Asked by Melanie French, 92679 • Wed May 1, 2013
Hello. Last year we closed on an FHA loan. At closing, we paid $4800 for the upfront Property Mortgage Insurance as part of closing costs. Then each month, we paid $480 per month on the PMI with our mortgage payment.
14 months later, we are ready to refinance and get out of the FHA loan and drop the PMI by going into a conventional loan. It seems like we're paying one year ahead on PMI. If you've paid a year ahead and there is no need for the PMI, is any money ever returned to us because we have paid in advance?
Thanks for providing your expertise!
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