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Mortgages Insurance

Discussion in 'Buying Overseas Property' started by bryson, Sep 25, 2006.

  1. bryson

    bryson New Member

    Hey All,

    It seems a good cocr is accepted to be 10%, paying a 10% deposit.
    However when I have seen the upfront costs in examples it never includes mortgage insurance if you don't pay a 20% deposit.
    Is there a way to only pay a 10% deposit but avoid paying mortgage insurance

    Thanks guys
  2. ronald

    ronald New Member

    If the IP is the only property which is being used for security, then you will not be able to avoid MI.

    Cross-collateralizing might be one way around this; however this solution is probably worse than paying a few thousand dollars in LMI.

    There are quite a number of financiers who offer the capitalization of MI into the loan.

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