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Competitive refi blocked because of PMI?

Hi all, we're finally trying to refinance our one and only mortgage (our only debt), but have been told we have to use our current lender because of PMI complications. Ideally I'd go to a broker for some competitive rates instead of just accepting whatever rates my lender offers. I've spoken with two mortgage brokers who have said they can't do anything because their lenders don't service UGI MI HARP loans! UG has a big button on their site with tons of information (https://www.ugcorp.com/services/harp.html); I also called them to check what they can do and they said they're working with everyone... so I think it's more on the lender's end than UG's.

Our lender (Citi) says we qualify for a streamline gov refi, so things should be pretty smooth, but I'm not impressed with their rates compared to what's available now.

Anyone have any pointers? Here's what I'm working with so far:
LTV: 101.25% (331k / 327k ... the 327k comes from Zillow, our place hasn't been officially appraised in years)
Credit: 780+
Current rate (through Citi): 5.5%
Offered rate through lender (Citi): 4.25%

It's hard to go for the 4.25% when there are 3.x% all over the place.

Thanks for any help!
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June 02 2012 - Woodinville
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Answers (5)

good to hear...we are in WA.....Try another lender other than CITI !
You might ask the lender for a copy of their  " LP findings "  so you can see what the  value  is thats being used and also so you can get current Mtg ins cedrt # and  coverage amount


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June 02 2012
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Thanks for the replies - more details:
- We're in WA state
- Loan is through Freddie Mac
- MI is monthly (we pay that and tax through escrow)

And thanks for confirming we're not crazy to think some better is out there!
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June 02 2012

At that LTV there is no reason why you should settle for 4.25%.  It is not the MI company that is the issue.  It is the lender and some are just not set up to get the reissue from the MI company.  If you would like to contact me through my profile, I can put you in touch with someone in my company that can help

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June 02 2012
Many local mortgage firms will have multiple  options for HARP loans with mortgage insurance 

UGIC  should be Ok ....( but from all I hear - they are the worst of all MI firms to work with due to their process ) 

What lenders  have you tried so far ?

Do you know if the present loan is  Fannie or Freddie ?

Is your mortgage insurance paid monthly ?  or was it paid upfront  or  was it lender paid ?

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June 02 2012
usually the issue lies with the PMI company not willing to underwrite the PMI to a different lender, but i will check on Monday for you with the lenders that we use that offer PMI transfers on HARP loans.
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June 02 2012
 
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