

Tune in as we explore the essential details of mortgage insurance across different markets:

• The 80% Rule: Learn why insurance is typically required when the Loan-to-Value (LTV) ratio is 80% or higher and how premiums are calculated based on loan terms and down payments.

• Getting Rid of PMI: We discuss how U.S. borrowers can remove PMI once their principal drops below 80% or hits the mandatory cancellation point of 78%, and ...