If I prepaid PMI will I get a refund if I refinance?

I am thinking about refinancing my current loan. When I got the loan I did the lump sum payment for PMI so I do not pay anything monthly. The loan is a conventional loan. I currently have about a 90% loan to value ratio. I have two questions, first is if I refinance do I get a refund on the prepaid PMI? Second is when I refinance would I again have to pay PMI on the new loan?

1 Answer

  • 8 years ago
    Favorite Answer

    You should, yes.

    At 90%, you will still have to pay PMI. Usually it is paid until 80%.

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