|
Premium Plans and Products
The lack of funds for a down payment is the greatest barrier to homeownership for many Members. CMG MI has developed premium plans and mortgage insurance products that can help Members purchase homes with a smaller down payment, as well as refinance an existing mortgage.
CMG MI is strongly committed to supporting sustainable, long-term homeownership through its mortgage insurance products.
EZ Monthly
Requires no payment at closing; members make their first monthly premium payment along with the first mortgage payment. Premiums are paid monthly, and coverage is activated upon receipt of the loan closing date by CMG MI.
Single Premium Plan
A one-time premium charge that can either be paid up-front or depending on the down payment amount, financed into the loan amount. Single premium usually results in an overall lower monthly payment for members as compared to the monthly plans.
Other Premium Plans and Programs
Traditional Monthly
Similar to EZ Monthly, members pay premiums on a monthly basis. However, under this plan the initial premium is paid through escrow at loan closing. Coverage is then activated with this first month’s premium payment. Having coverage activated with the receipt of initial premium may provide additional assurance to credit unions ensuring that their coverage is activated and in-force.
Level Annual Plan
Members pay initial premium up-front at closing and renewal premium annually through their lender escrow. Initial and renewal premium rates are equal.
Programs
CMG MI also offers coverage for eligible Manufactured Housing, Rehab and Cash-Out Refinance loans. Learn more.
*Members are advised to consult their tax advisors.
For more information, contact your CMG MI Account Executive, or call CMG Mortgage Insurance Company at (800) 909-4264. |