MI Partners

Who is MGIC?

MGIC logo MGIC is the founder of today’s private mortgage insurance industry and remains the premier provider, combining innovative programs with unrivaled customer support.

 

Borrower-Paid Monthly MI

The most prominent option used in the industry and are MGIC’s most widely used premium option, serving the broadest audience. Monthly MI requires no upfront payment and therefore does not increase closing costs or borrower’s debt. Monthly MI features cancellation based on original loan value that requires no seasoning as well as allows cancellation after two or five years (depending on LTV) based on a new appraised value.

Borrower-Paid Split Premium

Like FHA, MGIC’s Split Premiums give 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. A key difference is MGIC offers several different upfront options, all combined with lower monthly premiums than those charged by FHA. The upfront features a nonrefundable premium which may be paid at closing by the borrower or a third party, or financed into the loan. The borrower may request the monthly MI premium may be canceled when the LTV reaches 80%.

Borrower-Paid Single Premium

MGIC’s borrower-paid single premium program provides a cost-effective, efficient alternative to borrower-paid monthly MI. The cost of the single premium may be paid at closing by the borrower or third party or often may be financed into the loan. (May effect QM points & fees calculations) MGIC Single premiums are available in refundable or nonrefundable premium plans.

Lender Paid MI

MGIC’s lender-paid single premium program provides a cost-effective, efficient alternative to standard borrower-paid MI premium rates. To recoup the cost of the premium, the borrower accepts a higher interest rate, however avoids financing a lump premium into their loan (and increasing their debt) or the need to pay a monthly MI premium.

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Other MGIC Programs

MGIC Go!

MGIC Go logoMGIC Go! provides streamlined MI on DU Approve or LP Accept Eligible or Ineligible loans.

  • Down payments as low as 3%
  • Credit scores as low as 620
  • Max cash-out refi = $150,000
  • 100% gift funds allowed
Fair, transparent,
accessible rates

MGIC doesn’t differentiate rates based if your borrowers have one income or two, are self-employed or by what market they are buying in. You can access our rates any time with:

Help more first-time homebuyers with MGIC

MGIC founded today’s private MI industry on the simple mission to make it easier for firsttime homebuyers buy a home sooner and safer. It remains at the core of our mission today. We are proud to provide Peoples Home Equity tools to help more families discover the joining of owning their own home.