Newsflash: REFI for PMI cut?

I bought my home about a year ago and due to an expected cash influx was looking to drop PMI. I was assured by my lender at the time that PMI could be dropped at ANY point provided the LTV was below 78%. Of course the mortgage was sold (I realize that doesn’t change our contract) and the new lien holder sent me a letter saying PMI can not drop until after the 24 month mark. It’s only 50$/month for another 9 months. But I’m tempted to refinance if I can get an even marginally lower rate just out of spite. Anyone have any experience on this? Am I being petty and this is just the cost of business or should I be more outraged that I was mislead?

Read more at https://www.reddit.com/r/RealEstate/comments/6p29aq/refi_for_pmi_cut/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s