Mortgage Guarantee Insurance Company Mgic

Definition of "Mortgage Guarantee Insurance Company (MGIC)"

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Private company established in 1957 and headquartered in Milwaukee, WI, providing private mortgage insurance (PMI) to mortgage lenders granting mortgages to mortgagors not having at least a 20% down payment upon application. MGIC indemnifies the mortgage lending company should the mortgagor go into foreclosure because of a default. The cost of PMI is included in the closing costs by the mortgagee.

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