NOTE: Please be aware that for Representative Credit Scores less than 620, you’ll need to get your quote via MiQ or your LOS.
Borrowers pay monthly as part of their mortgage payment.
We bill lender for premium due.
Borrowers can request cancellation:
• Based on investor requirements
Lenders must automatically cancel the mortgage insurance policy under HPA Terms.
Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.
We provide a refundable options with a slight premium adjustment and prorate refunds.
If coverage is cancelled or terminated under the HPA, unearned premium is refunded.
Refundable Single premiums are not available in Puerto Rico.
Borrowers can pay the one-time, single payment at closing or finance it into the loan amount.
A third party, such as a builder or a seller, can pay the one-time, single payment at closing.
Borrowers can request cancellation:
• Based on investor requirements OR
When we cancel a policy based on HPA requirements, we base refunds for refundable and non-refundable single premiums on our HPA refund schedules.
For refundable single premiums, if coverage is cancelled during the first 5 years for reasons other than HPA requirements, we will provide a prorated refund.
Split premium plan is not available for lenders domiciled in NY, OH and WA that are utilizing MGIC's risk-based pricing. Risk-based pricing customers looking for a premium plan that offers more flexibility for borrowers may want to check out Choice Monthly. Split premiums are also not available in Guam and Puerto Rico.
MGIC's Split Premiums give your borrowers 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. Borrowers can choose the initial premium rate, which is a percentage of the loan amount.
Borrowers can pay the upfront premium at closing or finance it into their loan amount.
A third party, such as a builder or a seller, can pay the the up-front premium at closing.
Borrowers pay the remaining monthly as part of their mortgage payment.
We bill lender for premium due.
Borrowers can request cancellation:
Lenders must automatically cancel the mortgage insurance policy under the terns of the Homeowners Protection Act of 1998 (HPA).
Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.