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Lender is asking me to purchase a PMI to refinance my home...Is this right?
I've had the same loan for a long time. I want to refinance to benefit from a lower rate and lower my monthly payment. Lender wants me to add a PMI , because in this economy the house value went down....
The house value is still higher than the loan..... What's right?
2 Answers
- Anonymous1 decade agoFavorite Answer
if the aprraised value is less than 80% of the loan PMI is NOT neccesary.
- Genuine GuidanceLv 71 decade ago
If you do not have 20% invested in the house, they will force PMI on you.
