Mortgage insurance rate cards
Whether your organization has opted for rate card pricing or risk-based pricing, both rate plans are available on our MiQ rate quote platform.
- Contact your MGIC representative if you have questions about your organization's MGIC pricing model.
- If you are a Credit Union looking for CU rate cards, find them here.
- Click here for status reports on recent changes that are dependent on regulatory approvals
Jump to: BPMI Monthly | BPMI Singles | BPMI Splits | LPMI Singles | LPMI Monthly
NOTE: Please be aware that for Representative Credit Scores less than 620, you’ll need to get your quote via MiQ or your LOS.
Borrower-paid mortgage insurance rate cards
BPMI Monthly Premiums
Program highlights
| Coverage | We provide coverage through the mortgage insurance cancellation date. |
| Premium due at closing | Borrowers pay $0 at closing. |
| Payment terms |
Borrowers pay monthly as part of their mortgage payment. We bill lender for premium due. |
| Cancellable? |
Borrowers can request cancellation: • Based on investor requirements • Under the Homeowners Protection Act of 1998 (HPA) 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. |
| Refundable? |
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. |
BPMI Single Premiums
National, non-refundable only – except AK, GU, PR & WA
National, non-refundable only – AK
Puerto Rico, non-refundable only
National, refundable only – except PR & WA
Refundable Single premiums are not available in Puerto Rico.
Program highlights
| Coverage | Unless we cancelled coverage previously at the lender's request, we provide coverage until scheduled amortization reaches 78% of original value. Coverage continues for loans in default on that date until the loan is brought current. For GSE loans not subject to HPA, coverage will continue in accordance with GSE guidelines. |
| Premium due at closing |
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. |
| Cancellable? |
Borrowers can request cancellation: • Based on investor requirements OR • Under the Homeowners Protection Act of 1998 (HPA) |
| Refundable? |
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. |
BPMI Split Premiums
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.
National, all upfront options – all states except GU, NY, OH, PR & WA
Program highlights
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.
| Coverage | We provide coverage through the mortgage insurance cancellation date. |
| Premium due at closing |
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. |
| Payment terms |
Borrowers pay the remaining monthly as part of their mortgage payment. We bill lender for premium due. |
| Cancellable? |
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. |
| Refundable? | Split premiums are non-refundable, unless coverage is cancelled or terminated under the HPA; then we base the refund on our HPA refund schedules. |
Lender-paid mortgage insurance rate cards
LPMI Single Premiums
National – all states except GU, NY, PR & WA
Lender-paid premiums are not available in Puerto Rico.
Program highlights
| Coverage | We provide coverage for the life of the loan. |
| Premium due at closing |
The lender or anyone other than the borrower pays a one-time, single payment at closing. The lender cannot charge the premium separately to the borrower. |
| Refundable? | LPMI Singles are non-refundable |
LPMI Monthly Premiums
For LPMI Monthly premiums, except GU, PR and WA, see the adjustments table on the Borrower-Paid Monthly Premiums card.
Lender-paid premiums are not available in Puerto Rico.
Program highlights
| Coverage | We provide coverage for as long as the lender continues to pay the mortgage insurance premium. |
| Premium due at closing |
We require not premium at closing. We bill the lender the first full month after closing; payment is due the following month and continues until the lender cancels the insurance. The lender or anyone other than the borrowers must pay the premium, the lender must not charge the borrowers separately for the premium. |
| Refundable? | LPMI Monthlies are non-refundable |
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