Private Mortgage Insurance, Provided by MGIC
Private mortgage insurance is usually required on mortgages with down payments of less than 20% of the property value. But making a 20% down payment can be a barrier to homeownership for many homebuyers. Mortgage insurance was created to reduce that barrier and help more people afford homeownership.
With private mortgage insurance in place, your members can obtain mortgages with smaller down payments – as little as 3% in some cases. And, your credit union shares the risk of foreclosure with MGIC, reducing your losses. In the event the borrower defaults, MGIC pays your claim for their share of the risk, which includes their portion of the unsecured loan and foreclosure expenses. This frees up your capital for other things – like lending to more members.
Why we selected MGIC, and you should too
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We’re proud to introduce members and credit unions to MGIC for private mortgage insurance. Our companies share a passion for serving credit unions and the same commitments to financial strength, product expertise, integrity and serving members.
1 MGIC Investment Corporation, Annual Report, 2018.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Private mortgage insurance is underwritten by Mortgage Guaranty Insurance Corporation.