Payment plans for Private Mortgage Insurance generally include all of the following, EXCEPT:

The correct choice is that payment plans for Private Mortgage Insurance (PMI) generally do not include quarterly payments. PMI is a type of insurance that protects lenders in case a borrower defaults on their mortgage, and its costs can vary based on the terms agreed upon in the mortgage.

Payment plans for PMI typically include monthly, annual, or single premium plans. Monthly payments are commonly made along with the mortgage payment, allowing borrowers to spread out the cost over time. Annual payments, on the other hand, involve paying the PMI cost in a single lump sum once a year, which may be more manageable for some borrowers. Single premium plans allow the borrower to pay for the PMI upfront either as a part of the closing costs or as a one-time payment, ultimately eliminating the monthly or annual premiums.

Quarterly payments are not standard for PMI. Most lenders do not offer this option, so it stands out in this context as an exception to typical payment plans available for PMI. By understanding the common payment structures associated with PMI, borrowers can make more informed decisions about their mortgage insurance options.