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Rate cards; program highlights

MGIC offers both borrower-paid mortgage insurance (BPMI) and lender-paid MI (LPMI). BPMI rates are based on property location; LPMI rates are based on lender location.

Borrower-paid MI (BPMI)
based on property location

Monthly Premiums

Program highlights

MGIC’s borrower-paid Monthly MI premiums are MGIC’s most widely used option, serving the broadest audience.

When monthly premiums are cancelled, the monthly mortgage payment is reduced by the amount of the MI premium.

Coverage Coverage is provided through the date MI is cancelled.
Premium Due at Closing Members pay $0 at closing with MGIC’s Monthly option
Payment Terms
  • Members pay monthly as part of their mortgage payment
  • MGIC bills lender for premium due
Cancellable? Coverage can be cancelled:
Refundable?
  • A refundable option is available with a slight premium adjustment; refunds are prorated
  • If coverage is cancelled or terminated under the HPA, unearned premium is refunded

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Single Premiums

Program highlights

Coverage Coverage is provided until scheduled amortization reaches 78% of original value, unless coverage has been previously cancelled, but coverage will continue for any existing default.
Premium Due at Closing A one-time, single payment at closing can be:
  • Paid by the members or by a third party, such as a builder or a seller OR
  • Financed into the loan amount
Cancellable? Coverage can be cancelled:
Refundable?
  • When cancelled under the HPA, refundable and non-refundable single premiums are refunded using our HPA refund schedule
  • When refundable single premiums are cancelled, refunds are calculated on a pro rata basis over a 5-year term
  • See Refund Schedules

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Split Premiums

Program highlights

MGIC's split premiums give your members the option of paying part of the MI premium up front in order to reduce the monthly MI premium paid along with their mortgage payment. Members can choose the initial premium rate, which is a percentage of the loan amount.

Coverage Coverage is provided through the date MI is cancelled.
Premium Due at Closing The upfront portion of the premium due at closing can be:
  • Paid by the members or by a third party, such as a builder or a seller OR
  • Financed into the loan amount
Payment Terms
  • Members pay the remaining monthly premium as part of their mortgage payment
  • MGIC bills lender for premium due
Cancellable? Coverage can be cancelled:
Refundable? Split premiums are non-refundable, unless coverage is cancelled or terminated under the HPA; then the refund is based on our HPA refund schedule.

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Lender-Paid MI (LPMI)
based on lender location

Monthly Premiums

Program highlights

MGIC's lender-paid monthly premium program provides a cost-effective, efficient alternative to our standard borrower-paid MI premium rates.

Coverage Lender-Paid Monthly Premiums provide coverage while MI premiums are being paid.
Premium Due at Closing
  • No premium is due at closing
  • Billing is deferred until the first full month after closing; payment is due the following month and continues until the insurance is cancelled
  • The premium must be paid by the lender or anyone other than the members and must not be charged separately to the members
Refundable? LPMI Monthlies are non-refundable.

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Single Premiums

Program highlights

MGIC's lender-paid single premium program provides a cost-effective, efficient alternative to our standard borrower-paid MI premium rates.

The cost of the single premium may be recouped by building it into the loan interest rate or the origination fee. This provides your members with additional tax deductibility because of the increased interest rate or origination fee. Origination fees may also be paid by a third party, such as a builder or a seller.

Coverage Coverage is provided for the life of the loan.
Premium Due at Closing A one-time, single payment at closing:
  • Must be paid by the lender or anyone other than the members AND
  • Must not be charged separately to the members
Refundable? LPMI Singles are non-refundable

Rates and adjustments are subject to state regulatory approval and are subject to change. Additional rates may also be available. For questions regarding state approvals and additional rates, please contact your MGIC representative.

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