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Freddie loan refinance... no pmi? a joke?

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jilldawson4 Joined: 04 Jun 2011 Posts: 1 1.35 Dollars($)	Posted: Sat Jun 04, 2011 7:36 am    Post subject: Freddie loan refinance... no pmi? a joke? Like 0 Dislike 0 I did not pay pmi previously on my 30 year fixed loan, with Freddie. I locked in to refinance with Loan Depot at 4.625%. We had discussed the fact that we met the requirments for the refinance without pmi based on new Obama initiative. However, I just go an email from Loan Depot stating that because our home value came in at 155,000 (original price of home 183,000) that our proposed 135,000 loan would require pmi or that the mortgage company would pay the pmi and we would pay a higher interest rate. Doesn't no pmi mean no pmi?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 05, 2011 8:01 pm    Post subject: Like 0 Dislike 0 Hi jilldawson! Welcome to forums! If you're unable to offer 20% down payment, the lender has the rights to ask you to go for PMI. In my opinion, you'll have to go for PMI or else you'll be liable for paying a very high interest rate on your mortgage. Feel free to ask if you've further queries. Sussane
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Jun 13, 2011 9:51 am    Post subject: PMI Like 0 Dislike 0 The new loan is at 87% of value. If your exising loan is confirmed to be presently owned by Freddie Mac, you should not have PMI with the new loan under the Freddie Mac Relief Refinance Program, with which you are apparently familiar. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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