Yes. Terry refers to same point I made. Don't refinance the existing loan. It would be the same lender unless you want a second mortgage problem.
If you use a different lender then it would include a refinance of the former loan so LMI would be part non-deductible. Best avoided.
It would depend if the original loan is refinanced. If it is not and only new funds are advanced to buy an IP then the LMI is deductible against the new IP.
Remember just as interest is deductible based on use and not the loan security then borrowing expenses are in the same boat.
