Borrower-paid mortgage insurance (BPMI) single premium options may be a good choice for a borrower who wants to keep the monthly payment low. The BPMI single option allows homebuyers or other parties (e.g., sellers or builder assists) to pay the full premium up front at closing or to finance it into the loan.
The BPMI single option is available as refundable or non-refundable. For homebuyers with the refundable BPMI version, a partial refund may occur depending on the amount of time the MI coverage was in place. Homebuyers with the non-refundable option could also receive a partial refund if it is canceled under the Homeowners Protection Act of 1998 (HPA). Read Removing PMI to learn more.