There are several different types of mortgage insurance (MI) available. Which product is best depends on your individual situation. Ask your lender how these plans might work for you:

Borrower Paid MI

Genworth offers four flexible options for Borrower Paid MI, enabling homebuyers to put little money down on a home...with the simplicity of one loan.

Monthly Premium MI/Zero Monthly Premium MI

These monthly plans let homebuyers finance their homes with a down payment that best fits their budget. Monthly Premium features a coverage term of one month, with premiums remitted monthly. Zero Monthly features monthly premium rates with no initial premium required at closing.

Single Premium MI

With Single Premium MI, homebuyers enjoy monthly payments that are lower than they would be with traditional mortgage insurance, FHA loans or combination loans. A single premium is either paid in full at closing or financed into the loan, and provides coverage until the loan amortizes to 78% of the original value. With Refundable Single Premium MI, any unused portion of the premium can be refunded if the MI cancels within five years.

Split Premium MI

Split Premium MI offers an affordable and flexible upfront premium to help provide significantly lower monthly MI payments when compared with traditional mortgage insurance. It's a great alternative to FHA loans and works well when borrowers have gifts, seller concessions or builder points to use toward closing costs.

Level Annual Premium MI

Level Annual Premium MI features an annual premium with one level rate for the first year premium and renewal premiums; the first year premium may be financed into the loan amount. The first year's premium is due at closing. Lender then escrows monthly for the next annual premium.

For more information about Borrower Paid MI, contact your local Genworth Sales Representative. Not sure who to reach? Try Genworth's Find My Representative tool.