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?
- 8 years agoFavorite Answer
You should, yes.
At 90%, you will still have to pay PMI. Usually it is paid until 80%.