MGIC

Credit Union Borrower-Paid Monthly Premiums

Effective Date: December 4, 2017

This is MGIC's national rate card. May not be valid for all states. For more information see our rate cards page or Rate Finder.

  1. Select a Quick Pick Rate Card™
  2. Enter a Loan Amount
  3. Select the applicable tab for your loan
  4. Click the Rate cell for your LTV, Coverage and Credit Score
  5. Check all applicable Premium Adjustments
Show Rate Details

QuickPick Rate Card™ is a trademark of Mortgage Guaranty Insurance Corporation.

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Base Rate:
Rate-and-Term Refinance:
Cash-out Refinance:
Second Homes:
Declining Renewals:
Employee Relocation Loans*:
Manufactured Housing:
Investment Property:
3- to 4-Unit Properties:
Total:
*Rates cannot be reduced below .15%.
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Credit Union Borrower-Paid Monthly Premiums

Effective Date: December 4, 2017

Borrower-Paid Premiums

Borrowers pay premiums as part of their monthly mortgage payment.

Monthly Premiums

No premium is due at closing. Billing is deferred until the first full month after closing. The premium tables (on reverse) provide annualized rates. To determine the monthly premium, multiply the applicable premium rate by the loan amount and divide by 12. Round to the nearest cent.

Renewals

Constant Renewals apply the rate to the original insured loan balance. The rate for years 2 through 10 is the same as the first-year rate. For years 11 through term, the premium rate is reduced to .17% or remains the same if the rate before this reduction is less than .17%. Constant renewals are not available on lender-paid rates.
Declining Renewal rates are applied to the outstanding insured loan balance. The rate for years 2 through term is the same as the first-year rate. The loan balance is adjusted annually on the certificate's anniversary date.

Refunds

Borrower-Paid Monthly Premiums are non-refundable, unless coverage is cancelled or terminated under the Homeowners Protection Act of 1998. In this case, we will provide a refund based on our unearned premium calculation.

Loan Program Categories

Fixed applies to loans with level or declining payments for the first 5 years and no potential for negative amortization. For loans with a temporary buydown, use fixed premiums if the permanent payment terms of the mortgage note meet our fixed criteria.
Nonfixed applies to loans with actual or potential payment changes during the first 5 years.

Rate Selection

> 20-year rates apply to loans with an amortization period greater than 20 years.
≤ 20-year rates apply to loans with an amortization period of 20 or fewer years.

Select LTV category based on first lien only.
Rates may vary from state to state. Select rates based on property location.

 

Lowest credit score tier pricing applies when no borrower has a valid credit score, including borrowers with no credit score.

Agency Coverage Requirements

Fannie Mae HomeReady and Freddie Mac Home Possible coverage requirements differ from standard Agency requirements.

Base
LTV
Fannie Mae
Standard Coverage
Freddie Mac
Standard Coverage
HomeReady &
Home Possible
Coverage
> 20 Years≤ 20 Years > 20 Years≤ 20 Years > 20 Years≤ 20 Years
97%
-95.01%
35% 35% n/a n/a 25% 25%
95%
-90.01%
30 25 30 25 25 25
90%
-85.01%
25 12 25 12 25 12
85%
& Below
12 6 12 6 12 6

Use the > 20 Years columns for ARMs and manufactured homes coverage requirements.
These coverage requirements are subject to change. While we try to keep this information current, we do not warrant the accuracy or completeness of these requirements. In addition, loans processed through an Agency AUS and specific Agency programs may have different coverage requirements. Therefore, the requirements listed above may be outdated or inapplicable; do not rely on them to determine current Agency coverage requirements.

For More Information

Contact your MGIC representative, cu.mgic.com/contact, or MGIC Customer Service, 1-800-424-6442.

HomeReady® is a registered trademark of Fannie Mae. Home Possible® is a registered trademark of Freddie Mac.


Rates may not be available for all LTVs and credit scores. Refer to our Underwriting Guide, cu.mgic.com/uwguide, for loan eligibility.
Additional coverage levels may be available. See MGIC's Rate Finder, www.mgic.com/ratefinder.

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Credit Union Borrower-Paid Annual Premiums

Effective Date: December 4, 2017

Borrower-Paid Annual Premiums

Borrowers pay the first-year premium at closing. The renewal premium is due on the certificate's anniversary date. Lender-paid annual premiums are not available.

Renewals

Constant Renewals apply the rate to the original insured loan balance. The rate for years 2 through 10 is the same as the first-year rate. For years 11 through term, the premium rate is reduced to .17% or remains the same if the rate before this reduction is less than .17%. Constant renewals are not available on lender-paid rates.
Declining Renewal rates are applied to the outstanding insured loan balance. The rate for years 2 through term is the same as the first-year rate. The loan balance is adjusted annually on the certificate's anniversary date.

Refunds

Borrower-Paid Annual Premiums are refundable; we provide a prorated premium refund upon cancellation of coverage.

Loan Program Categories

Fixed applies to loans with level or declining payments for the first 5 years and no potential for negative amortization. For loans with a temporary buydown, use fixed premiums if the permanent payment terms of the mortgage note meet our fixed criteria.
Nonfixed applies to loans with actual or potential payment changes during the first 5 years.

Rate Selection

> 20-year rates apply to loans with an amortization period greater than 20 years.
≤ 20-year rates apply to loans with an amortization period of 20 or fewer years.

Select LTV category based on first lien only.
Rates may vary from state to state. Select rates based on property location.

 

Lowest credit score tier pricing applies when no borrower has a valid credit score, including borrowers with no credit score.

Agency Coverage Requirements

Fannie Mae HomeReady and Freddie Mac Home Possible coverage requirements differ from standard Agency requirements.

Base
LTV
Fannie Mae
Standard Coverage
Freddie Mac
Standard Coverage
HomeReady &
Home Possible
Coverage
> 20 Years≤ 20 Years > 20 Years≤ 20 Years > 20 Years≤ 20 Years
97%
-95.01%
35% 35% n/a n/a 25% 25%
95%
-90.01%
30 25 30 25 25 25
90%
-85.01%
25 12 25 12 25 12
85%
& Below
12 6 12 6 12 6

Use the > 20 Years columns for ARMs and manufactured homes coverage requirements.
These coverage requirements are subject to change. While we try to keep this information current, we do not warrant the accuracy or completeness of these requirements. In addition, loans processed through an Agency AUS and specific Agency programs may have different coverage requirements. Therefore, the requirements listed above may be outdated or inapplicable; do not rely on them to determine current Agency coverage requirements.

For More Information

Contact your MGIC representative, cu.mgic.com/contact, or MGIC Customer Service, 1-800-424-6442.

DU ® and HomeReady ™ are Fannie Mae trademarks.
Home Possible ® is a Freddie Mac trademark; Loan Product Advisor SM is a Freddie Mac service mark.


Rates may not be available for all LTVs and credit scores. Refer to our Underwriting Guide, cu.mgic.com/uwguide, for loan eligibility.