National Mortgage Insurance Corporation, Wisconsin (WI) : Overview, Contact Details, Coverage, Discounts, Claims, Ratings & Reviews

National Mortgage Insurance Corporation incorporated in Wisconsin on June 30, 2009 under the name “Mortgage Assurance Corporation” .

It was granted its certificate of authority in Wisconsin on October 23, 2009.

National MI is a U.S.-based private mortgage insurance company ;

It enables low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to a borrower’s default.

National Mortgage Insurance Corporation
National Mortgage Insurance Corporation: Photo(PR News)

Fannie Mae and Freddie Mac approve National MI as an eligible mortgage insurer and license it to offer mortgage insurance nationwide.

National Mortgage Insurance Corporation (NMIC) Coverage

Here are some of the coverage options that NMIC provides:

Private Mortgage Insurance (PMI):

NMIC’s PMI coverage allows borrowers to secure a mortgage with a lower down payment, making homeownership more accessible.

Mortgage Insurance Premium (MIP):

MIP, typically associated with FHA loans, ensures lenders are protected if a borrower defaults, facilitating more flexible lending options .

Lender-Paid Mortgage Insurance (LPMI):

With LPMI, the lender covers the insurance premium, potentially reducing monthly mortgage payments for borrowers .

Mortgage Protection Insurance (MPI):

NMIC goes beyond traditional offerings with MPI, providing coverage to a borrower’s family in case of disability or death, offering peace of mind during challenging times.

These coverage options are designed to cater to the diverse needs of homebuyers, lenders, and real estate investors, ensuring they have the necessary protection and support when dealing with mortgages.

To learn more about NMIC products and services, please visit their website or contact them directly.

National Mortgage Insurance Corporation (NMIC) Discounts

NMIC offers a range of discounts to help responsible borrowers save money on their mortgage insurance premiums while protecting their homes.

Here are some of the discounts that NMIC provides:

High Credit Score Discount:

NMIC often provides discounts to borrowers with excellent credit scores.

Those who have a high credit score are considered less risky, and they may enjoy lower premium rates.

Loyalty Discounts:

Borrowers who have a history of using NMIC for multiple loans or insurance policies may qualify for loyalty discounts.

These discounts are a way to reward customer loyalty.

Bundling Discounts:

If you choose to bundle your mortgage insurance with other insurance products from NMIC, such as homeowners or auto insurance, you may be eligible for a bundled discount.

Bundling can lead to significant savings on your overall insurance costs .

Automatic Payment Discount:

NMIC may offer a discount to borrowers who set up automatic payments for their mortgage insurance premiums.

This ensures timely payments and reduces administrative costs, leading to potential savings.

Also Read: Indemnity Insurance Company of North America: Everything You Need to Know

Higher Down Payment Discount:

Making a larger down payment on your home can also lead to discounts on your mortgage insurance.

A substantial down payment reduces the risk for the lender, which may result in lower premium rates .

Educational Discounts:

Some lenders and NMIC partners offer discounts to borrowers who complete homeownership education or financial literacy courses.

These courses can help borrowers make informed decisions and reduce the risk of default .

Military Discounts:

NMIC may provide discounts to active-duty military personnel or veterans as a token of appreciation for their service.

These discounts can vary and may depend on the specific loan program.

Refinancing Discounts:

If you refinance your mortgage and maintain your mortgage insurance with NMIC, you may be eligible for a refinancing discount .

Please note that not all discounts are available in all states, and eligibility requirements may vary.

To learn more about the discounts available in your area, please contact NMIC directly.

National Mortgage Insurance Corporation Ratings & Reviews

National Mortgage Insurance Corporation has an A (Excellent) rating from A.M. Best .

The company provides innovative and flexible insurance solutions, competitive rates on mortgage insurance, and has extensive experience in the insurance industry .

National Mortgage Insurance Corporation has a low complaint level  and is committed to providing customer-centric support.

However, it is important to note that the company specializes in mortgage insurance and has a limited focus on auto or other types of insurance .

National Mortgage Insurance Corporation is not applicable for those seeking auto insurance .

To learn more about National Mortgage Insurance Corporation and its offerings, please visit their website or contact them directly.

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