Find What's Best For You

Tax Deductible
Lower Monthly Payment
Refundable
No Monthly MI Payment
One Monthly Payment
No Need for a Second Loan
Automatic Termination
Payment Stability (loan does not adjust)

Mortgage insurance is all about helping you achieve your homeownership goal. And it provides a variety of ways to get there.

• Borrower-paid mortgage insurance (BPMI)

  With BPMI, the homebuyer pays the premiums, most often as a monthly amount added to the mortgage payment. Many homebuyers are surprised to learn how little MI can cost. Ask your lender.

• Free After Five mortgage insurance

  With Free After Five, homebuyers receive automatic termination of their MI premium after five years, provided they have maintained a good payment history. And there's no need for an appraisal. All that's needed to qualify is a minimum FICO score of 660 and full documentation. Talk to your lender about Free After Five.
  
  

• SplitEdge mortgage insurance

  SplitEdge is an innovative product that splits the cost of the MI premium with homebuyers. The cost is shared through paying a refundable, upfront MI payment. By sharing this cost, homebuyers can qualify for more house and lower their monthly payments.

• Lender-paid mortgage insurance (LPMI)

  With LPMI, the bank or mortgage company pays the premiums, typically charging the homebuyer a slightly higher interest rate to cover the cost of MI. The homebuyer can gain the benefits of increased tax deductibility while saving money over the life of the loan.

• Single premium mortgage insurance

  With single premium, the homebuyer can pay for mortgage insurance with a single payment at closing. When the homeowner cancels the MI or sells the home, any unused portion of the premium is refunded. A variation, called single financed premium, means the MI is financed as a portion of the loan amount. This option offers tax advantages, and may provide significant monthly savings.

Talk to your mortgage lender about the MI programs available to you. Compare pricing and other options to see which type of mortgage insurance may serve you best.