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 pyoung1146
Joined: 21 Oct 2009
Posts: 3
1.35 Dollars($)
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 Posted: Wed Oct 21, 2009 6:26 am Post subject: pmi refund? |
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| if I request a pmi refund and obtain the refund, will it have any effect on my monthly mortgage payments? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Wed Oct 21, 2009 8:58 pm Post subject: |
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Hi pyoung!
Welcome to forums!
I don't think that the lender would be ready to give you a PMI refund. However, as per Homeowners Protection Act of 1998, the lender should cancel PMI when your loan balance is less than 78% of the market value of the property. If you satisfy this criteria, then you can ask your lender to cancel the pmi. Your mortgage payments would be lowered to some extent if you do not have to pay the pmi.
Feel free to ask if you've further queries.
Sussane |
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paul young
Guest
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| Posted: Thu Oct 22, 2009 5:14 am Post subject: pmi refund? |
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| Thank you, thank you so very much. |
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