COVID-19 updates and resources - updated 09/30/21 Dismiss Alert Mortgage insurance basics Your borrowers scrimped, saved, searched for and found their version of the American Dream. Financing with mortgage insurance made that dream come true sooner. MGIC Homeownership made possible Mortgage insurance is generally required on mortgages whose down payments are less than 20% of the property value. Historically, making a 20% down payment has been a difficult hurdle to clear for many homebuyers. Mortgage insurance was created to reduce that barrier and help more people afford homeownership. By any other name... Mortgage insurance, MI, private MI, PMI — whatever you call it, mortgage insurance is a financial guaranty that reduces the loss to the lender or investor in the event the borrowers do not repay their mortgage. Using mortgage insurance to reduce risk enhances the quality of the mortgage as an asset. It becomes a safer investment for lenders who keep their loans in portfolio and for investors looking for secure purchases. Even if the borrowers fail to repay, the lender/investor will not suffer a complete loss, but rather, share the loss with the mortgage insurer. What is mortgage insurance? If you don’t have a lot of experience with mortgages or the mortgage industry, “What is mortgage insurance?” is a big question to answer. Ordering, activating and cancelling mortgage insurance Whether you're a mortgage industry newbie or a seasoned veteran, it's always a good idea to brush up on the basics of ordering, activating and cancelling mortgage insurance. MGIC MI and FCRA What your borrowers need to know about MGIC mortgage insurance and the Fair Credit Reporting Act. (FCRA). You might also like Training View our training calendar and register for one of our popular webinars. Sign up now Brush up on the basics Ordering, activating, and cancelling mortgage insurance. Learn more Contact us We’re ready and waiting to answer any questions you might have. Find your MGIC team Resources The Skinny on MI (for consumers) How Mortgage Insurance Works (for lenders) When and How to Cancel MGIC Mortgage Insurance (for lenders) PO Terms Legal Site Security Site Map © Copyright 2021 All rights reserved. About MGIC About MGIC Careers Contact Us Master Policy MI Basics New To MGIC Popular Links First-time homebuyers Get a Rate Quote Homebuyer education Self-employed borrower worksheets Training MGIC Websites Credit Unions For Investors Loan Officer Hub MGIC Connects Readynest - Tips for homebuyers MGIC Connects Facebook LinkedIn Twitter YouTube Cookies help us improve your website experience. By using our website, you agree to our use of cookies. Privacy Warning Confirm