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Choice Monthly Mortgage Insurance

Flexible borrower-paid monthly MI that creates greater possibilities for future homeowners.

Flexible upfront options to lower your borrowers' monthly payments.

Now you can leverage out-of-pocket funds, lender credits and seller concessions to lower your borrower’s monthly payment.

With Choice Monthly MI, your borrowers have the option to pay a portion of the premium up front or finance it into their loan.* And Choice Monthly allows for more customization than traditional premium plans, helping you close more loans, save deals and earn more referrals.

Choice Monthly

Choice Monthly MI gives you the flexibility to:

  • Lower borrowers' monthly payments and debt-to-income ratio (DTI)
  • Take advantage of all available lender/seller credits and borrower funds, ensuring money isn’t left on the table
  • Stay within the Qualified Mortgage (QM) points and fees
  • Stand out with your borrowers and referral partners
  • Position yourself as a trusted financial advisor by keeping your borrowers’ interests top of mind
    • Customize monthly payments for budgeting purposes or to meet consumer preferences, whether borrowers are cost-conscious or looking to afford more home
    • Earn repeat and referral business from borrowers who rely on your expertise

*While base LTV is used to determine MI coverage requirements, financing the premium into the loan amount will increase the total LTV/CLTV and may impact investor loan eligibility and pricing. Check investor guidelines.

Choice Monthly resources

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    FAQs about Choice Monthly

    Answers to common questions about the Choice Monthly premium plan.

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    Choice Monthly Premium Plan

    Discover the advantages and other essential details.

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    Encompass® User Guide for Choice Monthly MI

    A quick start guide for ordering Choice Monthly on Encompass.

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    MiQ™ User Guide for Choice Monthly MI

    A quick start guide for quoting Choice Monthly on MiQ.

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    Loan Center User Guide for Choice Monthly MI

    A quick start guide for ordering Choice Monthly in Loan Center.

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    Special Deal Code for Choice Monthly MI

    Instructions to request quote or application from other LOS.

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    Mortgage insurance premium plans

    Discover more about MGIC’s suite of affordable mortgage insurance solutions.

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    Technology solutions for easier ordering

    Learn more about our technology partners and integrated loan origination systems (LOSs).

Choice Monthly FAQs

Answers to your Frequently Asked Questions about Borrower paid Choice Monthly Mortgage Insurance premium plan.

Question Answer

What is Choice Monthly mortgage insurance (MI)?

Borrower-paid Choice Monthly MI is MGIC’s flexible premium plan that lets lenders customize the borrower’s monthly payment by choosing an amount to pay up front to meet their unique needs.

See our Choice Monthly resources for additional information.

How can lenders use the flexibility of Choice Monthly MI?

Choice monthly allows loan officers to:

  • Provide borrowers lower monthly payments by lowering the monthly MI amount
  • Lower borrowers’ debt-to-income ratio (DTI)
  • Use all available lender/seller credits, as well as borrower funds, ensuring money isn’t left on the table
  • Structure loans to stay within Qualified Mortgage (QM) points and fees limit

Our Choice Monthly resources provide additional product details.

Who is eligible?

Choice Monthly MI is available to customers who use our risk-based pricing in MiQ, Encompass and other loan origination systems.

Get started at MGIC

How does Choice Monthly work to optimize my borrowers’ monthly payments?

Choice Monthly MI’s unmatched flexibility allows for more customization than traditional premium plans, helping close more loans and earn more referrals. 

  • Borrowers can choose to buy a portion of the upfront MI premium, which lowers their monthly payments.
  • Borrowers have the option to pay the upfront amount out of pocket or finance it into the loan (within eligibility requirements) – or use lender credits, seller concessions, or gift funds. 

Explore our Choice Monthly resources for other benefits and product information.

How does Choice Monthly help lenders differentiate themselves with borrowers?

Choice Monthly can help position lenders as trusted financial advisors by:

  • Customizing monthly payments for budgeting purposes or to meet consumer preferences
  • Keeping borrowers’ interests top of mind whether they are cost-conscious or looking to afford more home

See our Choice Monthly resources for additional information.

How does Choice Monthly help lenders close more loans?

With more flexible upfront options than traditional premium plans, Choice Monthly MI helps loan officers position themselves as trusted financial advisors by keeping their borrowers’ interests top of mind.

  • Loan officers can customize monthly payments for budgeting purposes or to meet consumer preferences, whether borrowers are cost-conscious or looking to afford more home
  • Loan officers can earn repeat and referral business from borrowers who rely on their expertise

Our Choice Monthly resources provide additional product details.

How do customers quote or order Choice Monthly MI?

Customers can access quotes through your LOS (loan origination system) or MiQ. Submit your loan application through your LOS or MGIC’s Loan Center. Use our online guide to learn more about MGIC’s Technology Partners.

Encompass® is a registered trademark of ICE Mortgage Technology, Inc.

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