pplpod29 Des 2025

Demystifying Mortgage Insurance: PMI, LMI, and the Hidden Costs of a Low Down Payment

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 why FHA loans might require refinancing to eliminate it.

• Strategic Alternatives: Discover "piggy-back" loans (like the 80/10/10 arrangement), which utilize a second mortgage to avoid PMI requirements and potentially maximize tax deductions.

• Tax Implications: We review the history of PMI tax deductibility in the U.S., which was available from 2007 through 2021 but disallowed by the IRS for the 2022 tax year.

• Global Perspectives: We compare the U.S. system to Australia, where LMI is often a one-off fee provided by insurers like Helia and QBE LMI, and Canada, where regulated lenders are prohibited from offering uninsured mortgages if the LTV exceeds 80%.

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