Did 5% down with single payment PMI at closing, refinance = have to pay PMI again?In early 2011 I did a 5/95 conventional @ 4.75% with 1% SPMI paid at closing so my monthly pmi payment is $0. I'm currently around 8% equity.If I wanted to refinance, I assume I would need to pay PMI again - either monthly or LPMI? Having to pay pmi again really kills the benefits of refinancing so I just wanted to make sure there wasn't some way to "transfer" the spmi or if something else I'm not aware of exists.September 23 2012 - Fairfax00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.