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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 - Fairfax
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Answers (5)

Best Answer

Yes you would have to pay again. Existing coverage can only be reissued on HARP eligible refinance.
  • September 23 2012
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Look into a single premium MI policy, If you have a good DTI to go along with your credit scores you will probably find you can end up with a rate in the 3's with no MI, still worth doing.    
  • September 24 2012
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Yes, my credit score was 801 this weekend when I pulled it before posting.  Paying PMI again is what it is, but I'd paying a higher rate with LPMI than pay monthly.
  • September 24 2012
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Do you happen to have excellent credit?   
  • September 24 2012
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PMI would need to be paid again and no refund given for current mortgage.

  • September 24 2012
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