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Mortgage insurance rate cards

Borrower-paid mortgage insurance rate cards

Choose borrower-paid mortgage insurance (BPMI) rates based on property location.

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? 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 Annual Premiums

Program highlights

Coverage We provide coverage through the mortgage insurance cancellation date.
Premium Due at Closing

Borrowers pay first-year premium in full at closing.

Payment Terms
  • Borrowers pay 1/12th of the premium monthly as part of their mortgage payment
  • We bill the lender annually for premium due
Cancellable?
  • Borrowers can request cancellation:
  • Lenders must automatically cancel the mortgage insurance policy under the terms 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?

For loans insured under our refundable Annual Premium program with an initial insurance effective date:

  • Prior to July 29, 1999 – We will provide refunds based on our Annual Premium Short Rate Refund Schedule.
  • July 29, 1999, and after – We will provide refunds on a prorated basis
    • We base the refund on the number of days in force divided by 365 days

BPMI Single Premiums

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?
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

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 premium as part of their mortgage payment
  • We bill lender for premium due
Cancellable?

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

Choose lender-paid mortgage insurance (LPMI) rates based on lender location.

LPMI Monthly Premiums

For LPMI Monthly premiums, see the adjustments table on the Borrower-Paid Monthly Premium card – all states (except Puerto Rico & Guam)

Monthly premiums – Puerto Rico and Guam

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 no 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 insurance
  • The lender or anyone other than the borrowers must pay the premium; the lender must not charge the borrowers separately for premium
Refundable? LPMI Monthlies are non-refundable.

LPMI Single Premiums

Program highlights

Lenders can recoup the cost of the single premium may be recouped by building it into the loan interest rate or the origination fee. This provides your borrowers with additional tax deductibility because of the increased interest rate. A third party, such as a builder or a seller, may also pay the origination fees.

Coverage We provide coverage for the life of the loan.
Premium Due at Closing
  • The lender or anyone other than the borrower pay a one-time, single payment at closing
  • The lender cannot charge the premium separately to the borrower
Refundable? LPMI Singles are non-refundable.