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Mortgage Insurance | Top Companies: This Week's Reviews |
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| Services Offered: Mortgage Insurance |
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| Company Overview: MGIC is a leader in private mortgage insurance lending, serving more than 5,000 lenders nationwide. They were founded in 1957 and have paid out over $6 trillion dollars in claims to more than 390,000 customers in the past 50 years. A member of the NYSE, their symbol is MGIC, and they are owned by MGIC Investment Corporation. |
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| Our Review: This company is solid. When it comes to something as important as mortgage insurance, you don’t want to go to just anyone, and these guys aren’t just anyone. They have a solid background in the mortgage insurance industry, and their website showcases their professionalism very well. And as with any professional company, customer contacts are available right from the start. |
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| User Review: We were purchasing our first home, and were required to obtain private mortgage insurance in order to have our loan approved by the lender. When we found MGIC, we were overly impressed with their service and history. They’re a great company, and offered us a great policy for our mortgage insurance needs. |
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| Services Offered: Mortgage Insurance |
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| Company Overview: RMIC was founded in 1972, and currently serves over 2,000 customers. RMIC is a subsidiary of Old Republic International Corporation, which was founded in 1923. Their focus is on customers, and they have been rated a AA by Standard and Poor’s. Old Republic International, their parent company, is one of the top 50 shareholder-owned insurance companies. |
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| Our Review: Aside from the enjoyment of singing their own praise repeatedly, RMIC appears to know what they’re doing when it comes to mortgage insurance. They have a great customer support section online, but you almost don’t need it because their website is so simple and professionally done. |
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| User Review: My bank referred me to this company when I applied for a mortgage, and I have to give them huge thanks. I never thought I would need mortgage insurance, but when I lost my job and couldn’t make my house payment, RMIC was there for me. |
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| Services Offered: Mortgage Insurance |
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| Company Overview: CMG was established in 1994 and is one of the largest providers of private mortgage insurance to credit unions. The company was founded by a merger of PMI Mortgage Insurance Company and CUNA Mutual Investment Corporation. They are rated AA- by Standard and Poor’s. |
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| Our Review: Another great private mortgage insurance company. They offer every necessary service related to mortgage insurance to the credit unions. By specializing, they can offer better support and customer relations, which is nice. Their website is professionally displayed, and all the information is helpful. Contact information is given right away, always a plus. |
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| User Review: I bank at a local credit union, and when I went through them to get my mortgage, they didn’t give me an option in mortgage insurance companies. I was skeptical at first to use the company the bank provides, but it turned out that they have been nothing but a pleasure to work with. |
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| Services Offered: Mortgage Insurance |
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| Company Overview: AIG United Guaranty was founded in 1963. They have many international offices around the world, and are a member of the Mortgage Insurance Companies of America (MICA). Their parent company, AIG, is a leading insurance and financial company, with operations in over 130 countries. |
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| Our Review: You can’t go wrong working with a company that’s recognized worldwide by three letters. AIG is a strong company, and has been around for many years. As such, their website is laid out in a very efficient, user friendly model, to appeal to all consumers. Their customer support section is wonderful. They also offer exceptional information about the services offered. |
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| User Review: I have my car insurance through AIG, so when I found out that my mortgage was going to be insured by AIG United Guaranty, I was elated. I’ve never had anything but good experiences with AIG, so I expect my mortgage insurance relationship to be the same. |
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Other Top Companies for Mortgage Insurance : |
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Triad Guaranty Insurance Corporation
Address : 101 South Stratford Road
Winston Salem, NC 27104
Phone : 800-451-4872
http://www.tgic.com
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Standard Mortgage Insurance Agency
Address : 701 Poydras Street, #400 Plaza
New Orleans, LA 70139-0400
Phone : 866-406-7642
http://www.smiainsurance.com
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Genworth Financial, Inc.
Address : Investor Relations
6620 W. Broad St.
Richmond, VA 23230
Phone : 888-436-9678
http://www.genworth.com
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PMI Mortgage Insurance
Address : PMI Plaza
3003 Oak Road
Walnut Creek, CA 94597
Phone : (800) 280-4764
http://www.pmi-us.com
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| How To Select The Best Company For Mortgage Insurance |
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When it comes to mortgage insurance, some lenders will not give you an option as to which company services your loan for the private mortgage insurance that some lenders require as a stipulation for a mortgage. Most, however, will let you choose which company you’d like to work for you. When doing so, you need to ensure that your choice is a well thought out decision, not just a random choice that you haven’t investigated. Mortgage insurance is just as important, if not more so, as homeowner’s insurance. Having mortgage insurance guarantees that if you are ever injured, disabled, or released from a job against your own will, that your mortgage will still be paid on time, so that your loan does not default and you will not have to worry about your house being foreclosed on. As such, you need to ensure when searching for mortgage insurance, that you choose a company that has a good background and history, as well as a happy, solid customer base. It doesn’t matter how many customers a mortgage insurance company has, if they are all unsatisfied with the service, you probably will be too. Also, it doesn’t hurt to ask your lender or realtor for recommendations. They, of all people, will know which companies are the best. Don’t be afraid to ask for suggestions. Another great place to check is with friends and family. Anyone who owns their home should have private mortgage insurance to protect their investment, and should be able to recommend a good company. However, don’t settle for the first company you find, either. Make sure that you get quotes from all the companies you’re researching to see who offers the best plan for the best rate. Finally, if you are unsure about mortgage insurance, feel free to contact a local independent agency for additional assistance.
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