MGIC MI: Make it an Option
Today, it's all about having options - especially in our changing mortgage market. Presenting all sides of the story to your borrowers empowers them to make an educated decision. When the story includes MGIC mortgage insurance options, the value you deliver is a direct reflection of your professional credibility. Become an expert on MI Options and reap the benefits to you and your borrower.
Go over MI options with your borrowers. Compare them with other non-MI options using our Mortgage Options Calculator. In doing so, you’ll all arrive at the same conclusion: the best option for your borrower.
MGIC MI Options
Each MGIC MI option below includes a description, an example comparing that option to piggyback financing, and benefits of that program to you and your borrower. Use the comparison table for quick reference to MI option features.
| Characteristics | SingleFile | Monthly Premiums | One-Time MI | Split Premiums |
|---|---|---|---|---|
| Tax-Deductible | X | X | X | X |
| Refundable | X | |||
| Cancelable | X | X | X | |
| Low Monthly Payment | X | X | X | X |
| No Borrower MI | X | |||
| No Monthly MI Payment | X | X |
MGIC MI Benefits
For you:
- increase your commissions
- close more loans faster
- expand your role from originator to trusted adviser
- broaden your customer base
- provide options to determine the best deal for your borrower
- create follow-up opportunities to discuss home equity refinancing
For your borrower:
- save money compared to piggybacks
- have a single payment
- increase buying power
- broaden cash-flow options
- cancel coverage
- receive a refund
- tap into equity more easily
- refinance more easily
Our Mortgage Options Calculator compares MI and non-MI options side-by-side.