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Jump to: BPMI Monthly | BPMI Singles | BPMI Splits | LPMI Singles | LPMI Monthly

Borrower-paid mortgage insurance rate cards

BPMI Monthly Premiums

National – except GU, PR & WA National – WA

Guam

Puerto Rico

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.

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BPMI Single Premiums

National, non-refundable only ‐ except AK, GU, PR & WA

National, non-refundable only ‐ AK

Guam, non-refundable only

Puerto Rico, non-refundable only

Washington, refundable & non-refundable

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.
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)

Lenders must automatically cancel the mortgage insurance policy under the terms of 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.

See refund schedules.

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BPMI Split Premiums

National, all upfront options ‐ all states except GU, NY, PR, WA

0.50% upfront

0.75% upfront

1.00% upfront

1.25% upfront

1.50% upfront

1.75% upfront

New York

Washington

Split premiums are not available in Guam and Puerto Rico

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.

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Lender-paid mortgage insurance rate cards

LPMI Single Premiums

National – all states except GU, NY, PR & WA

National – NY & WA

Guam

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?  LMPI Singles are non-refundable


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LPMI Monthly Premiums

For LPMI Monthly premiums, except GU and PR, see the adjustments table on the Borrower-Paid Monthly Premium card.

Guam

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?  LMPI Monthlies are non-refundable 


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