Financing in 08648>Question Details

Ravi, Both Buyer and Seller in 08648

Do PMI rates (multipliers) differ for refinance versus purchases (Refi higher by 10 basis points)?

Asked by Ravi, 08648 Fri Mar 27, 2009

I am in the process of shopping for a refi on my primary home and a mortgage broker I am working with is quoting me a PMI amount with a multiplier of .72, while another quoted .62. When I asked the first broker about the difference in rates, he said .62 would be the rate for my LTV (85%-90%) if I was purchasing the home, but the fact that I am refinancing the loan results in a 10 basis point premium. The broker that quoted the .62 rate says there is no such thing.

Thoughts?

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