MGIC MI Solutions
One-Time MI
A one-time premium paid up front by the borrower. The mortgage insurance is cancelable, refundable and may even be financed into the loan.
With One-Time MI you can:
- Increase commission by getting paid on 1 higher loan amount
- Simplify processes with 1 loan – 1 set of guidelines and 1 set of docs
- Receive improved underwriting decisions
- Offer borrowers 1 low monthly payment
- Provide borrowers a one-loan tax-deductible solution
- Help borrowers receive a refund if canceled within the first 5 years
Which borrowers should consider the One-Time MI option?
- Ideal for the borrower who wants the lowest possible monthly payment and has cash to use at closing or is willing to finance the premium in the loan amount.
- Great in a buyer’s market where the builder or seller may be willing to pay all or part of the MI premium at closing, lowering the borrower’s monthly payment.
- An excellent tool for the borrower who anticipates rapid home appreciation. By canceling MI within the first five years, the borrower may be refunded a portion of the premium.